UN: Meetings of the Tax Committee
The 24th session of the UN Committee of Experts on International Cooperation in Taxation was held in virtual meetings from 4 to 7 April and 11 to 12 April 2022. Workplans were presented by the various Subcommittees for approval by the
See MoreOECD: VAT Digital Toolkit for Asia-Pacific
On 10 March 2022 the OECD published the VAT Digital Toolkit for Asia-Pacific. The Toolkit, which was produced by the OECD in partnership with the World Bank Group, aims to guide Asia-Pacific tax administrations on implementing reforms for
See MoreOECD: Combating Tax Evasion and Financial Crimes in Latin America
An OECD blog post on 9 February 2022 looked at the fight against tax evasion and financial crimes in the Latin America region and at lessons learned from initiatives of the OECD’s Task Force on Tax Crimes and Other Crimes (TFTC) and the Criminal
See MoreUK: HMRC Seizes Non-Fungible Tokens in Fraud Investigation
The UK tax authority HMRC has for the first time seized non-fungible tokens (NFTs) in a case involving suspected fraud. NFTs serve effectively as digital ownership certificates for virtual assets (e.g. digital artwork) or physical assets (e.g.
See MoreUK: Summary of responses to consultation on VAT exemption for land
On 30 November 2021 the UK government published a summary of responses to the consultation on aspects of the VAT exemption for land and the option to tax. A consultation paper in May 2021, asked for evidence to assess potential options for
See MoreUK: Further Penalties for Promoters of Tax Avoidance
The UK budget announcements on 27 October 2021 included measures targeting persistent promoters and enablers of tax avoidance schemes. The proposals aim to facilitate the process for taxpayers to identify and exit avoidance schemes. This follows
See MoreUK: Notification of Uncertain Tax Treatment for Large Businesses
The UK budget announcements on 27 October 2021 included a new requirement for large businesses to notify HMRC when they take a tax position in their returns that is uncertain. Legislation would be included in the Finance Bill defining a large
See MoreWorld Bank: Taxation of the Digital Sector
On 1 October 2021 the Third World Bank Tax Conference discussed the taxation of the digital sector. Value added tax collection The growth of the digital economy has changed business models and has presented new problems for tax assessment and
See MoreUK: Tax Gap Statistics Published
On 16 September 2021 the UK government released the latest edition of Measuring Tax Gaps, estimating the tax gap for 2019/20 to be 5.3% of total theoretical tax liabilities, or GBP 35 billion. The tax gap is the difference between the tax that
See MoreUNCTAD report on illicit financial flows
The UNCTAD publication Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa was published in July 2021. The UNCTAD report argues that tackling illicit financial flows is an important
See MoreUK: New proposals to combat the promotion of tax avoidance schemes
On 20 July 2021 the UK government published for consultation new proposals aiming to restrict the activities of promoters of tax avoidance schemes, together with draft legislation. The consultation will close on 14 September 2021. The government
See MoreUK: HMRC Research on Use of Cash by Small and Mid-size Businesses
On 24 June 2021 HMRC published research on the behaviour of small and medium sized businesses in relation to payment transactions. Most common online payment methods The most common online payment method accepted was by small and medium
See MoreOECD: VAT Digital Toolkit for Latin America and the Caribbean
On 23 June 2021 the OECD published a Value Added Tax (VAT) Digital Toolkit for Latin America and the Caribbean. VAT is on average the main source of tax revenue in the Latin America and Caribbean (LAC) region. VAT collection amounted to 27.7% of
See MoreOECD: Tax and Development Briefings
On 29 January 2021, to mark the annual Tax and Development Day, the OECD hosted a series of briefings in relation to tax and development, looking at OECD work in the area. BEPS and the extractive industries For decades many resource-rich
See MoreUK: Preliminary Estimate of VAT Gap for 2019/20
On 25 November 2020 HMRC published the preliminary estimate of the value added tax (VAT) gap for 2019/20. The VAT gap indicates the VAT lost for various reasons and is measured as the difference between the amount of VAT actually collected and
See MorePoland: Parliament approves a bill to amend various income tax rules
On 30 September 2020, the Polish lower house of Parliament (Sejm) approved a Bill No.642 amending various income tax rules for business. The measures of Bill No. 642 will apply from 1 January 2021. The bill includes a number of proposed tax
See MoreEU: Report on the VAT Gap in the EU Member States
In a press release of 10 September 2020, the European Commission presented the 2020 Study and Reports on the VAT Gap in the 28 EU Member States. The report presents figures on the VAT Gap in the 28 EU member states (including the UK) for
See MoreUS: IRS publishes additional guidance on base erosion and anti-abuse tax
On 1 September 2020, the Internal Revenue Service issued final regulations providing additional guidance on the base erosion and anti-abuse tax (BEAT). To limit profit-shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT. The
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