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NZ Accountants Call For Simpler Small Business Tax 5/18/2012 New Zealand’s tax system has become overly complex, the country’s Institute of Chartered Accountants has said, calling for simplification of the rules for small businesses and setting out proposals for reform.
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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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UK E-Seller Amnesty Deadline Looms 5/14/2012 HM Revenue and Customs has warned people trading on the internet and who may have tax irregularities that they now have just one month to take part in the e-sellers tax amnesty and avail of lower penalty rates.
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HMRC Warned Of RTI Impact On Small Firms 5/1/2012 The Low Incomes Tax Reform Group has said that the UK tax
authority, HM Revenue and Customs, has underestimated the impact of Real Time Information
on small employers.
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France Sees Dip In 'Auto-Entrepreneurs' 4/18/2012 Urssaf, the French organization responsible for the collection of social contributions,
has recently unveiled details of its latest assessment of the country’s
‘auto-entrepreneur’ regime, with its fiscal benefits for individual
traders in France, taken at the end of December 2011.
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Singapore Eases Small Business Tax Compliance 4/3/2012 At the annual Budget Seminar organized by the Tax Academy of Singapore, Moses
Lee, the Commissioner of Inland Revenue, has disclosed that the Inland Revenue
Authority of Singapore is to introduce a further simplification of tax
filing for small companies.
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Ireland Appoints 'Start-Up Ambassador' In China 3/30/2012 Enterprise Ireland has appointed an 'International Start-up Ambassador' in China as part of the government's Action Plan for Jobs 2012.
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Cantor Proposes US Small Business Tax Cut 3/23/2012 The United States House of Representatives Majority Leader Eric Cantor has introduced the Small Business Tax Cut Act of 2012, aimed at helping small
businesses to grow and to hire new workers.
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Italy Boasts New Weapon In War On Evasion 3/22/2012 The Italian Revenue Agency’s Director, Attilio
Befera, has announced that its new, revamped ‘redditometro’ –
the computer data system which compares taxpayers’ income declarations with
their spending habits – is now expected to be fully operational by June
this year.
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UK Court Winds Up 'Tax Umbrella' Services Firm 3/20/2012 Reed Umbrella Ltd, which serviced a discredited 'tax umbrella' scheme for the self-employed, has been wound up in the UK High Court in the public interest following an investigation by Company Investigations, part of The UK Insolvency Service.
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US Lawmakers Mull Small Business Tax Reforms 3/13/2012 The House of Representatives Committee on Ways and Means has held a hearing to
examine how the United States tax code affects closely-held businesses, and how and under which sets of rules
such firms should be taxed within any future tax reform.
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UK Panel Recommends Small Business Tax Reforms 3/8/2012 Practical changes to the UK's tax system will help ease the burdens imposed on small businesses, the Office of Tax Simplification has said.
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UK Launches More Tax Taskforces 2/27/2012 The UK's HM Revenue and Customs will launch thirty new taskforces as it sets its sights on generating GBP50m from tax evasion crack-downs this year alone.
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Belgium Tax Man Targets Internet Sales Sites 2/22/2012 The Belgian tax authorities have recently announced that they are now closely monitoring
Internet sales websites, including eBay, in a bid to clamp down on Internet
traders failing to meet their tax obligations.
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Consultation Launched Into European Company Law 2/22/2012 The European Commission has launched an in-depth consultation on the future
of European company law, to ascertain whether Europe’s needs are still met
by the existing legal framework.
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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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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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Trade Barriers Hindering African Growth 2/10/2012 As African leaders pursue negotiations towards a continental free trade area by
2017, a new report released by the World Bank has noted that African nations are
losing out on billions of dollars in potential trade earnings every year because of restrictive barriers to regional trade.
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HMRC Revamps UK Business Record Checks 2/9/2012 The UK tax authority HM Revenue and Customs is to take a fresh approach to its business records checks programme in the coming financial year. The move comes following a review of the programme, and the revamped approach will be launched early in the 2012/13 financial year.
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E-Filing Record Set By UK's Self-Assessors 2/9/2012 HM Revenue and Customs saw a record 7.65m Self Assessment tax returns filed online this year, with a total 9.45m returns sent on time.
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French Start-Ups Hindered By Red Tape 2/8/2012 The general council responsible for industry, energy and technology in France has recently published a report on the development of start-up businesses,
reviewing support networks, the fiscal and social environment as well as the conditions
for accessing finance, and has put forward a series of recommendations.
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Irish Revenue Brief On USC Released 2/6/2012 Ireland's Revenue agency has published an e-brief detailing the application by employers of the Universal Social Charge to social welfare-type payments.
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Philippines Tax Man To Target Professionals 2/3/2012 The Philippines Bureau of Internal Revenue has received an instruction from
Finance Secretary Cesar Purisima to formulate policies leading to
a substantial increase in the income tax compliance of the country’s professionals
and self-employed.
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Sarkozy's Presidential Rival Outlines Fiscal Pledges 2/2/2012 French Socialist candidate for the Elysée, François Hollande,
has recently unveiled details of his presidential election programme, containing
a raft of fiscal measures, designed to stimulate the economy, to support small- and medium-sized companies in France, and to
reduce the public deficit to 3% of gross domestic product in 2013.
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Ireland Launches Immigrant Investor Programme 1/26/2012 The Irish government is to introduce two major new immigration initiatives aimed at encouraging non-European migrant entrepreneurs and investors.
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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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French SME Body Welcomes 'Social VAT' 1/10/2012 Underlining the need to reduce the cost of labour in France and to widen the base
for financing welfare, the French industry body representing small- and medium-sized
companies, CGPME, has called for a rise in value-added tax and for
a rise in the general social contribution in return for lower employer contributions.
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Tax Disputes Service Launched For UK SMEs 1/10/2012 The UK's small and medium-sized businesses will benefit from the introduction of a new dispute resolution service, with the launch of a pilot scheme underway.
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UK To 'Liberate' Small Business 10/27/2011 The UK's coalition government is reviewing regulation and encouraging changes to tax compliance rules in a bid to 'liberate' small businesses from onerous tax rules and red tape, according to Deputy Prime Minster Nick Clegg.
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New Zealand To Tighten Company Rules 10/17/2011 A bill that tightens rules around company directors and company registration has been introduced to the New Zealand Parliament by Commerce Minister Simon Power.
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FAF Rejects 'Little GAAP' For US Private Companies 10/7/2011 A new body, with the authority to identify standards that require modification
and to vote on specific proposed exceptions or modifications to United States
Generally Accepted Accounting Principles for private companies, is the
centrepiece of a plan released for public comment by the Financial Accounting
Foundation.
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50% Tax Rate 'Damaging The UK', Survey Finds 10/7/2011 The UK's top rate of tax is damaging the country, according to a new survey, with financial services practitioners weighing in on the ongoing debate.
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Spain's Rubalcaba Eyes Further Tax Rises 10/4/2011 Spain’s Socialist candidate in the forthcoming November 20 elections,
Alfredo Perez Rubalcaba, has recently announced plans to increase by 10% the
tax levied on alcohol, excluding wine and beer, and on tobacco as part of efforts
to finance and to safeguard the country’s current healthcare system.
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Australia Consults On Standard Deduction 9/30/2011 Exposure draft legislation has been released for public consultation by the Australian government on proposals to provide individual taxpayers with a standard deduction for work-related expenses and the cost of managing tax affairs.
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German Lawmakers Adopt Tax Simplification Law 9/28/2011 The German Bundestag (lower house of parliament) and Bundesrat (upper house) have
now finally approved the government’s amended 2011 tax simplification law,
agreed by a mediation committee.
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UK SME Investors Secure GBP100m In Tax Breaks 9/28/2011 Investors in the UK's small and medium size enterprises are set to benefit from tax breaks worth GBP100m (USD156m), after the European Commission gave the go-ahead for the government's plans to stimulate growth and job creation.
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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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UK To Step Up Business Record Checks 9/26/2011 Following on from a pilot scheme, the UK's revenue agency is to extend its Business Records Checks programme, with plans to complete 12,000 such checks by the end of the current financial year.
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Jersey To Hike Social Security Rates 7/28/2011 The States Assembly has approved an increase to Social Security contributions
for employers of high-income earners.
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UK's Disguised Remuneration Laws 'Too Complex' 5/18/2011 The UK's introduction of new changes to its disguised remuneration regime has been slated as far too complex, and criticized for involving penal legislation that risks creating problems as well as solving them, according to the Chartered Institute of Taxation's response to the proposals.
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Tax Support For Small Businesses In Australia 5/9/2011 The Gillard Government has announced that it will provide Australian small businesses with an instant tax write-off of the first AUD5,000 (USD5,386) of any motor vehicle purchased from 2012-13.
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Hong Kong Issues Over 2m Tax Returns 5/5/2011 At a press conference, Hong Kong’s Commissioner of Inland Revenue, Chu Yam-yuen,
said that the Inland Revenue Department is sending out 2.05 million 2010-11
individual tax returns from May 3.
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HMRC Checks Are Misguided, Says Institute 3/22/2011 The UK's plans for business record checks have been heavily criticised by the Chartered Institute of Taxation, which does not believe that the project will meet its objectives or help businesses improve their systems.
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Philippines Looks To Reform Simplified Income Tax 3/21/2011 The Philippines’ House of Representatives Committee on Ways and Means has
approved a bill simplifying the net income taxation scheme that will limit
the allowable business deductions from gross revenues for self-employed individuals
and professionals.
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Mexican Opposition Presents Tax Reform Package 3/14/2011 The Institutional Revolutionary Party, Mexico’s largest opposition
party, has proposed a tax reform package that is aimed at reducing the country’s
dependence on oil revenues by widening its tax base and encouraging tax compliance,
thereby providing further revenue for economic development.
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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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Switzerland Takes Issue With Italian Tax Incentives 3/11/2011 The Swiss Federal Council has confirmed its intention to approach the European
Commission to resolve the problems being caused by the tax incentives given to
Italians who agree to return to work in Italy.
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Singapore Simplifies Small Business Tax Return 3/9/2011 During the parliamentary debate on the recently-announced 2011 Budget, Mrs Lim
Hwee Hua, Singapore’s Second Minister for Finance, confirmed that the Inland
Revenue Authority of Singapore will introduce a simplified income tax return
for small businesses.
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HMRC Launches New Defaulters Programme 2/24/2011 The UK tax authority has launched a new programme designed to target known tax-evaders, provide sustained monitoring of tax affairs, and effect a permanent change in behaviour.
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Italian Revenue Establishes Business Task Force 2/3/2011 Following a recent meeting between the Italian Revenue Agency and Rete Imprese
Italia, formed by five associations representing artisans, traders, the tourist
sector and other services in Italy, it was agreed to establish a task force to
examine tax simplification measures.
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French Wealth Tax Revenues Surpass Expectations 1/27/2011 The French government has recently confirmed that revenues derived from wealth tax
in France reached a record level of EUR4.46bn last year – much higher
than previously anticipated.
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Italy's Lower House Approves Tax Reform Motion 12/28/2010 At the end of the parliamentary session and with the help of votes across all
parties, the Italian Democratic Party, at the instigation of its National
Secretary, Pier Luigi Bersani, was able to pass a motion through the lower house
which committed the government to tax reform.
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ICAS Calls For Merger Of UK Income Tax And NICs 12/14/2010 The Institute of Chartered Accountants of Scotland has called for the amalgamation of National Insurance contributions
paid by employees and the self-employed with the payment of individual income
tax to simplify tax compliance in the United Kingdom.
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Tax Agents Receiving Cold Shoulder From NZ Taxman 12/10/2010 The New Zealand Institute of Chartered Accountants has received complaints from tax agents that the Inland Revenue is refusing to speak with them when they are trying to get client tax debts resolved.
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Obama Announces Possible Compromise On Tax Cuts 12/8/2010 In a statement from the White House, the United States President Barack Obama
has announced the framework for a bipartisan agreement between Democrats and Republicans
over the renewal of the Bush tax cuts.
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Germany Unites On Tax Simplification 12/7/2010 Germany’s coalition government has reportedly united on 41 fiscal measures,
designed to simplify the country’s tax law, and amounting to around EUR590m
– EUR90m more than Germany’s Finance Minister Wolfgang Schäuble
had initially planned.
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ATO Highlights Difference Between Hobby And Business 11/30/2010 A recent court case in Australia featuring an individual who raised more than 1,200 turtles, allegedly as a pastime, has highlighted the difference between a hobby and business in the eyes of the Australian Tax Office.
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French 'Auto-Entrepreneurs' Face Tax Threat 12/1/2010 Barely two years after the successful launch of the government’s new ‘auto-entrepreneur’ scheme, the government’s controversial new
land tax contribution, imposed on all companies in France, is threatening to dash the hopes of thousands of
individuals now faced with the prospect of having to terminate their activities.
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UK Pensions Tax Relief Cuts Announced 10/15/2010 UK Financial Secretary to the Treasury, Mark Hoban announced on October
14 that the annual allowance for tax-privileged pension savings will be reduced
from GBP255,000 to GBP50,000, and that the lifetime allowance will be reduced
from GBP1.8m to GBP1.5m.
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Ireland Must Incentivize Entrepreneurial Activity 9/28/2010 A new report published by the Certified Public Accountants Ireland has urged the government
to conduct a review of the taxation of entrepreneurial activity in Ireland, to
foster new start-ups.
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Obama Proposes Further Business Tax Relief 9/10/2010 United States President Obama proposed two tax measures for businesses during a speech in Cleveland, Ohio, on September 8, including a full tax deduction to companies for qualified capital investments, and an enhanced, permanent research and experimentation tax credit.
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France Mulls Changes To Tax Shield 9/8/2010 Secretary General to the French President, Claude Guéant, has indicated
that the government is currently considering plans to introduce a slight change
to the controversial tax shield, in order to promote investment in small- and
medium-sized companies in France.
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IRS Expands Electronic Payment System 8/25/2010 Consistent with a Financial Management Service initiative announced in April of this year, the US Internal Revenue Service has issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government
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HMRC Increases 'Aspect' Enquiries 8/23/2010 A significant increase in personal tax 'aspect' enquiries confirms HM Revenue and Customs adopting a more targeted approach.
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German Court Accepts Home Office Tax Deduction 8/2/2010 Germany’s Constitutional Court has ruled that a provision preventing costs
associated with working from home for some individuals from being tax deductible
is unconstitutional.
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Australia Investigates On-Line Traders 7/29/2010 The Australian Taxation Office has disclosed that it has obtained data from
eBay Australia and Trading Post Australia, so as to assess the level of taxation
compliance of individuals and businesses that sell goods or services online.
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UK Launches Raft Of Tax Consultations 7/28/2010 Exchequer Secretary to the Treasury, David Gauke, has published nine documents for discussion and consultation relating to tax, following commitments made at the June budget.
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HMRC Criticised Over Tax Case Backlog 7/23/2010 The National Audit Office has criticised HM Revenue and Customs for failing to clear a substantial backlog of tax cases which involve either tax overpayments or underpayments.
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Baucus Examines US Tax Cut Options 7/16/2010 Max Baucus, the Democratic head of the US Senate tax committee, has said that temporary tax cuts for middle class Americans should be extended as soon as possible, but with Congressional elections on the horizon, action to extend a series of temporary tax breaks for both individuals and businesses may be delayed until late in the year, causing further uncertainty for taxpayers as they plan their future tax and business affairs.
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Ukraine's Tax Reform In Doubt 7/6/2010 President Viktor Yanukovych has suggested that the draft Tax Code in its current form is not balanced and requires a serious revision.
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More Tax Breaks Aimed At Small US Firms 7/1/2010 US Senate Finance Committee Chairman Max Baucus has released details of new legislation that will provide additional tax incentives for small firms and help them to access capital for investment.
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Georgia To Debate Tax Code Redraft 6/29/2010 A redrafted Tax Code has been sent to the Georgian parliament for approval with a view to becoming effective from 2011.
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Israel To Close Group Purchase Tax Loopholes 6/28/2010 An Israel Tax Authority report has recommended reducing tax benefits for purchasing groups, and Finance Minister Yuval Steinitz proposes to incorporate the recommendations in the Economic Arrangements Bill for 2011.
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UK Bosses Sound CGT Alarm 6/9/2010 More than 200,000 ordinary taxpayers in the UK will be hit by the government's
decision to realign rates of capital gains tax with income tax,
according to the Institute of Directors.
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HMRC Admits Tax Code Debacle 6/3/2010 The UK's HM Revenue and Customs has admitted that errors caused by a new computer system have resulted in thousands of people being issued with incorrect tax codes, leaving many out of pocket.
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Singapore Implements Design Tax Incentives 6/3/2010 The 'Productivity and Innovation Credit for Investments in Design' tax incentive scheme, introduced in Singapore’s 2010 budget,
has been implemented from June 1.
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Cameron Open To CGT Compromise 5/28/2010 UK Prime Minister David Cameron has promised to listen to concerns
from within the Conservative Party regarding plans to increase the rate
of capital gains tax, as the level of unrest among Tory MPs grows.
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Tory Opposition To UK CGT Rise Grows 5/27/2010 UK Conservative backbencher John Redwood claims that he has been
'swamped with support' from his colleagues for his proposals to
mitigate the impact of rising capital gains tax rates.
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UK Coalition Urged To Foster Enterprise 5/14/2010 The Head of UK private business at PricewaterhouseCoopers has announced a wish-list for the new coalition government to foster and encourage private businesses and entrepreneurs in the UK.
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All Signs Point To UK VAT Hike 5/17/2010 According to a survey of leading economists, the new coalition government in the UK will increase value-added tax in the forthcoming emergency budget with the increase coming into force by the end of 2011.
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Hong Kong Tax Revenue Falls 5/7/2010 The Commissioner of Hong Kong’s Inland Revenue Department, Chu Yam-yuen
has announced that tax collections fell by 6% in the 2009-10 financial year, with
a substantial decrease in profits tax being partly offset by a rise in stamp duty
and property tax.
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