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  • charon-julaug06.jpg
    Commission pushes for new action against tax fraud
    The European Council has reacted positively to the announcement by László Kovács, EU commissioner for taxation and customs union, that the EU must try harder to combat tax fraud. The Council aims to agree to a set of proposals by the end of the year.
    June 30 2006
  • francis-julaug06.jpg
    GE return gives reassurance that e-filing will be successful
    How GE dealt with e-filing Stephen Francis: advises companies to pay close attention to the textual information After Stephen Francis, manager of tax systems at GE, pressed the button and sent the company's first electronic return to the IRS on May 18, he watched the screen anxiously.
    June 30 2006
  • UK tax organization calls for independent commission
    The Chartered Institute of Taxation has said the powers of Her Majesty's Revenue & Customs (HMRC), the UK tax authority, should be reviewed by a separate body, rather than through the authority's own consultation process. HMRC suggested an internal review in a paper called 'Modernising powers, deterrents and safeguards'.
    June 30 2006
  • Australia plans to simplify tax system
    Peter Costello, the Australian treasurer, said a new bill will cut tax legislation by 4100 pages. The Tax Laws Amendment (Repeal of Inoperative Provisions) Bill, released on June 22, will also give some terms with multiple definitions a single meaning.
    June 30 2006
  • Israeli VAT cut announced
    Avraham Hirschson, Israel's finance minister, said VAT will fall by 6% from 16.5% to 15.5% on July 1. Hirschson said the cut will raise revenues by increasing spending.
    June 30 2006
  • Both sides get something from thin-capitalization GLO opinion
    The UK's rules on thin-capitalization comply with EU law, according to an advocate-general of the European Court of Justice because they are applied on an arm's-length basis, but Leendert Geelhoed believes a taxpayer should be allowed to deduct the cost of funding a subsidiary if it can show that there was a commercial reason for the funding method it chose.
    June 30 2006
  • Cook takes top job at KPMG in UK
    Colin Cook is moving from a two-year stint as chief executive of KPMG's tax and people services practice in the UK to run the whole firm in Britain. He takes over as UK chief executive from John Griffith-Jones, who will become the firm's UK senior partner on October 1.
    June 30 2006
  • Europe fails to agree on interest directive
    EU member states have implemented the EC Interest and Royalties Directive on time, but have differed in their interpretation of key provisions, according to an independent survey.
    June 30 2006
  • US Commissioner highlights tax concerns to Senate
    Mark Everson, the Internal Revenue Service commissioner - noted four issues in his June 13 speech to Senate Finance Committee on compliance concerns relative to large and mid-size businesses. Everson said globalization, the increasing complexity of law and business transactions, and the growing book tax gap - between after-tax profits and declared taxable income – had all created a more challenging climate for the IRS.
    June 30 2006
  • Ten promoted to partners at KPMG's UK tax practice
    In October 2006, KPMG will add 10 partners to its UK tax practice. The ten come from across the UK, including Leeds, Manchester, London and Reading.
    June 30 2006
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