The Retailer’s tax claims has been rejected by the UK Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreHong Kong – Urged To Retain Prudent Fiscal Policies
The IMF has expressed support for the work of Hong Kong’s Working Group on Long-Term Fiscal Planning, which is looking at the fiscal strategy in the long term. The Group is investigating the question of balancing government revenues and spending
See MoreUS – Corporate Tax Rate has been World’s Highest For Two Years
The RATE Coalition (Reforming America’s Taxes Equitably) has drawn attention to the fact that as from April 1, 2014 the US has for two years had the highest corporate tax rate among OECD countries. The group which demands tax reform to increase
See MoreAustria: Research Institute Calls for Symbolic Cut in Taxes on Labor
The President of the Austrian Institute of Economic Research has urged the Government to launch its offensive on reducing the fiscal burden on labor in Austria as early as next year, starting with a symbolic first step. He proposed that the
See MoreNetherlands – Dividend withholding tax when companies located in Curaçao
The Advocate General of the Court of Justice of the European Union (CJEU) issued an opinion in two joined cases that involve profit distributions made by Dutch companies to their parent companies that are residents of Curaçao. The opinion of the
See MoreWTO panel mediates US-Korea Trade Dispute
One of the important functions of the World Trade Organization (WTO) is to provide a means of settling trade disputes between its member states. The Dispute Settlement Body of the WTO established a panel on January 22, 2014 to mediate in a dispute
See MoreEU Discloses Climate Change Plan
The European Commission has proposed the establishment of a market stability reserve at the beginning of the next Emissions Trading Scheme (ETS) trading period. The ETS was designed to deliver emissions reduction goals in a harmonized and
See MoreArgentina: Highest tax to GDP in Latin America is reported
According to the Economic Commission for Latin America and the Caribbean (ECLAC), tax revenue in Argentina is the the largest and fastest growing among this region. The latest tax revenue-to-GDP data of Argentina was 37.3 percent, which put the
See MoreMorocco: International Tax Dialogue To Making Fiscal Reorganization Work
A meeting of tax administrators from more than 95 countries throughout the world has been discussing the distribution of taxing powers between different levels of government. The global conference of the International Tax Dialogue in Marrakech,
See MoreUS hopeful of resolution over issue of Chinese VAT on Shipping
A bilateral consultation was held with China over the impact on international shipping firms of the extension of Chinese value added tax to cover shipping services on August 1, 2013, on the basis of Circular 37/2013. Commissioner William Doyle of
See MoreFrench and Italian FTT has been challenged by the German banks
The financial transactions tax (FTT) presently levied by France and Italy on trading in French and Italian securities need to be banned by the European Commission which is urged by the Leading associations from the German finance industry. They
See MoreTrade Policy Review of Peru by WTO
The WTO has given a report on 15 November which showed that that Peru has decreased its trade tariffs from an average of 8 % to 3.2% in 2013. The rate is the lowest rate in Latin America. According to the report Peru has cut the maximum applied
See MoreUganda: Tax reforms recommended by International Monetary Fund
Uganda requires applying the tax reforms to lift its revenue collection and it was recommended by The International Monetary Fund (IMF). According to the IMF Uganda’s tax revenue collection is lower than other countries in the region and Ugandan
See MoreWTO Public Forum discusses trade facilitation
The WTO Public Forum was held on 1 to 3 October 2013. The third day of the meeting was devoted to discussion of issues that were relevant to the OPEC summit in Bali. These issues included trade facilitation as well as economic development issues and
See MoreECJ: Advocate General’s opinion on Hungarian retail turnover tax
The Advocate General of the European Court of Justice (ECJ) has issued an opinion in respect of a case involving a Hungarian retail turnover tax. The opinion of the Advocate General is issued as a guide for the ECJ but is not binding on the
See MoreECJ: Advocate General issues an opinion on the VAT exemption for educational services
Details of the opinion of the Advocate General of the European Court of Justice (ECJ) in respect of questions on VAT and education services are now available. The opinion was given in relation questions referred to the ECJ in relation to a case
See MoreAgenda for the WTO Public Forum in Geneva
The WTO Public Form is to be held in Geneva on 1 to 3 October 2013. The theme of the Public Forum is to be expanding trade through innovation and the digital economy. It is well recognized that innovation is a major driver of economic growth and
See MoreOECD releases white paper on transfer pricing documentation
In its action plan for combating base erosion and profit shifting the OECD made a commitment to developing recommendations on transfer pricing documentation rules. The aim would be to increase the level of transparency of transfer pricing
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