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Coping with tax controversy in Canada

The Canada Revenue Agency (CRA) is narrowing its audit focus, and will be paying more attention to large taxpayers in specific industries undertaking higher-risk transactions in 2013. Paul Lynch and Gerald Grenon, of KPMG, look at how taxpayers should respond.

December 06 2012

US Court of Appeals Aloe Vera case raises information exchange fears

A case about the misuse of tax information exchanged between the US and Japan, which appeared before the US Court of Appeals for the Ninth Circuit recently, raises serious questions about what remedies taxpayers will have if their information is misused under FATCA.

Joe Dalton, December 06 2012

Starbucks acknowledges benefits of tax transparency and pledges to pay £10 million a year to UK

Much-maligned coffee chain Starbucks this morning announced that, “having listened to customers and the British public”, it will pay higher corporation tax in the UK. The company says the payment amount will be higher than what is required by law.

Matthew Gilleard, December 06 2012

Financial Reporting Council shakes up tax accounting standards in UK and Ireland

Tax accounting standards will change in the UK and Ireland as a result of the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC).

Ralph Cunningham, December 06 2012

Advocate General says holding companies can join VAT groups

An Advocate General of the European Court of Justice (ECJ) has released an opinion regarding inclusion of non-taxable persons in VAT groups that will be welcomed by taxpayers and revenue authorities.

Joe Dalton, December 06 2012

World Tax 2013 is now live

World Tax 2013, the annual directory of the leading tax advisory and law firms, is now available online.

December 06 2012

Indian ITAT allows strategic dividend distribution in Maersk case

India’s Income Tax Appellate Tribunal (ITAT), Kolkata bench, ruled that distributing dividends immediately before a share sale to reduce capital gains tax liability is acceptable tax planning. But, changes to India’s capital gains tax regime for non-residents mean the scheme will only benefit some taxpayers.

Joe Dalton, December 06 2012

IRS gets audit advice from leading tax figures

Tax professionals on the IRS Advisory Council (IRSAC) have identified streamlining the audit process and managing knowledge in the issue practice groups and international practice networks as important tax administration topics for large businesses in the US.

Ralph Cunningham, December 06 2012

What you have missed on ITR Premium

UK on FATCA; US unveils FATCA Model 2 agreement; Canada-Hong Kong DTA analysis; UK firms call for tax breaks; US sales and use taxes; UK VAT; Russian Supreme Court; and Canada’s Morguard ruling.

December 06 2012

Starbucks will set a bad precedent if it pays more UK corporate tax than necessary

Starbucks has said it will review its corporate tax position in the UK, after a damning report by the parliamentary Public Accounts Committee this week and the prospect of a boycott of its stores on December 8. But bowing to political or public pressure is not the right way to conduct business.

Sophie Ashley, December 05 2012

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