APleijsier

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Republicans debating remedies for corporate tax avoidance

WASHINGTON (Reuters) - President Donald Trump and Republican leaders in Congress will soon confront a complex challenge for tax reform: how to limit U.S. corporate tax avoidance schemes that take advantage of low tax rates in foreign countries.<p>U.S. President Donald Trump walks from Maine One as he …

Tax Havens

HMRC steps up chase for tax avoiders, with use of legal action doubling in a year

The taxman has doubled efforts to recoup unpaid bills using legal enforcement measures.<p>In 2017 HM Revenue & Customs initiated twice as many enforcement actions against taxpayers who had ignored an “accelerated payment notice” (APN) as in the previous year, figures released in response to a Freedom …

Finance

Revealed: the professions that pay the most income tax

Bankers and insurance brokers are among the biggest contributors of income tax, the government’s largest single source of tax revenue, new figures show.<p>HMRC has published its annual statistics on the distribution by industry of tax deducted from employees' pay cheques each year.<p>The biggest payer of …

Income Tax

U.S. Expats Face Hammering From New Tax Rules

The four-employee business of Travis Baldwin, who hasn’t lived in the U.S. for nearly a decade, is about to get hammered by a pair of tax provisions …

Retirement

U.S. companies continued stock buyback frenzy in May: report

(Reuters) - U.S. companies continued a shopping spree for their own shares in May, making $173.6 billion in buyback announcements, the highest monthly total ever, according to a research report.<p>In May U.S.-listed companies also sold new shares at the fastest pace in three years, but cash takeovers …

Markets

Making history: an end to anonymous companies in the UK’s Overseas Territories

The UK Parliament today has taken a significant step toward global tax transparency – by imposing public registers of beneficial ownership of …

IRS takes aim at California and other states trying to help residents avoid new tax-deduction limit

The Internal Revenue Service is preparing to block attempts by California and other states to help their residents avoid a new limit on the deductibility of state and local taxes included in the Republican tax overhaul.<p>The IRS and the Treasury Department said Wednesday they would issue proposed …

Income Tax

China announces new tax exemption, encourages companies like Apple to continue investment

China has today shared that it will be offering a temporary tax exemption for foreign companies. This news comes a week after the US tax overhaul passed through Congress.<p><i>The New York Times</i> reports that China announced the new tax break for foreign companies, but with limited details. The exemption …

Tim Cook

Taxman and advertising watchdog get tough on dubious tax avoidance schemes

The taxman has teamed up with the advertising watchdog to crack down on companies touting schemes to avoid tax.<p>The complicated arrangements, which often involve a bewildering array of loans or shell companies, offer to limit their user’s liability for income tax, national insurance or stamp duty. …

Chemical groups Huntsman, Clariant announce merger

U.S.-based Huntsman and Switzerland's Clariant said on Monday they are combining to create a chemical manufacturer with a market value of more than $14 billion.<p>The deal, which the companies called a "merger of equals," creates a global specialty chemical company with approximately $20 billion …

Even Republican voters are starting to lose faith in the GOP tax law

The signature legislative achievement of President Donald Trump's presidency remains unpopular, according to a new poll. In fact, even the GOP's own adherents are starting to cool on the measure.<p>A new Monmouth University poll found that 40% of Americans support the Republican tax law, while 44% …

Voting

Second home buyers and landlords paid almost half of Britain's stamp duty last year

Second home buyers and landlords paid almost half of Britain's stamp duty last year, according to figures released today.<p>Since 2016, these transactions have been subject to an additional 3 percentage point tax, dramatically increasing the total tax bill. Those paying the surcharge made up 43pc of …

Billion-Dollar Writedowns Pile Up as Companies Analyze Tax Bill

President Donald Trump has signed a tax overhaul and companies are rejoicing. But the most immediate effect of the new law could be a one-time …

How to combat the populism that gave us Brexit? Active citizenship | Ben Okri

There’s no mystery to this. The failure of a nation begins with the abdication of responsibility to political leaders<p>Citizenship is one of the most vexed issues in the human story. From the ancient Egyptians to modern times, who is deemed a citizen of this or that city or state has been at the core …

Record year for stamp duty as taxman nets £1bn a month in 2017

Stamp duty – the tax on property purchases – netted the taxman a record £13bn in 2017, by far the largest take for any calendar year.<p>The total represents a 13pc increase on the £11.4bn collected by HM Revenue & Customs in 2016 and a 95pc rise on five years ago. Successive increases have been driven …

UN urged to launch global effort to end offshore tax evasion

Campaign group launches financial secrecy index and warns UK is still protecting overseas territories<p>The United Nations has been urged by the Tax Justice Network to coordinate a global effort to end offshore tax evasion and corruption, amid warnings that the UK is continuing to insulate its …

Tax Haven Mauritius’ Rise Comes At The Rest of Africa’s Expense

Jean-Claude Bastos de Morais was trying to invest offshore but was having a hard time finding a place to put his money.The 50-year-old Swiss-Angolan …

From Panama to Paradise: The biggest tax evasion data leaks in history

The Paradise Papers have once again highlighted how the world's wealthy elite skirt paying taxes, whether legally or illegally. DW takes a look at …

2018 GOP-Led Tax And Spending Debate Will Be Even Worse Than Last Year

First…before I tell you something different…happy new year!<p>Second…This year’s spending and tax debate is going to be worse than last year’s, and 2017 was an absolute slum of a year as far as the federal budget is concerned.<p>From trying to discredit and dismantle the Congressional Budget Office to …

United Arab Emirates introduces VAT for first time

<b>Value Added Tax (VAT) has been introduced in Saudi Arabia and the United Arab Emirates for the first time.</b><p>The 5% levy is being applied to the majority of goods and services.<p>Gulf states have long attracted foreign workers with the promise of tax-free living.<p>But governments want to increase revenue …

United Arab Emirates

UK Treasury announces tax reform affecting Apple and other tech companies

As the United States details tax reform that could affect Apple’s overseas business, the UK is doing just the same. As reported by Business Insider, UK Chancellor Philip Hammond has announced a series of changes in an effort to curtail the efforts of tech companies trying to minimize their tax …

Wealthy Americans Are Already Trying to Exploit the New Tax Law

Republican lawmakers said they wanted to simplify the tax code so you could file your return on a postcard. It turns out the new tax law will be …

Rolls-Royce sent agent to 'retrieve' document from India tax office

Rolls-Royce sent an agent to “retrieve” an incriminating document from tax officials in India to avoid the investigation and prosecution of its employees.<p>The agent told the engineering giant that he paid a large sum to get the document from authorities, avoiding the company being banned from …

Roadmap to tax function effectiveness and certification

United Way comes out against Senate GOP tax bill

United Way Worldwide, the world's largest privately-funded nonprofit, came out against the Senate's tax bill early Saturday as senators voted on …

US rewriting int'l tax law | OECD tax agenda | US can't join EU Apple case | EU officials blast US tax reform | Luxembourg contests Amazon decision

International tax practitioners will need to quickly become familiar with an entirely new US international tax system and the acronyms that go with …

A key medicine agency has left Britain. This is the start of a Brexodus | Mike Galsworthy

The European Medicines Agency is gone for good, taking 900 jobs with it. Unless the government intervenes soon, more institutions will follow<p>• Mike Galsworthy is co-founder of Scientists for EU<p>Amsterdam has won the right to become the new host for the European Medicines Agency (EMA). In a …

How To Win Under The Proposed Republican Tax Plan

Here are the latest key points from the Trump administration’s tax plan for 2018 and beyond. The administration’s goal is to get the plan enacted …

Real Estate

Don't Look Now, but America's Tax System May Collapse Soon

After years of cuts, the IRS is starved for money—which is very bad news for the government.<p>In March, federal agents raided the headquarters of equipment giant Caterpillar Inc, as part of a long-running investigation into whether the company owes $2 billion in back taxes and penalties for a scheme …

Deloitte hacked, compromising its clients' emails

The consulting firm Deloitte was hit with a cyberattack that may have revealed the emails of its government and corporate clients, The Guardian reported Monday.<p>Deloitte uncovered the hack in March, but hackers may have had access to the company's systems as far back as October.<p>The attack is among a …