UK: Survey of Awareness of Making Tax Digital
On 9 June 2022 HMRC published the results of a survey they commissioned to look at business awareness of Making Tax Digital (MTD). The research focused on VAT registered businesses that are below the threshold for VAT registration. MTD
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WTO: Role of Trade in Achieving SDGs
On 8 June 2022 the World Trade Organisation (WTO) submitted a report to the UN’s High-level Political Forum (HLPF) on Sustainable Development. The WTO contribution to the 2022 UN High-Level Political Forum considers the role of trade in
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IMF Report Considers Romania’s Economic Situation
On 10 June 2022 the IMF published a report following discussions with Romania under Article IV of the IMF’s articles of agreement. Romania’s economy recovered well after the pandemic; but is now facing strong challenges. The GDP
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OECD: New Transfer Pricing Country Profiles Published
On 9 June 2022 the OECD released new transfer pricing country profiles for Egypt, Liberia, Saudi Arabia and Sri Lanka. The OECD transfer pricing profiles cover the OECD member countries and a number of member countries of the Inclusive
See MoreIMF Report Considers Fiscal Policy in Lithuania
On 7 June 2022 the IMF published a report following discussions with Lithuania under Article IV of the IMF’s articles of agreement. Before the Ukraine war began, Lithuania’s economy was recovering strongly. A recession was avoided in 2020 by
See MoreWorld Health Organisation looks at the effect of the tobacco industry on the environment
On 29 May 2022 the World Health Organisation (WHO) published a document entitled Tobacco: Poisoning Our Planet looking at the environmental damage caused by the tobacco industry. The report looks at the damage done to the environment throughout the
See MoreWTO: International Trade Cooperation to Strengthen Preparation for Future Pandemics
On 3 June 2022 the World Bank and the WTO launched a document entitled: Trade Therapy: Deepening Cooperation to Strengthen Pandemic Defenses. The publication notes that trade has an important role to play in the response to health crises such as
See MoreUK: HMRC exercises new powers to combat electronic sales fraud
On 31 May 2022 HMRC announced that a number of businesses had been visited and some arrests made following the introduction of new powers to combat the use of electronic sales suppression (ESS) systems. Around 30 businesses, including including
See MoreWTO: Trade Policy Review of New Zealand
On 1 and 3 June 2022 the WTO is carrying out a trade policy review of New Zealand. A report has been issued by the WTO Secretariat as a basis for the review. The report notes that New Zealand considers trade as very important for its prosperity.
See MoreUK: HMRC Data on Financial Assets Held Abroad
It was reported on 31 May 2022 that UK residents had GBP 850 billion in financial accounts overseas in 2019 (the latest year for which statistics are available) of which GBP 570 billion was based in tax havens. This data was disclosed by HMRC in
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OECD: Report to G7 on Tax Cooperation for the 21st Century
On 20 May 2022 the OECD published a report on Tax Cooperation for the 21st Century. The German G7 Presidency requested the report from the OECD to examine further moves to strengthen international tax co-operation and make recommendations for
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OECD: Supporting SMEs with Tax Compliance
On 20 May 2022 the OECD’s Forum on Tax Administration published a report entitled Towards Seamless Taxation – Supporting SMEs to Get Tax Right. The report looks at efforts by tax administrations to integrate taxation processes into the
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OECD: Taxing Wages 2022
On 24 May 2022 the OECD published the latest issue of the annual publication Taxing Wages 2022. This sets out details of taxes paid on wages in OECD countries, covering personal income taxes and social security contributions paid by employees;
See MoreIMF Report Recommends Policy Changes for Germany
On 23 May 2022 the IMF published a report following discussions with Germany under Article IV of the IMF’s articles of agreement. Germany’s economic recovery was gathering strength before the Ukraine war began, but the war has impacted the
See MoreUK: Research on Plastic Packaging Tax
On 9 May 2022 the UK published research on the plastic packaging tax. The research was conducted in 2019 with businesses that are involved in handling plastic packaging. The research aimed to understand how different types of businesses handle
See MoreIMF Report on Slovakia Makes Policy Recommendations
On 20 May 2022 the IMF issued a report following discussions with Slovakia under Article IV of the IMF’s articles of agreement. During 2021 the recovery of the Slovak economy was dampened by resurgence of the pandemic and supply chain
See MoreIMF Report Considers the Economic Situation in Italy
On 19 May 2022 the IMF issued a concluding statement following discussions with Italy under Article IV of the IMF’s articles of agreement. By the end of 2021 Italy’s economy had recovered to a level close to its pre-pandemic output,
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UK: Delay in Payment of R&D Tax Credits
It was reported on 17 May 2022 that HMRC has suspended payment of some research and development tax relief claims because it is investigating irregularities. Most R&D tax credit claims will not be affected but some irregular claims are being
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