Stories that are tagged 'tax planning'

	Australian Businesses To Benefit From Loss Carry Back Scheme 5/7/2012 Australia’s government is to introduce a new business tax relief with a ‘loss carry-back' initiative, designed to give businesses greater access to their legitimate tax deductions when making losses.
	Barbados Targets US Investors 5/2/2012 Barbados's Prime Minister Freundel Stuart has highlighted the advantages of doing business in the territory for United States investors as the US Chamber of Commerce prepares to launch an office in the country this year.
	Ireland, US In Talks Over FATCA 5/1/2012 Ireland and the United States are in talks to establish a common approach to the Foreign Account Tax Compliance Act, drawing on domestic and international tax legislation and treaties.
	OECD Report Tackles Aggressive Tax Planning 3/8/2012 The Organisation for Economic Cooperation and Development has announced the launch of its latest publication, aimed at aiding governments to tackle the use of aggressive tax planning.
	IoM Intends No Tax On Capital Gains 3/1/2012 The Isle of Man has no intention of introducing taxes on capital gains, the island's Treasury Minister, Eddie Teare has confirmed, clarifying the situation following the removal of the island's deemed distribution regime.
	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.
	Guernsey Firms Scoop Offshore Business Awards 2/14/2012 A number of Guernsey-based law and wealth management firms were among the winners at the recent Citywealth Offshore Awards in London.
	Romney Discloses Tax Returns 1/27/2012 Mitt Romney, one of the two leading Republican contenders for the United States Presidency, has, following some pressure to do so, divulged his tax returns for the past two years that, as expected, show the low effective tax rates he pays.
	HMRC Makes PAYE Tax Code Change Proposals 1/23/2012 HM Revenue and Customs has released for comment draft legislation on proposed changes to the tax codes relating to share-based payments for former employees.
	Irish Revenue Chief Apologies For Pension Tax Farce 1/13/2012 The chair of the Irish Revenue Commissioners has been forced to apologise for the distress caused by the disclosure that thousands of Irish pensioners are to face unexpected tax charges.
	Call For Clarity Over Irish Pension Tax Debacle 1/10/2012 The fallout from the Irish Revenue's disclosure that thousands of pensioners will receive an unexpected tax hit continues, with the agency forced to re-open customer enquiry lines and facing calls for a public information campaign.
	Irish Revenue Flags Compliance Risks 12/13/2011 The Irish Revenue must find ways to continue its staff reduction programme while not risking the efficiency of its compliance work, the office has said in its self-assessment paper.
	HMRC Warns UK Businesses Of Upcoming VAT Filing Changes 12/9/2011 With e-filing and payment set to become mandatory for the UK's value-added tax registered businesses, HM Revenue and Customs has issued an alert detailing how the changes will work.
	UK Delays Residency Test 12/9/2011 The Finance Bill offers a mixed bag to the UK's non-domiciled individuals, imposing on them a higher annual charge but delaying the introduction of a planned residence test for a year.
	CFCs To Benefit From New UK Tax Regime 12/8/2011 A major overhaul of the UK's controlled foreign company rules has been welcomed by tax experts, who conclude that the proposed new regime will go a long way towards changing the negative perceptions of the UK's corporate tax regime among multinational businesses.
	UK Mulls General Anti-Avoidance Rule 11/23/2011 The introduction of a narrowly focused general anti-abuse rule will lead to a fairer, more principled and simpler tax system in the UK, according to a new report published for the government.
	Sweden To Tighten Interest Deduction Rules 11/21/2011 The Swedish government has announced plans to set up a corporate tax committee tasked with examining the issue of questionable, ‘aggressive’ tax planning in the private healthcare and education sectors with respect to interest deductions.
	OECD Reviews Transfer Pricing Rules On Intangibles 11/21/2011 The Organization for Economic Cooperation and Development has noted the progress made by its Working Party and private sector representatives on definitional and ownership issues related to transfer pricing for intangibles as defined by the OECD Transfer Pricing Guidelines.
	New Zealand Tax Man Targeting Overseas Accounts 10/19/2011 New Zealand Inland Revenue has issued a revenue alert advising people that they are required to declare all income from foreign sources.
	Court Backs HMRC In Key UK Residency Case 10/20/2011 International businessman Robert Gaines-Cooper has lost his long-running dispute with HM Revenue and Customs, with the UK's highest court ruling in favour of the taxman in a contentious dispute over the interpretation and application of residency guidance.
	UK Non-Doms Urged To Plan Their Tax Affairs 10/19/2011 Non-domiciled individuals should seek advice on the UK tax system, as tax planning opportunities may remain available to them, a leading firm of chartered accountants has said.
	Italian Banks To Draft Tax Code Of Conduct 10/14/2011 The Italian banking authorities, together with the country's banking industry associations, have agreed to develop a code of practice for Italian banks to tackle the issue of tax avoidance.
	Congress Halts US Tax Strategy Patents 9/14/2011 The United States Senate has passed the America Invents Act, which was previously approved by the House of Representatives in June this year, and which will make the first significant changes to the US patent system in 60 years; it also contains a provision that would curtail patents on tax strategies.
	OECD Concerned At Corporate Tax Loss Abuse 9/5/2011 The Organisation for Economic Cooperation and Development has released a new report to aid governments in tackling the use of aggressive tax planning used to artificially create or boost companies' losses for tax mitigation purposes.
	Osborne Talks Tough On Tax Evasion 8/31/2011 The UK's government is taking 'radical steps' to crack down on unfairness in the tax system, the Chancellor has said, pledging to find tax evaders and their money.
	CRA Responds To Critical Ombudsman Report 8/26/2011 In response to a critical report slamming the complexities of Canada's Tax-Free Savings Account regime the government has pledged to be as flexible as possible in cases where a misunderstanding of account rules has occurred.
	US Taxpayers May Credit UK Non-Dom Levy 8/23/2011 The Internal Revenue Service has decided that US taxpayers resident in the UK can now offset an the UK non-dom levy against their US tax bill.
	Qualified Backing For UK Tax Agents Review 8/15/2011 The UK's plans for a system of enrolment for professional tax agents has received heavily qualified support from tax practitioners, who say that while the proposals are a move in the right direction, outstanding issues must be addressed.
	UK Offers Concessions To Riot-Hit Businesses 8/12/2011 In an effort to help those businesses affected by the recent riots, the UK's government and revenue agency have unveiled a series of support measures, including government funding of business rates and the negotiation of tax payment schedules.
	Too Much Confusion Over Canadian Tax Free Savings Accounts 8/10/2011 Canadian taxpayers have fallen foul of the rules surrounding Tax Free Savings Accounts, with the Canadian Revenue Agency failing to actively inform the public of the tax consequences involved, according to a new report.
	New Zealand IR Launches Compliance Focus Report 7/28/2011 New Zealand Revenue Minister Peter Dunne has applauded the release of the Inland Revenue’s compliance focus report which is aimed at helping New Zealanders meet their tax obligations.
	Canada Amends 'Tax Fairness' Law 7/22/2011 The Canadian government is to amend its income tax legislation to bring in changes to the tax treatment of specified investment flow-through entities, real estate investment trusts and publicly-traded corporations. The changes were announced on July 20.
	Congress Learns How US Tax System Encourages Debt 7/18/2011 Dave Camp, the Republican Chairman of the House of Representatives Committee on Ways and Means, and Max Baucus, the Democrat Chairman of the Senate Committee on Finance, have held a joint hearing to review the tax treatment of debt and equity in the United States, and to consider distinctions in the treatment of each in the context of comprehensive tax reform.
	EU To Investigate Spanish Ship Tax Scheme 7/8/2011 The European Commission has announced the launch of an in-depth investigation to check whether a Spanish scheme for the purchase of ships involving leasing and financing through tax relief is compatible with European Union rules on state aid.
	UK To Simplify Pension and Share Schemes Taxes 6/30/2011 The UK's Office of Tax Simplification is to turn its attention to the issues involved with pensioners’ taxation and share schemes, as part of its ongoing work to identify parts of the tax system that are particularly complex.
	UK Dismisses Pension Tax Relief Claims 6/24/2011 After speculation that the Chancellor was mulling scrapping pension tax reliefs for the UK's higher earners, the Treasury has rubbished the claims, saying they had already been ruled out.
	UK Taxpayers Warned About IHT Fines 6/7/2011 The UK tax authority, HM Revenue and Customs launched a total of 9,638 investigations into inheritance tax valuations over the last year and is actively targeting estates and beneficiaries, according to accountants UHY Hacker Young.
	UK Launches Consultation On Tax Reliefs 5/31/2011 Following the Chancellor's decision to abolish 43 tax reliefs, the UK is to consult on the removal of three quarters of these, in a bid to simplify what the government has called a "far too complex tax system".
	Unclaimed Tax Refunds Cost Brits Billions 5/25/2011 UK investors are losing out to the tune of billions, as losses on un-reclaimed tax on foreign dividend withholding tax mount, according to two new sets of findings.
	UK To Review Tax Administration Rules 5/19/2011 In light of the conclusion that tax administration creates considerable uncertainty and complexity for small businesses, the UK is to investigate the issue in greater depth, hoping to implement considerable improvements in the future.
	Jamaica Publishes Tax Reform Paper 5/17/2011 A major overhaul of Jamaica's tax system has been proposed by the government, with reduced consumption and corporate tax rates, coupled with a rise in income tax thresholds, intended to provide economic growth and generate competitiveness.
	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.
	Irish Report Questions CCCTB's Legality 5/17/2011 Proposals for a European-wide Common Consolidated Corporate Tax Base fail to comply with key European Union treaty requirements, according to an Irish parliamentary committee report, which, if accepted by parliament, could cause further problems for a government pursuing a reduction in the country's bailout loan rates.
	UK Pensioners Warned Over Tax Code Problems 5/13/2011 Recently pensionable taxpayers in the UK are at risk of pay as you earn tax code problems, according to chartered accountancy firm Midgley Snelling.
	Centrica Count Costs Of UK Tax Hike 5/10/2011 Energy giant Centrica has released its first interim report of 2011, counting the costs of increased tax rates on UK oil and gas production, which it is expected will offset the benefit of higher prices.
	Case Made For HST In British Columbia 5/11/2011 Ahead of a make or break referendum on the future of harmonised sales tax in British Columbia, a potentially influential report, designed to provide electors with useful information, has argued that, despite the public anger the tax has generated, it in fact represents a long-term boon for the Canadian province's economy.
	Canadian Electors Approve Of Harper's Low-Tax Plans 5/4/2011 For the first time in seven years, a Canadian federal election has produced a majority government. The re-election of Stephen Harper's Conservative party sets the scene for an administration with a professedly low-tax agenda, the reintroduction of the party's late Budget and a further reduction in the headline rate of corporate tax.
	Harper Sets Out Priorities For Re-Election 4/28/2011 With less than a week to go before polling begins, Canada's Prime Minister has announced the four priorities a re-elected government would focus on implementing, three of which emphasise low-tax plans.
	HMRC Reiterates Plumbing Amnesty 4/27/2011 In line with its recently launched amnesty scheme, known as the "plumbers’s tax safe plan", the UK's revenue agency has begun alerting those affected, urging them to take advantage of the time afforded by the scheme, and warning of the consequences of non-compliance.
	Australia Releases Tax Adviser Compliance Guide 4/22/2011 The Australian Commissioner of Taxation Michael D’Ascenzo has launched a new guide to help tax intermediaries avoid contravening the Promoter Penalty Legislation.
	Brits Waste Billions In Unnecessary Tax Payments 4/22/2011 With total UK tax wastage expected to come in at GBP13.5bn in 2011, a new report has shown that poor inheritance tax planning will contribute nearly GBP1.3bn to this figure, an amount that is only likely to increase in future years.
	HMRC Reminds Employers Of Compulsory Online Filing 4/20/2011 The UK's revenue agency has reminded employers that they must file their annual returns online by May 19, or almost certainly face a penalty.
	UK Details VAT Changes 4/18/2011 The UK's revenue agency, HM Revenue and Customs, has outlined details of the key changes to the value-added tax system brought in by the recent Budget. They include an increase in the taxable turnover threshold, an alteration in fuel scale charges, and compulsory online registration.
	Irish Revenue Releases Brief On Preliminary Tax 4/15/2011 The Irish Revenue has released a brief explaining the implications that the introduction of the Universal Social Charge tax has for the calculation of preliminary tax in 2011.
	UK Tax Body Criticises Record Checks Scheme 4/13/2011 Despite clarification over the nature of its operation, HM Revenue and Customs's enhanced Business Records Checks pilot scheme has drawn criticism from a leading UK tax body, which has warned this gives the impression that the Revenue does not listen to its consultees.
	Another Canadian Tax Initiative From Harper 4/11/2011 Canadian Prime Minister Stephen Harper has added still further to his party's raft of tax break measures, pledging to double the amount Canadians are able to save tax free, in a bid to win over voters ahead of the May 2 election.
	HMRC Imposes Tough New Late Filing Penalties 4/5/2011 From April 2011, UK taxpayers who fail to return or pay their self-assessment tax returns on time will face tough new penalties, which have been considerably increased.
	Jersey Trust Experts Examine Court Rulings 3/29/2011 There was a significant turnout at a recent Jersey conference, which focused on the precarious future of the Hastings-Bass principle, which sets out when a court may intervene in cases where a trustee acts under his or her own discretion, particularly in cases involving tax.
	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.
	Apathetic Brits Paying Too Much Tax 3/3/2011 British consumers are set to waste GBP13.5bn in taxes in 2011, through apathy and avoidable circumstances, according to the professional advice website unbiased.co.uk.
	Businesses Feel Tax Current Framework Is Unclear 2/18/2011 Business relationships with the HMRC are strained by a "complex" tax framework and lack of clarity, a new survey reveals. The document, published by the accounting group and business advisor BDO, shows that 65% of business leaders polled "claimed that they had found dealing with the HMRC more burdensome" over the last five years.
	US Patent Reform Sent To Senate 2/9/2011 Following a unanimous vote, the Patent Reform Act of 2011, written by both Democrat and Republican members, has been sent by the Judiciary Committee to the full United States Senate for consideration. The Act contains a provision that would curtail patents on tax strategies.
	US Bill To Stop Patenting Of Tax Strategies 1/25/2011 The United States Senate Finance Committee Chairman, Max Baucus, and its Ranking Member, Chuck Grassley, have released the language of legislation they intend to introduce to prevent any individual or firm from being able to take out patents on tax strategies.
	Ireland Publishes Disclosure Regulations 1/21/2011 Minister for Finance, Brian Lenihan, has noted the publication by the country’s tax authority, the Revenue Commissioners, of the Mandatory Disclosure of Certain Transactions Regulations 2011.
	UK Explores Incentives For Charitable Giving 12/31/2010 The UK government published on December 29 a Green Paper with the aim of starting a national debate on society’s attitudes to giving. Both Conservative and Labour MPs, however, have been critical, saying that charities should not have been hit with the value-added tax hike and that people are already struggling with too high taxes.
	HMRC Spotlights Tax Schemes 12/19/2010 HM Revenue and Customs has warned taxpayers seeking tax planning solutions of the legal risks associated with employing tax avoidance schemes that may fall foul of UK tax law.
	UK To Phase Out VAT Concession On Boats 12/16/2010 The UK tax authority, HM Revenue and Customs has announced that it is to abolish a VAT concession on sailing boats from January 2012 following a ruling that it conflicts with EU law.
	Guernsey Confirms Corporate Tax Changes 12/14/2010 Guernsey’s Treasury Minister, Charles Parkinson has confirmed that the island is to put into motion plans to amend the island’s corporate tax regime ahead of the publication of the findings of a European Union high level working group.
	Guernsey Witnesses Further Fall In Deposits 12/2/2010 Figures released by the Guernsey Financial Services Commission show that the value of deposits held by banks in Guernsey declined by GBP800m (0.7%) during the third quarter of the year.
	ATO Reviews Advance Pricing Arrangements 11/12/2010 The Australian Taxation Office has provided an update on its Advance Pricing Arrangement programme, which describes its operation during the financial year ended 30 June 2010 and provides details of how the programme is being further developed.
	Guernsey Publishes Tax Consultation Feedback 11/9/2010 The Guernsey government has published preliminary feedback received from the consultation with the island's stakeholders on the proposed overhaul of the island's Corporate Tax regime.
	New Jersey Approves Captive Bill 11/8/2010 The New Jersey Assembly has approved the final version of a bill that can make the US state a captive insurance domicile. Bill A2360 was approved by the full assembly with bipartisan support. The bill now awaits action by the Senate.
	Canada, US Agree Tax Relief For Land Donors 11/3/2010 The Canadian Minister of Finance, Jim Flaherty has announced that the Canadian government and US authorities have agreed to regulatory amendments to allow US citizens to donate real property they own in Canada to the Canadian public, and to receive US tax relief on such donations, at no cost to the Canadian taxpayer.
	UK At Crossroads, Warns CBI 10/26/2010 The UK is facing increasing competition as a destination for business investment and, although it is starting from a strong base, will need to work hard if it is to maintain its position, the Confederation of British Industry has said.
	UK Banks Urged To Sign Tax Avoidance Code 10/20/2010 UK Chancellor, George Osborne has pressurised UK’s largest banks to add their names to a voluntary tax avoidance code within a fortnight, or face greater scrutiny - and likely repercussions - from the tax man.
	Guernsey In India This Week 10/19/2010 The Guernsey government has announced that it will have a presence in India this week as part of efforts to enhance financial services links between the two jurisdictions.
	SEC Proposes New Family Office Rule 10/15/2010 The United States Securities and Exchange Commission has proposed a new rule, based on requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which would determine whether 'family offices' can continue to be excluded from the Investment Advisers Act of 1940.
	Wine Investors Face 'Huge' UK Tax Bill 10/8/2010 Investors in wine are building up huge unexpected tax bills having been misled over HM Revenue and Customs's tax treatment of wine, according to UHY Hacker Young.
	Hedge Fund Managers Leaving UK 'In Droves' 10/6/2010 Britain faces losing hundreds of millions in tax revenues as a result of an exodus of hedge fund managers moving offshore, mostly to Switzerland.
	Canada To Enact Budget Tax Measures 10/1/2010 The Canadian Minister of Finance, Jim Flaherty announced on September 28 the tabling in the House of Commons of a Notice of Ways and Means Motion to implement key tax relief measures from Budget 2010.
	Cable Threatens Wealth Tax In UK Taxpayer Onslaught 9/28/2010 Liberal Democrat Deputy Leader, and Business Secretary, Vince Cable has delivered an assault on affluent Britons and the capitalist system, whilst urging the introduction of wealth taxes, in his address to the Liberal Democrat conference on September 22.
	Wolseley To Shift Tax Base To Switzerland 9/28/2010 Wolseley plc, a global distributor of heating and plumbing products and supplier of builders' products to the professional market, has announced a proposed change to the corporate structure of the Wolseley Group, which will see the creation of a new UK-listed Group holding company incorporated in Jersey with tax residence in Switzerland.
	Jersey Ranked As Top Offshore Centre 9/24/2010 London has maintained its place as the leading financial center globally, according to the Z/Yen biannual qualitative survey. Meanwhile, Jersey maintains its place as the top offshore financial center.
	Jersey's Emerging Market Drive Funding Increased 9/20/2010 The Jersey government has announced that it is to increase funding to the island’s promotional agency, Jersey Finance, from GBP1.8m, budgeted for this year, to GBP2.2m in 2011. The additional funds will used to increase promotional efforts in emerging markets, Jersey Finance has said.
	Guernsey QROPS Masterclass Successful 9/20/2010 Guernsey Finance, the promotional agency for the island’s financial services sector, has announced a strong turnout, of 60 delegates, at the Guernsey QROPS seminar, held on September 8 in Manchester.
	Switzerland Tops Competitiveness League 9/13/2010 Switzerland has claimed top spot in The Global Competitiveness Report 2010-2011, as released by the World Economic Forum on September 9. In the rankings, the United States has fallen two places to fourth position, overtaken by Sweden (2nd) and Singapore (3rd), after already ceding the top place to Switzerland last year.
	ATO's Tax Claim Against James Hardie Upheld 9/8/2010 US building materials firm, James Hardie has not yet stated whether it is to appeal a recent Federal Court tax ruling, which upheld the Australian Tax Office’s claims that the firm's wholly-owned subsidiary RCI Pty Ltd owes back taxes and interest, resulting from a company restructuring in 1998-1999.
	EC Consults On Cross-Border IHT Issues 9/2/2010 The European Commission has announced the launch of a consultation on tackling cross-border inheritance tax obstacles within the European Union.
	Canada Consults On Tax Provisions 9/1/2010 The Canadian Department of Finance has commenced a consultation on draft legislative proposals to implement tax measures from Budget 2010 along with several previously announced tax initiatives.
	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.
	HST Depresses Canadian Housing Market In July 8/20/2010 It has been suggested that the introduction of harmonized sales tax in British Columbia and Ontario has contributed to a sharp fall in home sales in Canada as homebuyers brought purchases forward.
	Britons Missing Out On Tax Free Savings 8/18/2010 Over 2.6 million UK savers with tax-free cash ISAs could be missing out on tax savings of GBP362m (USD565.5m) during 2010 by not availing of the new GBP5,100 cash ISA allowance, a new study has warned.
	Gaines-Cooper Wins Right To Appeal 8/17/2010 British-born tax exile Robert Gaines-Cooper has won the right to have his case heard in the UK Supreme Court in what will be the final chapter of a long-running legal battle with the UK tax man over his residence status for tax purposes.
	Obama Signs International Tax Hikes 8/12/2010 US President Barack Obama has welcomed the approval by Congress of measures that would discourage US companies from 'shipping jobs overseas' although Republicans are warning that the bill is yet another example of the Obama administration's anti-business policies which will ultimately stifle economic growth.
	Guernsey Launches QROPS Masterclasses 7/30/2010 Following the success of previous topical coverage, Guernsey Finance has announced that it plans to reexamine Qualifying Recognized Overseas Pension Schemes at ‘masterclasses’ to be held in Manchester, Bristol and Birmingham, in the United Kingdom, in September and October.
	Kerry In Hot Water Over Yacht Tax 7/29/2010 Massachusetts Senator John Kerry has announced that he will pay taxes to the state on his recently purchased private yacht, Isabel, which is docked in Rhode Island, allegedly to avoid paying USD500,000 in taxes.
	Dubai Moves To Support Entrepreneurial Activity 7/23/2010 Dubai has announced plans to launch a new visa system that would expedite entrepreneurs’ visa applications and offer business formation advice as part of the Dubai’s efforts to encourage high value start-ups to the Emirate.
	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.
	Osborne Sticks By UK CGT Hike 7/20/2010 The UK Chancellor George Osborne has announced that the rate of Capital Gains Tax (CGT) will not be increased again during the lifetime of the current Parliament.
	UAE, Ireland Sign DTA 7/13/2010 Ciarán Madden, Ireland's Ambassador to the United Arab Emirates, and Younis Haji Al Khoori, Director General of the UAE Ministry of Finance, have signed a Double Taxation Convention on behalf of their respective countries.

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Stories that are tagged 'tax planning'

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