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UK tourism industry calls for VAT cut as data reveals UK has highest consumption taxes in G8

A VAT cut to boost tourism is being called for in the UK, reinforced by data showing the country has the G8’s highest taxes on sales and consumption.

Matthew Gilleard, December 12 2012

ICAEW report calls for end to formal IFRS convergence work with the US

Attempts to converge International Financial Reporting Standards (IFRS) with US accounting rules should end, with the International Accounting Standards Board (IASB) concentrating instead on better IFRS implementation around the world and encouraging those countries that do not allow their use yet, such as China, to do so.

Ralph Cunningham, December 12 2012

New Canadian FA dumping and upstream shareholder loan rules

In its March 2012 Budget, the Canadian federal government proposed a sweeping and aggressive set of new rules (the FA dumping rules) intended to curtail a practice known as foreign affiliate dumping. A subsequent iteration of the draft rules included a companion relieving rule to allow for upstream shareholder loans in certain circumstances, explain Paul Stepak and Sabrina Wong of Blake, Cassels & Graydon.

December 12 2012

Australia announces expert group to tackle multinational tax minimisation strategies

David Bradbury, Australia’s assistant treasurer, yesterday announced the members that will make up the country’s new specialist reference group, which is tasked with examining the tax minimisation strategies used by multinationals and “its risks to the sustainability of Australia’s corporate tax base”.

Matthew Gilleard, December 11 2012

TJN report calls for unitary taxation

A new report from the Tax Justice Network (TJN), which calls for unitary taxation to prevent multinational corporations avoiding tax, will divide opinion among authorities.

Salman Shaheen, December 11 2012

Why German officials are unconcerned about UK corporate tax competition

George Osborne, the UK Chancellor of the Exchequer, said the UK will have the lowest corporate tax rate of any Western economy when he announced the tax would fall to 21% by 2014 in his Autumn Statement. In particular, he mentioned Germany, but German tax officials have said they do not expect to lose investors.

Matthew Gilleard, December 11 2012

Technology is helping solve revenue management challenges

Bill McKinzie, managing director, government for the tax & accounting business of Thomson Reuters provides an overview of how technology is helping to guide governments with property assessment, property valuation and revenue collection.

December 11 2012

UK draft Finance Bill confirms 21% rate from 2014

The UK government has released draft legislation for the Finance Bill 2013, marking the start of the consultation period for measures announced in last week’s Autumn Statement. The corporate tax cut – to 21% from April 2014 – was confirmed.

Matthew Gilleard, December 11 2012

TAXPAYER OPINION: Why I worry about US corporate tax reform

OPINION: Almost everyone agrees that the two greatest economic problems facing the US are the growing Federal deficit and persistently high unemployment and underemployment. So it is surprising to a long-time tax practitioner that the two leading proposals for corporate tax reform in the US – lowering the corporate tax rate through base broadening and adopting a territorial tax system – are almost certain to make both problems worse.

December 11 2012

Latin America indirect tax focus

A series of articles from KPMG's Global Indirect Tax Services's group on the complex challenges companies face as the global shift to indirect tax impacts Latin America. Each article covers one of 21 jurisdictions, from Argentina to Venezuela.

December 11 2012

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