ITR Search | International Tax Review

Demand for income tax accounting to change but few want IAS 12 to go

A consultation has revealed that multinational companies, accounting firms and standard setters want IAS 12, the international accounting standard for income taxes, to change but few are in favour of tearing it up and starting again.

Ralph Cunningham, February 13 2013

UK case enforces need for diligence to combat missing trader fraud

The need for taxpayers to exercise diligence when sourcing supplies has been reinforced by the victory of mobile phone companies Unistar Group and Unistar Trading over withheld VAT payments. The case is a symptomatic of HMRC’s attempt to defeat missing trader fraud.

Salman Shaheen, February 13 2013

Provinces flock to join China’s VAT pilot

More than 10 provinces want to join China’s VAT pilot in a sign of its success.

Salman Shaheen, February 13 2013

Is the disclosure ruling in Birchcliff a ray of light for Canadian taxpayers in GAAR disputes?

The Canada Revenue Agency (CRA) must disclose to taxpayers how specific provisions of the Income Tax Act (Act) were abused whenever it applies the general anti-avoidance rule (GAAR) in a dispute, the Tax Court of Canada has ruled. And advisers say taxpayers could benefit from this information in future GAAR cases.

Joe Dalton, February 13 2013

Germany is altering group taxation rules

Germany is on the verge of enacting a company tax Bill which would impact multinationals with investments in German tax consolidated groups (organschaft).

Matthew Gilleard, February 12 2013

New legal and tax regime for Spanish REITs

On December 27 2012, the Spanish Government approved Law 16/2012, which provides for long-awaited reform of the legal and tax regime for Real Estate Investment Trusts (in Spain, Sociedades Cotizadas de Inversion en el Mercado Inmobiliario, or SOCIMIs).

February 12 2013

OECD and BIAC on why revisiting tax rules may help build public trust

Tax is not a struggle to the death, say Pascal Saint-Amans, director of the OECD’s Centre for Tax Policy and Administration and Will Morris, chair of the OECD’s business advisory branch (BIAC) tax committee and global tax policy director for GE.

February 12 2013

Jenkins looks to reputation and closes Barclays’ tax advisory unit

The closure by Barclays of its structured capital markets (SCM) tax-related business unit is the second important announcement by a UK bank in less than a week concerning its tax reputation.

Matthew Gilleard, February 12 2013

UK authorities get behind new centre on tax administration

Reduced compliance costs, improved service and how best to ensure that the UK tax system is implemented as parliament intended are some of the aims of a new academic organisation set up to look at how UK tax administration could operate better.

Ralph Cunningham, February 12 2013

OECD report on base erosion and profit shifting marks new discussion of tax reform

The OECD released its long-awaited report to the G20 on base erosion and profit shifting (BEPS) today. It has been welcomed by business and activists alike, hailing an era of greater dialogue and cooperation to address the weaknesses of the international tax system and tackle avoidance.

Salman Shaheen, February 12 2013

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