US: BEPS to Compound Global Tax Risks

26 May, 2014

Enterprises are expecting that tax risks are likely to increase more in the coming years, according to a survey of tax and finance executives in twenty five countries by the advisory firm Ernst and Young. The survey looked at the views of companies

See More

Switzerland and Singapore sign OECD agreement against tax evasion though banking secrecy

25 May, 2014

Forty seven countries participated in the Declaration on Automatic Exchange of Information in Tax Matters, adopted by the OECD on 6 May 2014. These countries included Switzerland and Singapore, two financial centers that have in the past been

See More

Spain Fined Over State Aid in Basque Provinces

25 May, 2014

Spain has been ordered by the European Court of Justice to pay a penalty amounting to EUR 30 million for failing to recover state aid granted by three Basque Provinces and ruled to be contrary to EU law. The state aid provisions of EU law are

See More

New Zealand to increase Tobacco Taxation

25 May, 2014

New Zealand is to reduce the duty-free allowances for tobacco and raise its excise duty in a move described as an attempt to reduce the amount of smoking. The move will also increase government revenue from excise tax on tobacco, at least in the

See More

Japan Takes Action on Some BEPS Items

25 May, 2014

Japan’s Cabinet Office Tax Commission has given its attention to four base erosion and profit sharing (BEPS) items, including the controversial Action 13 which relates to transfer pricing documentation. The other items under consideration by Japan

See More

Germany: OECD Report Suggests Lower Labor Taxes

25 May, 2014

The Organisation for Economic Co-operation and Development (OECD) has stressed the need for Germany to implement economic reforms to achieve sustainable growth. The priorities include making the tax system more equitable and environmentally

See More

EU – Customs tariff duties suspension on industrial and agricultural products

25 May, 2014

The European Commission has issued a notice to economic operators in relation to the suspension of autonomous common customs tariff duties on certain industrial and agricultural products. A list of the products affected by the measure is available

See More

EU Member States React To EU FTT Declaration

25 May, 2014

Some EU member states have commented on the intention of a number of member states to go ahead with the introduction of a financial transactions tax (FTT) under the EU’s enhanced cooperation provisions. The member states that are not participating

See More

Turkey: Improves VAT compliance procedures

18 May, 2014

Turkey is to make a number of changes aimed at improving the value added tax (VAT) compliance regime. These changes include the possibility for large taxable persons to receive VAT refunds faster. the VAT legislation is to be consolidated into a

See More

South Africa Consults on Alcoholic Beverage Taxes

18 May, 2014

South Africa has issued a discussion paper for comment on taxation of alcoholic drinks. This document looks at the issue of whether a uniform tax should be imposed on alcoholic drinks rather than a separate excise duty for different types of

See More

OECD – Public consultation on transfer pricing documentation, country-by-country reporting

18 May, 2014

The Organization for Economic Co-operation and Development (OECD) has announced that a public consultation will take place 19 May 2014, for further consideration of transfer pricing documentation and country-by-country reporting. This follows the

See More

EU – Update on financial transaction tax

18 May, 2014

The ECOFIN Council, consisting of economic and finance ministers of EU countries, has looked at a proposal for a financial transaction tax (FTT) directive. The member states involved in the measure want to implement a revised version of their

See More

EU – European Bankers Warn Of FTT Fallout

18 May, 2014

The European Banking Federation (EBF) considers that the introduction of a financial transaction tax (FTT) by some European Union member states will create uncertainty for business in the whole EU. Even if the FTT is implemented by only some of the

See More

EU To Reduce Bureaucracy for Trade Sanctions

18 May, 2014

The European parliament has given its approval to new rules that will permit a rise in customs duties on the EU’s trading partners by means of an executive decision. This will enable the Commission to more efficiently enforce EU rights under

See More

EU Member States Criticized for Lack of Transparency in FTT

18 May, 2014

At the EU’s ECOFIN meeting of economic and financial ministers on 6 May 2014 a joint statement was issued by ten of the member states that are going ahead with the financial transactions tax (FTT) In all, eleven EU member states have decided to

See More

EU Emissions Trading Changes Extended To EFTA

18 May, 2014

A new regulation has been inserted into the European Free Trade Association (EFTA) agreement to incorporate changes already made under the EU’s Emissions Trading Scheme. The changes were originally put through by the EU in April 2013 to ensure

See More

EU: CJEU dismisses UK’s challenge to EU Financial Transaction Tax

18 May, 2014

The Court of Justice of the European Union (CJEU) has dismissed an attempt by the UK to challenge the legality of the Council decision of 22 January 2013 in respect of enhanced cooperation by a group of EU member states to introduce a financial

See More

OECD Suggests Reforms to Increase Tax Contribution of Top Earners

11 May, 2014

A recent OECD report highlights the differences in income between the highest earners in the world and the rest of the population, and puts forward proposals tax reforms that could reverse the trend. Most OECD countries have reduced their top rates

See More