International Tax News Australia Expects MNE Voluntary Tax Compliance To Grow
Australia has released figures on the tax contribution made by Australia's large companies and multinationals, reporting a voluntary tax compliance rate of 91 percent and stating that revenues will increase significantly as a result of a raft of new legislation brought in to encourage multinationals to drop aggressive tax planning arrangements. Luxembourg Announces Beneficial Ownership Register
The Government of Luxembourg staged a press conference on December 6 to announce the outline of proposals for registries on the beneficial owners of corporate entities and trusts. OECD Charts States' Participation In Int'l Tax Initiatives
For the first time, the OECD has published a map that sets out countries' participation and compliance with international tax initiatives, looking specifically at the exchange of information in tax matters, with the old international standard – the exchange of information on request – and the new, on the automatic exchange of tax information, and its new base erosion and profit shifting minimum standards. Russia To Overhaul Taxation Of Oil And Gas Regime
Russia's Energy Ministry has announced that changes to the tax treatment of the oil industry will take place, but potentially not until 2019. EU Auditors Concerned By Customs Tax Loopholes
EU customs controls are not being applied effectively, an EU audit has found, with importers able to take advantage of loopholes to reduce or evade their duty liabilities. Austria Referred To ECJ Over VAT On Art Resales
The European Commission has said that Austria is incorrectly applying VAT to royalty payments paid to artists for the resale of works of art. Aus Gov't Reviewing Rules For Early Release Of Super
The Australian Treasury is to review the rules governing the early release of superannuation on the grounds of severe financial hardship and compassionate grounds. WTO Rules Against Indonesia In US Coated Paper Tax Dispute
On December 6, 2017, a World Trade Organization panel ruled in favor of US authorities in a dispute concerning trade dispute duties levied by the United States on Indonesian exporters of coated paper, having earlier twiced deferred forming a panel. Costa Rica Approves Tax Cuts For Eco-Friendly Cars
Costa Rican lawmakers have approved a bill on first reading that would remove indirect taxes on low-cost electric vehicles. Belgium's Tax Position Strengthens Creditworthiness
International ratings agency Moody's has praised efforts by the Belgian Government to reform the tax system, and said that strong corporate tax revenues combined with prudent fiscal policy have strengthened the nation's creditworthiness. South Korean Budget Aims For Tax 'Fairness'
South Korea's highest-earning companies will see their tax rate rise from 22 percent to 25 percent next year, as part of President Moon Jae-In's commitment to reducing economic inequality. New Zealand Tables Legislation To Tackle BEPS Issues
A tax bill to counter base erosion and profit shifting by multinational companies was introduced into Parliament on December 6. UK Commits To Earlier Consultations On Tax Policy Changes
The UK Government has proposed changes to the way it will consult on tax changes with lawmakers and the tax industry. OECD Releases Comments On Offshore Indirect Transfers Toolkit
The OECD has newly released the comments it received on a consultation on the draft toolkit on the taxation of offshore indirect transfers. No Date Yet For Apple To Pay Irish State Aid Bill
The Irish Government does not yet have an exact date on which Apple will begin paying the EUR13bn (USD15.3bn) in back taxes the European Commission alleges the company owes. EU To Push For International Tax Reform
The European Council has agreed that the EU will provide input at an international level on discussions on the taxation of profits in the "digital economy." Turkey Hikes Corporate Tax Rate
Turkey is to hike its headline corporate income tax rate to 22 percent for at least three years. Australia To Improve Protections For Whistleblowers
The Australian Government has introduced legislation to provide stronger protections for whistleblowers who expose corporate and tax misconduct. UAE Says BEPS Inaction To Blame For EU Blacklisting
The Government of the United Arab Emirates has expressed its surprise and disappointment at being included by the European Union in a list of non-cooperative tax jurisdictions. AmCham EU Speaks Out Against EU Digital Tax Proposals
The American Chamber of Commerce in the European Union has criticized the proposals put forward in the European Commission's recent consultation on options for new tax rules or a new tax on digital firms. Free Trade Winning Out Over Trade Protectionism: WTO
WTO members introduced fewer trade-restrictive measures from mid-October 2016 to mid-October 2017 compared with the previous year, according to the WTO's annual overview report on trade-related developments presented on December 4. CIOT Hopeful UK Will Cushion VAT Blow For Importers
The Chartered Institute of Taxation says it is encouraged by small print that was included in the recent UK Budget, which CIOT says suggests the Government is looking to cushion UK importers from a potential tax hit after the UK leaves the European Union. Italian 'Web Tax' A Step Closer
Italy's Senate Budget Committee has approved a proposal to introduce a tax on certain digital sales. Hong Kong Ready To Apply Three Double Tax Pacts
Hong Kong has announced that its new double tax agreement with Belarus entered into force on November 30, following the recent entry into force also of new deals with Pakistan and Latvia. European Council Approves New Anti-Dumping Rules
The European Council has approved a new EU anti-dumping methodology in a bid to identify and redress cases where prices of imported products are artificially lowered due to state intervention. Contribution Of UK's 100 Largest Firms Grows
The 100 largest UK companies – the so-called 100 Group – contributed GBP83.9bn (USD112.2bn) in tax to the UK economy in 2017 and supported around 6,800 UK suppliers, according to a new report prepared with their input. Canada Concerned By Indian Pulse Tariffs
The Canadian Government has said that it is "concerned and disappointed" by recent tariff decisions made by the Indian Government regarding imports of certain pulses. US Senate Tax Bill Best For America's Top Earners
Individual tax cuts in the Senate's US tax reform bill would disproportionately cut taxes for wealthy individuals, says the Tax Policy Center. Offshore IFCs Absent From EU's New Tax Blacklist
EU member states have agreed to a new EU list of non-cooperative tax jurisdictions, featuring 17 jurisdictions and notably relatively few offshore financial centers. UK Releases Guidance On Royalties WHT Proposal
The UK Government has released a consultation on the royalty withholding tax targeting digital firms announced in the UK's most recent Budget.
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