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Leaked emails reveal companies explored shipping via Belgium to the UK to circumvent LVCR removal

Companies explored a new route through Belgium to circumvent the UK's removal of low value consignment relief (LVCR) on Channel Islands mail order in April 2012, evidence has emerged. Jersey Post denies involvement, but retailers opposed to the scheme believe the option is still being looked at.

Salman Shaheen, December 12 2012

Will Russia replace VAT with sales tax?

Russian Prime Minister Dmitry Medvedev said last week that he is considering reinstating the sales tax, which could replace VAT. But while it has some advantages, there are a number of compelling reasons why Russia is unlikely to replace VAT with sales tax in the near future.

Salman Shaheen, December 12 2012

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

CRA memorandum endorses OECD method selection

The Canada Revenue Agency (CRA) has issued a transfer pricing memorandum, endorsing the OECD’s arm’s-length principle and including significant changes in the Canadian transfer pricing regime.

Sophie Ashley, December 11 2012

Ireland: Transfer pricing compliance reviews

Irish taxpayers will be requested to perform a self-review of their compliance with the Irish transfer pricing rules under a new initiative announced by the Irish Revenue Commissioners.

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

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

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

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

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