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The tax measures contained Canadian Finance Minister Bill Morneau's second Budget are focused on closing loopholes, cracking down on tax evasion, and improving tax reliefs for the "middle class." Read Full Story
A significant cut to the dividend tax allowance announced in the UK Budget will not deter people from incorporating their own business to take advantage of lower corporation tax rates, the Chartered Institute of Taxation has said. Read Full Story
For the third consecutive year, the US Internal Revenue Service has placed abusive micro-captive insurance tax shelters on its list of top tax scams to watch out for in the 2017 filing season. Read Full Story
With talk beginning in the new Congress of a repeal of President Barack Obama's Affordable Care Act, the US Chamber of Commerce has urged the immediate elimination of the health insurance tax as an immediate necessity. Read Full Story
According to statistics from the UK's Office for National Statistics, an expected slowdown in economic growth could lead to fiscal challenges for the UK. Read Full Story
The UK Government should raise the exempt threshold for Class 1 National Insurance contributions (social security) into line with the personal income tax exempt threshold to simplify the regime, a taxpayer charity has said. Read Full Story
The UK Government's increase to Insurance Premium Tax from 10 percent to 12 percent in the Autumn Statement has been described as a "stealth tax on business." Read Full Story
In Notice 2016-66, the US Internal Revenue Service has warned that the use of so-called "micro-captive transactions" have "a potential for tax avoidance or evasion," as it believes they may be established more to avoid federal income tax rather than for their stated aim of providing additional insurance for clients. Read Full Story
The Financial Crimes Enforcement Network issued further Geographic Targeting Orders that will temporarily require US title insurance companies to identify the natural persons behind shell companies that use "all cash" (without bank financing) to purchase high-end residential real estate in six major metropolitan areas. Read Full Story
The US Treasury Department has issued a series of fact sheets on the exemptions available from the Affordable Care Act health insurance coverage requirement, if individuals can not afford coverage or meet other conditions, and about how to claim an exemption during tax filing. Read Full Story
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