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UK MPs Critical Of HMRC Compliance Activity 5/25/2012 Cutting staff numbers has cost HM Revenue and Customs GBP1.1bn (USD1.7bn) in revenue over the past five years, a group of UK lawmakers has said in a report that also chastises HMRC for allegedly encouraging the use of tax avoidance schemes by senior public sector employees.
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IRS Plugs Small Businesses Tax Credits 5/25/2012 The United States Internal Revenue Service is encouraging small business
owners to check out two tax credits and a special relief programme that could
provide them with significant tax benefits during 2012.
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UK Government Blasted Over IR35 Proposals 5/14/2012 HMRC has missed a great opportunity to bring clarity, transparency and fairness in dealing with the intermediaries legislation commonly referred to as IR35, according to members of the freelance community who were invited on to the Treasury forum to discus the issue.
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US Lawmakers Question GSA 'Kickback' Policy 5/9/2012 The House of Representatives Ways and Means Subcommittee on Oversight Chairman,
Charles Boustany, has sent a letter to 15 departments and two agencies
across the United States government seeking information about the potential ‘abuse’
of the energy efficient commercial buildings deduction.
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Further Attacks Launched On Italian Tax Evaders 5/1/2012 Following an announcement by the Italian financial police, Guardia di Finanza, that it has already uncovered substantial amounts of undeclared income in the first four months of 2012, the Italian Revenue Agency launched countrywide anti-evasion checks during the May Day holidays.
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Spain Unveils Anti-Tax Fraud Plan 4/17/2012 Spain’s Council of Ministers has recently examined the government’s
anti-fraud plan, aimed at combating the hidden economy and tax fraud, by setting
limits on cash payments, and by obliging taxpayers to declare their accounts
and assets located overseas.
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UK Tax Amnesty Targets Electricians 2/15/2012 HM Revenue and Customs has unveiled its newest tax amnesty scheme, offering electricians the opportunity to pay the taxes they owe with lower penalties.
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UK Offers Online Seminars To Taxpayers 2/14/2012 The UK tax authority HM Revenue and Customs has launched a 'webinar' programme, offering online tax help to businesses and the self-employed.
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Hong Kong Tax Residence Rule Questioned 2/13/2012 Following a question in Hong Kong’s Legislative Council, the Secretary for
Financial Services and the Treasury, Professor K C Chan, has provided numbers
for the Hong Kong residents caught by the 183-day income tax threshold for working
or staying within Mainland China.
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UK Outlines 2012 Tax Enforcement Plans 2/13/2012 The UK tax authority, HM Revenue and Customs has outlined that in the coming year
it will focus its tax enforcement efforts on taxpayers that fail to make tax returns
and those that are liable to pay tax at the highest personal income tax rates,
as well as launching targeted campaigns in two specific sectors.
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HMRC Issues E-Filing Deadline Warning 1/19/2012 The UK's first-time Self Assessment filers must register for e-filing by the end of this week or face being unable to send their tax return on time.
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UK Tackles Abuse Of Post-Cessation Trade Relief 1/16/2012 The UK government has announced that it is to introduce new legislation to block
a tax avoidance scheme involving post-cessation trade relief.
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UK Issues Warning On Olympics Labour Taxes 12/21/2011 Employers taking on more staff ahead of the London Olympics must carry out checks to ensure their labour suppliers are paying the correct taxes, HM Revenue and Customs has said.
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No Tax Rule Change For Hong Kong's Frontier Workers 11/30/2011 In a written reply to a question in the Legislative Council, the Secretary for
Financial Services and the Treasury, Professor K C Chan, confirmed that the Hong
Kong and Mainland China tax authorities were not, currently, considering a change
in tax rules for cross-boundary workers.
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US Repeals Contractors Tax 11/21/2011 With the passage of the Senate-amended bill through the House of Representatives
on a bipartisan vote, the United States Congress has finally approved legislation
to repeal the 3% withholding tax on payments made to contractors providing services
to government entities.
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US House Passes Contractors Tax Repeal 10/31/2011 The United States House of Representatives has passed, on a bipartisan basis by a 405-16 vote, the bill to repeal the 3% withholding tax on payments made to government contractors, together with another bill, but only on a 262-157 vote, to provide for its funding through changes to health programmes.
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US House Committee Backs Contractors Tax Repeal 10/17/2011 The Republican-led Committee on Ways and Means of the United States House of Representatives
has favourably reported out, on a bipartisan basis, a bill to repeal the 3% withholding
tax on payments made to government contractors, and another bill, on a not-so-bipartisan
basis, to provide for its funding through changes to health programmes.
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IR35 Tax Yield In UK 'Minimal' 9/27/2011 The tax yield generated through reviews using the UK's controversial intermediaries legislation amounted to around GBP200,000 last year, HM Revenue and Customs has said, figures a leading freelance body says demonstrates that the difficulties caused by the system are 'completely unnecessary'.
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IRS Announces Payroll Tax Settlement Programme 9/26/2011 The United States Internal Revenue Service has launched a new programme
that will enable many employers to resolve past employee classification issues
and achieve certainty under the tax law at a low cost by voluntarily reclassifying
their workers.
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Cantor Provides GOP With A Tax Policy Agenda 9/1/2011 The United States House of Representatives Majority Leader, Eric Cantor, has written
to his Republican colleagues, before the imminent return of Congress from the summer recess,
emphasizing that they should continue to focus on measures to increase jobs in
the economy.
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HMRC Loses Another IR35 Case 7/18/2011 The first tier tax tribunal in the UK has ruled in favour of a freelance contractor in a long-running tax dispute, casting yet more doubt on HM Revenue and Customs's seemingly fruitless policy of pursuing freelancers thought not to be genuinely trading by applying the Intermediaries legislation.
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Mixed Response To UK Innovation Proposals 6/16/2011 The UK's newly launched consultations on Patent Box proposals and amendments to the Research and Development tax credits regime have met mostly with praise, and are being seen as a boost to the UK's attractiveness and competitiveness.
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Irish Revenue Explains Relevant Contracts Tax Changes 6/10/2011 With the Finance Minister expected to sign off the changes, the Irish Revenue has issued information on amendments to the Relevant Contracts Tax scheme, outlining what it believes to be the main benefits for principals and subcontractors.
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Repeal Urged Of US Tax On Government Contractors 6/1/2011 The United States Congress is being urged to repeal Section 511 of the Tax Prevention
and Reconciliation Act of 2005, which will require federal, state and local governments
to withhold 3% from all payments for goods and services.
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Australia Mulls Construction Industry Reporting Regime 6/1/2011 The Australian Assistant Treasurer has released for public consultation a discussion paper on the 2011-12 Budget measure to introduce a reporting regime for payments made to contractors in the building and construction industry.
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HMRC Unveils New Compliance Campaigns 5/23/2011 The UK's revenue agency, HM Revenue and Customs, has announced the launch of its latest crackdown initiatives, this time focusing on those individuals and businesses trading above the VAT threshold without having registered to do so, and on tax, National Insurance or national minimum wage breaches among Olympic Games construction projects.
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Australia To Improve Tax Compliance 5/16/2011 The Australian government has developed a package of three measures to improve tax compliance across various aspects of the economy.
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Jersey Introduces 'Fairer' Real Estate Planning Fees 5/3/2011 In an effort to deliver a fairer planning fee structure for residential applications,
the Jersey government has announced that the method of calculating fees has
changed from the beginning of May 2011.
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UK Tax Panel For 'Radical' Small Business Reforms 3/14/2011 An interim report on small business taxation in the UK has recommended what have already been labelled radical reforms, with a view to simplifying administrative burdens and making it easier for small businesses when it comes to their tax responsibilities.
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Ireland Makes Changes To Relevant Contracts Tax 3/1/2011 Ireland's revenue agency has released details of a new scheme to enhance the effectiveness of the Relevant Contracts Tax, as contained in the recent Finance Act.
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Deal Struck On Irish Finance Bill 1/26/2011 Ireland's 2011 Finance Bill is expected to pass all parliamentary stages by January 29 under a deal struck between the governing and opposition parties.
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Tax Demand On Infosys Surprises Industry Bangalore-based Infosys Technologies Ltd, India’s second largest software firm, has said that it will appeal against a demand from the Indian Tax Office for INR4.57bn (USD100m) for work done overseas. |
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Changes To Irish Relevant Contracts Tax System 12/28/2010 The Irish Tax Office has released details about the proposed changes to the Relevant Contracts Tax System to enhance its effectiveness, reduce opportunities for fraud and help decrease the administrative burden for businesses and Revenue.
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Ireland's Austerity Budget Approved 12/9/2010 A tough austerity budget which heaps further pain on Irish taxpayers was approved by Ireland's parliament on the evening of December 7, although the government has maintained its commitment to low corporate tax.
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UK Contractor Appeals Retrospective Tax Change 11/10/2010 Three Court of Appeal judges are due to decide whether the UK government breached the rights of a self-employed IT contractor when it closed an offshore tax scheme and imposed a huge retrospective tax penalty.
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IoD Welcomes IR35 Review 10/26/2010 The UK Institute of Directors has welcomed the news that the Office of Tax Simplification has begun to examine the controversial IR35 legislation, which affects millions of freelancers up and down the UK, but has urged the government to follow up its pledge to simplify the tax system by taking the OTS's findings seriously.
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Dubai World Finalizing Debt Restructure 9/23/2010 Having received almost unanimous approval of its USD24.9bn debt restructuring plan with bank creditors, the state-owned conglomerate, Dubai World has announced that it is finalizing a further agreement with the
creditors of Nakheel PJSC, its wholly-owned property development subsidiary.
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IOM Tax Amnesty Drawing To A Close 9/16/2010 The Isle of Man government has warned that the deadline for taxpayers wishing
to avail themselves of the tax disclosure scheme is fast approaching.
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Levin To Add Anti-Tax Evasion Offsets To Jobs Bill 7/22/2010 US Senator Carl Levin is attempting to add an amendment to a small business jobs bill currently pending in the Senate that will close loopholes he says are being abused by multinational corporations to reduce their US taxes.
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US Tax Data At Risk 7/16/2010 A new report by the Treasury Inspector General for Tax Administration has identified a failing by the US tax authority, the Internal Revenue Service, in that its procedures do not identify all contractors who process, store
or house confidential taxpayer information at their facilities, thereby placing
such data at risk for unauthorized access or disclosure.
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UK Freelancers Rejoice At IR35 Axe 5/25/2010 The Professional Contractors Group has described the coalition
government's proposal to scrap the unpopular IR35 regime as a 'triumph
of common sense over political dogma.'
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UK Tories Promise to Review IR35 4/29/2010 Shadow Business Minister Mark Prisk has said that the Tories will conduct a review of small business taxation, in particular rule IR35 that affects small businesses and freelancers, should they win the forthcoming general Eelection.
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UK Taxpayer Stung By Tax Return Mistake 4/27/2010 A subcontractor from Kent in the United Kingdom has found himself facing a GBP1,400 fine for making a 'careless' mistake with regard to his tax affairs, despite the fact that HM Revenue & Customs actually owed him money.
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UK Tories Will Reform IR35 4/2/2010 As the Tory proposals - if elected - to scrap plans to increase National Insurance contributions previously announced by the Labour government, seem to be gathering support, it has also emerged that the UK opposition party is considering reversing government policy on IR35.
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Dubai Debt Plan Published 3/30/2010 The Dubai government has announced that it will channel USD9.5bn in fresh funding
into indebted state-owned holding company, Dubai World, under a plan that will
reimburse 100% of creditors’ funds within eight years.
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Pension Agreement Concluded Between Austria And Australia 2/22/2010 A supplementary social security agreement to eliminate double superannuation coverage
between Australia and Austria has been concluded by Australia’s Minister
for Foreign Affairs, Stephen Smith, and the Austrian Minister for Labour, Social
Affairs and Consumer Protection, Rudolf Hundstorfer.
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