International Tax News IoM Budget Includes Plan For Bank Tax
The Isle of Man's 2018 Budget maintains the zero percent company tax rate, and announces a banking tax review, which will look at taxing all banking profits at the 10 percent rate from next year. Tax Breaks Announced For Swiss 'Too Big To Fail' Banks
The Swiss Government is to ease the requirements on banks affected by the Too Big To Fail regime to ensure that they are not subject to an additional tax burden as a result of the legislation. Moscovici: We Need To Act Fast On Digital Taxation
EU Tax Commissioner Pierre Moscovici has said that the bloc must "act fast to secure a common approach to digital taxation" and that member states must decide on how to achieve "a fundamental overhaul of our corporate tax systems." Polish Government Adopts SEZ Plan
The Polish Government has approved plans to effectively extend the scope of Poland's Special Economic Zones regime nationwide. Philippines Senate Approves Double Taxation Treaties
On February 19 the Philippines Senate adopted three resolutions ratifying agreements for the avoidance of double taxation with Mexico, Thailand, and Sri Lanka. IRS To Close Carried Interest Loophole, Says Mnuchin
The Internal Revenue Service (IRS) will issue guidance soon to close a tax loophole that is said to be enabling hedge fund managers to access lower rates of tax reserved for carried interest. Errors Found In Dutch Tax Rulings
The Netherlands could restrict the number of tax rulings it issues after an investigation of 4,462 tax rulings by the Dutch tax authority found that procedural errors were made in 78 cases. ATO Keeping An Eye On Taxpayer Deductions
The Australian Taxation Office has said that it will be paying close attention to claims for "other" work-related expenses this year and urged taxpayers to keep appropriate records. Canada Considering Tax Response To Compete With US
The Canadian Government is conducting an analysis of the potential impact of the recent US tax reforms, Finance Minister Bill Morneau. EU Suggests Ireland Broaden Its Tax Base
The European Commission has published its latest post-bailout report on the Irish economy, urging the Government to broaden the tax base and be wary on relying too heavily on volatile corporate tax revenue. Israel Confirms Virtual Currency Is 'Property'
The Israeli tax authority has decided that virtual currencies, such as Bitcoin, should be treated as a form of "property," rather than as foreign currency. NZ To Amend BEPS Bill's 'Restricted Transfer Pricing Rule'
New Zealand's Inland Revenue Department has flagged up an upcoming amendment to the Taxation (Neutralising Base Erosion and Profit Shifting) Bill due to a drafting error. SMEs Urge Canada To Go Slow On Tax Reform
New Canadian rules on income sprinkling are barely understood and SMEs are concerned at the prospect of a crackdown on passive investments, according to the president of the Canadian Federation of Independent Business. Singapore Confirms Future GST Hike In Budget
Singapore will hike its seven percent goods and services tax rate to nine percent some time between 2021 and 2025, Singapore's Finance Minister, Heng Swee Keat, announced in the territory's new Budget. IRS Urged To Immediately Correct Staff Bonus Shortcomings
Kevin Brady, Chairman of the House Ways and Means Committee, and his counterpart in the Senate, Orrin Hatch, have called on the Internal Revenue Service to better screen bonuses paid to staff. Ireland Publishes Study Of Brexit Trade Impact
The Irish Government has published a new study on the impact Brexit could have on trade, which warns that in a worst-case scenario, Ireland's GDP growth could be reduced by seven percent by 2030. Indonesia Increases Airport Tax
Indonesia is to hike its air departure tax for Soekarno-Hatta Airport, by far the country's busiest, from March 1. IMF Recommends Broad Tax Reform For The UK
In its annual report for authorities in the UK, the International Monetary Fund said the country should consider reining in the scope of preferential value-added tax rates, equalizing the tax treatment of employed and self-employed persons, reforming property taxes, and reducing the corporate tax code's bias towards debt. US Taxpayers 'Failing To Disclose Crypto Gains'
Very few US taxpayers are reporting cryptocurrency gains in their tax returns, according to preliminary figures published by a tax return preparation company. Vontobel Reaches Agreement On Untaxed German Assets
Swiss-based asset manager Vontobel has reached a settlement with German authorities on untaxed assets held by certain of its German clients. Slovenia Pursuing 'Tax Haven' Asset Tax, Covering Also EU States
The European Central Bank on February 14 published an opinion (CON/2018/8) on a proposal from lawmakers in Slovenia on a draft law on the return of monetary funds to the country from designated "tax havens" and the imposition of a penalty tax, providing an outline of the proposed regime. ECJ To Hear Portuguese Road Tax Complaint
The European Court of Justice has been asked to hear a challenge against the Portuguese road tax, in Case C-640/17 –  Luis Manuel dos Santos v Fazenda Publica. SAF-T Tax Reporting Mandatory In Norway From 2020
The reporting of accounting information using the internationally accepted Standard Audit File for Tax (SAF-T) will become compulsory in Norway from January 2020. IRS Issues Filing Tips Ahead Of Busy Tax Season Period
The Internal Revenue Service (IRS) has offered taxpayers several tips and time-saving resources, in anticipation that there will be a surge in filing activity during President's Day weekend (February 17-19). Singapore Issues More Automatic Tax Info Exchange Guidance
Singapore's tax agency has made two announcements recently concerning the automatic exchange of information on foreign taxpayers' affairs, on the Common Reporting Standard and the US Foreign Account Tax Compliance Act. Australia Tightening Tax Consolidation Regime
The Australian Government is legislating to close loopholes in the tax consolidation regime. UAE Issues Guidance Ahead Of VAT Filing Deadline
Businesses registered for the United Arab Emirates's value-added tax need to complete a four-step online procedure to file their tax returns, the Federal Tax Authority has said. UK Announces Tax-Free Childcare Allowance
IPSE, the Association of Independent Professionals and the Self Employed, has welcomed the UK tax authority's announcement that all working parents – including the self-employed – can now receive a tax-free childcare allowance. Fractional Property Ownership Arrangement VAT-Exempt: UK's UT
The Upper Tribunal (Tax and Chancery Chamber) ruled on February 12 that the grant of fractional ownership of suites in a luxury complex in London were not similar in nature to the supply of hotel accommodation and fall within the exemption provided for the leasing or letting of immovable property. Global Energy Tax Regimes Falling Severely Short: OECD
The OECD has released a new report analyzing energy use and tax regimes in 42 countries, which make up 80 percent of global energy use. The report calls on governments to adopt more effective use of taxes to cut harmful emissions from energy use.
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