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International Tax »

Morrison Delivers Tax-Heavy Australian Budget

In his first Budget as Australian Treasurer, Scott Morrison announced an overhaul of the company tax system, reforms to superannuation tax concessions, and a raft of new anti-avoidance measures. Continue Reading »

International Law »

Australia Launches New Tax Avoidance Taskforce

The Australian Taxation Office will receive AUD679m (USD508.3m) in government funding to launch a new Tax Avoidance Taskforce that will focus on multinational companies, private companies, and high net worth individuals. Continue Reading »


Politics & Economics »

IRS Estimates Tax Gap At USD458bn

In its first update since publishing tax year 2006 figures, the Internal Revenue Service has estimated that the average gross tax gap in the United States in 2008-10 was USD458bn. 81.7 percent of taxes owed by US taxpayers were paid voluntarily and in a timely fashion. Continue Reading »

Offshore »

Multilateral Tax Convention Effective In Singapore

The Organization for Economic Cooperation and Development Multilateral Convention on Mutual Administrative Assistance in Tax Matters became effective in Singapore on May 1, 2016. Continue Reading »


Business »

US House Democrats Propose Corporate Exit Tax

A bill has been introduced by Lloyd Doggett, a senior member of the US House Ways and Means Committee, with the support of 50 other Democrat Representatives, to impose an exit tax on corporations that undertake corporate tax inversions or otherwise renounce their American citizenship. Continue Reading »

E-Commerce »

No Tax Change For Chinese Taxpayers Abroad: MoF

China's Ministry of Finance has confirmed that the new tax framework covering goods purchased from overseas retailers online is not applicable to the overseas purchases of Chinese tourists. Continue Reading »


Aviation »

US Senate Approves Airport Tax Extensions

On April 19, the US Senate passed a bipartisan bill that, if subsequently approved by the House of Representatives, will extend the key revenue provisions supporting the Airport and Airway Trust Fund until end-September 2017. Continue Reading »

Marine »

Norway's Tax Refunds For Ship Owners Approved

The European Free Trade Association Surveillance Authority has approved a Norwegian state aid scheme which grants tax refunds to ship owners. Continue Reading »

World Budget News and Information

 

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