UK: HMRC research into business cycles and tax reporting
On 8 September 2015 HMRC published on its website research on understanding the impact of reporting cycles. This examined the business experience and compliance behaviour of small and medium sized enterprises (SMEs) and asked for information on the
See MoreOECD: Taxation of Small and Medium Enterprises
The OECD has issued a publication on the taxation of small and medium enterprises (SMEs) in OECD and G20 countries. The report examines tax policy and administration in relation to SMEs, noting that these firms generally represent more than 95% of
See MoreUK: HMRC Publishes Results of Large Business Panel Survey 2014
The results of the Large Business Panel Survey for 2014 have been published on HMRC’s website. The survey of large businesses was performed in late 2014 and early 2015. The aim was to track and assess the views of businesses on the services
See MoreNigeria: Convention on Mutual Administrative Assistance on tax matters entered into force
As amended by the 2010 protocol, the multilateral agreement on Mutual Administrative Assistance regarding tax matters has been entered into force on 1st September 2015 in Nigeria and it generally applies from 1st January
See MoreUK: HMRC issues updated guidance on accelerated payments
On 20 August 2015 the UK tax authority HMRC published on its website a fact sheet containing updated information on the requirement to make accelerated payments in connection with tax avoidance schemes. A tax avoidance scheme is defined for this
See MoreUK: Increase in tax cases going to litigation
The number of tax disputes going to litigation in the UK has hit record levels, with the number of tax cases waiting to go to a tribunal more than doubling over the last five years. The statistics for 2014 show that there were 29.566 appeals to the
See MoreSingapore: Corporate Tax Filing for 2015
The Inland Revenue of Singapore (IRAS) has reminded all companies to file their income tax returns for the 2015 assessment year by 30 November 2015. This is the first year that all companies in Singapore have the e-filing facility. All companies are
See MoreUK: Capital gains tax treatment of carried interest
Legislation was included in the Summer Finance Bill 2015 published on 15 July 2015 to make technical changes to the capital gains tax treatment of carried interest. A summary of the changes was issued by the UK tax authority HMRC on 20 July
See MoreOECD Issues Tax Administration Report for 2015
The OECD issued the Tax Administration 2015 report on 11 August 2015. This report contains data from a survey of 56 tax administrations in industrialized and emerging economies and analyses the latest trends and best practice within tax
See MoreOECD issues new guidance on disclosure requirements and information exchange
On 7 August 2015 the OECD issued three guidance documents for tax administrations to help them in their fight against tax evasion. These are the Common Reporting Standard Implementation Handbook; a second edition of the Offshore Voluntary
See MoreUK: Consultation on extension of HMRC data gathering powers
On 22 July 2015 the UK tax authority HMRC issued a consultation document entitled “Tackling the Hidden Economy: Extension of Data Gathering Powers”. HMRC estimated that in 2012/13 the element of the tax gap caused by the hidden economy amounted
See MoreUK: Consultation on strengthening sanctions for tax avoidance
On 22 July 2015 the UK government issued a consultation document containing detailed proposals for strengthening the penalties for tax avoidance. The closing date for comments on this consultation document is 14 October 2015. Serial avoiders’
See MoreUK: Consultation on improving large business tax compliance
On 22 July 2015 the UK tax authority HMRC launched a consultation on improving large business tax compliance. In the 2015 budget the UK government stated its intention to open a consultation on the measures that could be taken to improve tax
See MoreUK: HMRC issues consultation document on intermediaries legislation
On 17 July 2015 HMRC issued a consultation document on the intermediaries legislation (IR35). The intermediaries legislation was first introduced in 2000 to combat tax avoidance through intermediaries such as personal service companies. The
See MoreUK: HMRC launches consultations on penalties for offshore non-compliance
On 16 July 2015 the UK tax authority HMRC launched consultations on penalties for non-compliance in relation to offshore income and assets. The consultation papers consider options for strengthening civil penalties for tax evasion involving hiding
See MoreUK: HMRC publishes research report on use of offshore disclosure facilities
On 15 July 2015 HMRC published a research report on behavioral factors influencing the use of offshore disclosure facilities. The research was conducted by interviews with agents handling offshore disclosure cases; in this case those involved with
See MoreMauritius signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters
On 24 June 2015 the OECD announced that Mauritius has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention provides a framework for cooperation between tax authorities to exchange tax information,
See MoreUK: HMRC issues PAYE penalty notices
The UK tax authority HMRC announced on 17 June 2015 that it has issued the first in-year PAYE penalty notices to employers of fewer than fifty employees who did not send PAYE details to HMRC on time. HMRC is concentrating on the more serious
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