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  • Call to extend US e-filing goal
    In its annual electronic filing report, the IRS Oversight Board has recommended that the IRS' e-filing goal be extended to 2011. According to the goal, at least 80% of all tax returns should be filed electronically by 2007.
    February 06 2006
  • Halifax verdict out on February 21
    The European Court of Justice judgement in Halifax and two other joined cases (Bupa and the University of Huddersfield), which deal with value-added tax and whether transactions do or do not constitute economic activity, will be released on February 21
    February 06 2006
  • KPMG sells US compensation and benefits tax practice
    KPMG in the US has sold its compensation and benefits tax practice to Smart & Associates, a Pennsylvanian business advisory, consulting, accounting, tax, and financial planning firm. KPMG in the US has to divest itself of its private client and compensation and benefits tax practices by the end of this month, according to the terms of its agreement with the US government in 2005 to settle tax-shelter investigations
    February 06 2006
  • Australian business wants tax changes
    The Business Council of Australia has called for a "major review of Australia's growing corporate tax burden", in its budget submission.
    February 06 2006
  • Senators approve rejigged reconciliation bill
    The US Senate voted 66 votes to 31 on February 3 to pass a revised tax reconciliation Bill, allowing it to proceed to a conference with the House of Representatives on a definitive tax reconciliation package
    February 06 2006
  • US authorities publish proposed Circular 230 changes
    The US Treasury and the Internal Revenue Service have issued a notice proposing amendments to Treasury Department Circular 230, which sets out the rules for tax professionals who practice before the IRS. Link available
    February 06 2006
  • President asks for $11 billion for IRS
    President Bush has asked for $11,009,107 for the Internal Revenue Service in his 2007 budget request, which was sent to Congress on February 6
    February 06 2006
  • Experts support uniform stamp duty
    A committee of corporate bonds and securitization specialists has recommended a uniform rate of stamp duty throughout India. Link available
    February 06 2006
  • Deductions on interest payments in new Irish Finance Bill
    Ireland's Finance Bill 2006 includes measures to restrict the tax deduction available on loans used by one company to buy shares in a related company; a general anti-avoidance provision which would allow the tax authorities take action to withdraw a tax advantage from a transaction and more scope for the tax authorities to impose VAT groups
    February 06 2006
  • Four Indian states agree to uniform tax rate on bullion
    The Indian states of Delhi, Rajasthan, Uttar Pradesh and Gujarat have agreed to maintain uniform tax rates on bullion. All the four states agreed to impose 1% value-added tax or sales tax on the precious metals, providing a major relief to Delhi, which has been losing considerable amount of bullion trade to states where a lower tax regime prevailed
    February 06 2006
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