news

Tax-News.com: UK Reviewing VAT Group Rules

The UK Government has recently issued a call for evidence from UK VAT groups on future policy reform.




news

Tax-News.com: EU Expecting COVID-19 Dent In 2020 VAT Collections

The European Commission has published its latest VAT gap report, which show that EU countries lost an estimated EUR140bn (USD165.7bn) in VAT revenues in 2018.




news

Tax-News.com: UK To Collect Interest On Overdue Digital Services Tax

The UK Government on September 16, 2020, tabled The Taxes (Interest Rate) (Amendment No. 2) Regulations 2020, which will enable HM Revenue and Customs to collect or pay interest on overpaid or underpaid digital services tax liabilities.




news

Tax-News.com: UK Releases Construction VAT Reverse Charge Guidance

On September 24, 2020, HM Revenue and Customs released in-depth guidance on the introduction of the VAT reverse charge mechanism on the supply of building or construction services.




news

Tax-News.com: UK Updates Brexit VAT Guidance For Imported Goods

On October 5, 2020, the UK tax authority added considerably to its Brexit guidance for businesses on the value-added tax rules that will apply to goods entering Great Britain from outside the UK.




news

Tax-News.com: OECD Indicates New Focus On Virtual Currency Tax Issues

The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets.




news

Tax-News.com: UK MPs Join Calls For Making Tax Digital Rethink

The UK's Public Accounts Committee has recommended that the UK tax authority first review the potential administrative burden and cost on taxpayers before further expanding its Making Tax Digital initiative.




news

Tax-News.com: UK To Strengthen Insurance Premium Tax Rules

On November 5, 2020, HM Revenue and Customs issued a consultation on proposals to improve the administration of Insurance Premium Tax (IPT) and prevent unfair outcomes.




news

Tax-News.com: UK May Double Capital Gains Tax Burden

More closely aligning UK capital gains tax (CGT) rates with income tax rates could raise significant revenues for the UK, a government-commissioned review has concluded.




news

Tax-News.com: UK To Offer Expanded Annual Investment Allowance Until 2022

The UK Government has announced that the temporary GBP1m (USD1.31m) cap for the Annual Investment Allowance (AIA) will be extended until January 1, 2022.




news

Tax-News.com: UK, Canada Sign Post-Brexit Continuity Trade Deal

Canada and the UK have announced the successful conclusion of negotiations on an interim trade agreement, which will be in place as they work toward a comprehensive post-Brexit free trade deal.




news

Tax-News.com: UK Taxpayers May Arrange Payment Of Deferred VAT In 2021

HM Revenue and Customs has confirmed that UK businesses who wish to pay their deferred VAT liabilities in installments will be able to decide a payment schedule early next year.




news

Tax-News.com: EU Seeking Sanctions Against UK Over Tax Rules On Marked Fuels

The EU has referred the UK to the Court of Justice over its failure to comply with EU rules on marked fuel.




news

Tax-News.com: UK, Canada Sign Post Brexit Continuity Agreement

Canada and the UK have formally signed a post-Brexit trade continuity agreement that will apply from January 1, 2021.




news

Tax-News.com: UK Eyeing VAT Rule Changes For Sharing Economy

The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.




news

Tax-News.com: UK, Mexico Sign Continuity Trade Deal

On December 15, 2020, the UK and Mexico signed a trade continuity agreement that will apply when the Brexit transition period ends.




news

Tax-News.com: Norway Issues VAT Regulation In Response To Brexit

Norway intends to provide value-added tax administrative relief measures to UK businesses in response to Brexit.




news

Tax-News.com: EU Sizes Up Impact Of New UK Free Trade Deal

The European Union has released its Winter 2021 Economic Forecast, which says that Brexit will dent UK economic growth considerably, and more than for the European Union, despite the new free trade deal between the two parties.




news

Tax-News.com: UK Issues Guidance On New Stamp Duty Surcharge On Non-Residents

HM Revenue and Customs has recently issued new guidance on the Stamp Duty Land Tax (SDLT) on non-resident buyers of residential property in England and Northern Ireland.




news

Tax-News.com: Germany Issues EU Presidency Tax Priorities

On September 22, 2020, Germany provided further details about the government's tax policy priorities for its presidency of the European Union.




news

Tax-News.com: Ukraine, Austria To Raise Tax Rates In Double Tax Pact

Ukraine and Austria intend to revise their double tax agreement to raise rates of tax on cross-border income and introduce measures to combat tax base erosion and profit shifting.




news

Tax-News.com: Belgium Taken To Task For Three Tax Regime Features

The European Commission is undertaking infringement proceedings against Belgium regarding the taxation of shares held by life insurance companies, the taxation of income from savings deposits, and the deductibility of alimony payments.




news

Tax-News.com: Switzerland To Overhaul Domestic Law Governing Double Tax Pacts

The Swiss Federal Council has approved proposed legislative changes to alter how the country interprets double tax agreement provisions.




news

Tax-News.com: Cayman Tables Law For Digital Asset Business Regime

The Government of the Cayman Islands has published legislation in its Official Gazette to introduce a regulatory regime for virtual asset service providers (VASPs).




news

Tax-News.com: ECJ AG Urges Ruling Against Belgian 'Excess Profit' Ruling System

European Court of Justice (ECJ) Advocate General Juliane Kokott has opined that the Commission was right to consider that the Belgian practice of making downward adjustments to profits of undertakings forming part of multinational groups, under the "excess profit" ruling scheme, constituted an aid scheme.




news

Tax-News.com: Netherlands Reforms Dividend WHT Refund Rules

The Dutch Government has issued a decree to ensure the country's dividend withholding tax rules comply with the European Court of Justice's ruling in the Sofina case.




news

Tax-News.com: Austria Gazettes Law For New Interest Deduction Limitation

Austrian lawmakers have signed off on the introduction of new limits on the deductibility of interest expenses for multinational corporations.




news

Tax-News.com: EU Kick-starts Review Of Financial Services VAT Rules

On February 8, 2021, the European Commission launched a consultation on a review of the VAT rules for financial and insurance services.




news

Tax-News.com: US Tax Season Begins

The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns.




news

Tax-News.com: Sweden To Probe E-Commerce And Rental Income Declarations

The Swedish tax authority has announced that it will be expending more resources this year on ensuring businesses fully declare income from e-commerce and taxpayers report income from home rentals.




news

Tax-News.com: Belgium Gazettes Law For Tax On Securities Accounts

Belgium has published in its Official Gazette legislation to introduce the country's new tax on securities accounts.




news

Tax-News.com: Philippines To Complete Tax Incentives Review By Early May

The Philippines Department of Finance has announced that the Fiscal Incentives Review Board (FIRB) will complete the implementing rules and regulations for the corporate Recovery and Tax Incentives for Enterprises (CREATE) Act by the third week of May.




news

Tax-News.com: Mexico Enacts Outsourcing Tax Law Changes

Mexico has recently enacted legislative amendments to various tax laws in a bid to restrict the ability of companies to enter into outsourcing arrangements.




news

Tax-News.com: Putin Signs Law To Withdraw From Dutch DTA

Russia's President Vladimir Putin has signed a law to terminate the country's double tax agreement with the Netherlands.




news

Tax-News.com: Hong Kong, Georgia Tax Deal To Enter Into Force

The Hong Kong Government has announced that the comprehensive double tax agreement it signed with Georgia last year will enter into force on July 1.




news

Tax-News.com: US Lawmakers Approve New Cryptoassets Reporting Rules

The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.




news

Tax-News.com: China's New Urban Maintenance And Construction Tax Law In Force

China's Ministry of Finance and the State Administration of Taxation have issued a statement announcing tax relief from the Urban Maintenance and Construction Tax.




news

Tax-News.com: EU To Table A Digital Tax Proposal In October

The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.




news

Tax-News.com: Belt And Road Forum Agrees Digital Tax Admin Agenda

China has set out the priorities of the Belt and Road Initiative Tax Administration Cooperation Mechanism (BRITACOM) Council over the next five years, at the 36-country grouping's second forum.




news

Tax-News.com: EU Finance Ministers Agree Landmark VAT Rate Rule Changes

EU finance ministers have agreed an update to the rules governing value-added tax rates for goods and services.




news

Tax-News.com: Ecuador Introduces Amnesty And Taxes On Assets

Legislation has been enacted in Ecuador to introduce new taxes on companies and wealthy individuals, to fund government efforts during the COVID-19 pandemic.




news

Tax-News.com: Singapore Updates Tax Rules For Company Liquidations

The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership.




news

Tax-News.com: UAE Sets Out VAT Rules For Social Media Income, Performers

The United Arab Emirates' Federal Tax Authority has released a bulletin highlighting the value-added tax rights and obligations of performers and those who earn income from online platforms.




news

Tax-News.com: Hong Kong Tables Tax Law Administration Bill

Hong Kong tabled the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 in parliament on March 24.




news

Tax-News.com: Singapore Issues Advance Ruling On IP Rights Transfer

On April 1, 2021, the Inland Revenue Authority of Singapore issued a summary of an advance ruling concerning franchise income earned by a Singaporean company from licensing intellectual property rights.




news

Tax-News.com: New Zealand Explains Recent Tax Law Changes

The New Zealand Inland Revenue Department has released a new "special report" to provide guidance on changes to real property tax rules and other tax rules that were included in the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021.




news

Tax-News.com: China Halves Corporate Tax For Smallest Businesses

Chinese authorities have announced enhanced temporary tax breaks for small businesses.




news

Tax-News.com: Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting

Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.




news

Tax-News.com: Hong Kong Issues Tax Returns For Individuals

On May 3, 2021, the Hong Kong Inland Revenue Department issued over 2.62 million tax returns for individuals for the year of assessment 2020-21.




news

Tax-News.com: Hong Kong Enhances Tax Rules For Amalgamations

Hong Kong's Legislative Council has passed a bill to implement a series of amendments to the Inland Revenue Ordinance.