UK: Corporation tax and large companies
A report published by a UK accounting firm indicates that 85 of the companies in the FTSE 350 index paid corporation tax at a rate of less than 5% on their accounting profits; a further 8 companies paid less than 10% of their profits in corporation
See MoreEuropean Union: Anti abuse clause added to parent subsidiary directive
On 27 January 2015 the Council of the European Union (EU) amended the parent subsidiary directive to add a binding anti-abuse clause. This is designed to prevent tax avoidance and aggressive tax planning, and to ensure more consistency in the
See MoreNew Russian CFC and anti-avoidance legislation
The amended draft law regarding controlled foreign companies and other anti-offshore measures has done most valuable changes in the field of foreign tax structures and tax avoidance. This law has publicly available on 27 May, 2014. It highlights
See MoreUnited Kingdom – HMRC report on offshore tax evasion
The United Kingdom government is continuing to take action against artificial tax avoidance and tax evasion. In this connection the tax administration (HMRC) has issued a "corporate report," which sets out how HMRC addresses offshore tax evasion and
See MoreCanada – Evaluation of GST/HST information
The Canadian Revenue Agency has began to judge the “hefty penalties” regarding the GST/HST annual information return that many large businesses and financial institutions in Canada are needed to report. The penalties (which can be as high as
See MoreNew Zealand: Taking Tough Stance on Tax Avoidance
A former businessman has been punished recently over a total of 87 tax-related charges, and the Inland Revenue Department of New Zealand has warned that it will continue with its “zero tolerance” approach to tax evasion. This approach to
See MoreUK: HMRC issues revised GAAR guidance
HMRC’s latest guidance on the application of the General Anti-Abuse Rule (GAAR) was approved by the GAAR Advisory Panel on 15 April 2013. This guidance summarizes what the GAAR is intended to achieve and how it operates to arrive at this
See MoreIndia: General Anti-Avoidance Rule For 2014
The General Anti –Avoidance Rule (GAAR) of India had been scheduled to be implemented from April 2014. After further consultation the provisions will however now come into effect from April 1, 2016 and these provisions would be used to target only
See MoreUK: Corporation Tax Dodge Closed by UK Government
On 27 September 2012 it was reported that the British government has used new Targeted Anti-Avoidance Rules aimed at trade and property businesses to close down a scheme which it says was being marketed as a way to reduce corporation tax by
See MoreWithholding Tax on Dividends-new Danish Anti-Avoidance Rules applies from 2013
The Danish Ministry of Taxation presented a bill containing anti-avoidance rules regarding withholding tax on dividends. The purpose of the Draft Bill is to adjust certain unplanned consequences of the current rules. If adopted this bill applies
See MoreUK Announces New Anti-Avoidance Tax Forces
On 22 November 2012 it was reported that the UK tax authority, HM Revenue and Customs (HMRC) has announced specialist task-forces to tackle tax avoidance in the UK clothing trade, alcohol industry and rental property sector, expected to recover
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