Search results for

The Tax Justice Network (TJN) has accused the OECD of not consulting developing countries about the design of the framework for automatic information exchange (AIE), which the G20 has endorsed as the global model for information exchange.

Taxpayers in Spain got some welcome news last week when the government announced a tax reform package, including a cut in the corporate tax rate, by two percentage points to 28% next year, and another – to 25% – from the start of 2016. Tax executives from BMW, Iberdrola and Repsol share their initial reactions to the reform with International Tax Review, with all wanting more information before they could be completely satisfied with the measures.

As of this month, foreign companies that supply electronic services must register as VAT vendors.

Renngasse 1

Pablo Grieber

Ron Wyden, Senate Finance Committee chairman, has released a tax extenders Bill. Business lobbyists will be delighted that extender provisions (various tax breaks that expired at the end of last year) are receiving attention sooner rather than later, while House Republicans may view this as a blow to their hopes for comprehensive action on tax reform.

The European Commission plans to slash customs duties on Ukrainian agricultural produce, steel, iron, and machinery imports by more than 98%.

The tax authorities consider subsidies for canteens operated by a caterer not to constitute remuneration for the operation of the canteen. Ronny Langer of KÜFFNER MAUNZ LANGER ZUGMAIER explains how the court’s view on this differs.

Giuliano Foglia

Tom Seymour Australia's commissioner of taxation recently announced a new offshore voluntary disclosure initiative for 2014 – Project DO IT: Disclose Offshore Income Today. Taxpayers eligible for the initiative will be those who have omitted to declare foreign income or capital gains, or previously over-claimed tax deductions relating to foreign income. The initiative provides taxpayers with a mechanism to make disclosures to the Australian Taxation Office (ATO) concerning their international taxation affairs with the ability to take advantage of significantly reduced penalties and a capped number of amendment years. The ATO has further undertaken that eligible Project DO IT taxpayers will not be further investigated for fraud or evasion. Taxpayers eligible for Project DO IT are those who have previously omitted foreign sourced income or capital gains, or taxpayers who have previously over claimed deductions relating to foreign income. A taxpayer who has recently lodged a voluntary disclosure outside of the Project DO IT process may still be eligible to participate in the initiative in circumstances where amended assessments have not yet been issued and there has been no finding of fraud or evasion.