penalties News

UK Launches Profit Diversion Compliance Facility For MNEs

by Jason Gorringe, Tax-News.com, London

Monday, January 14, 2019

HM Revenue and Customs has announced plans and guidance for a new Profit Diversion Compliance Facility, which is intended to support multinational companies concerned about their transfer pricing arrangements to resolve any issues with the tax agency. Read Full Story

Philippines To Soon Launch Tax Amnesty

by Mary Swire, Tax-News.com, Hong Kong

Friday, December 21, 2018

Lawmakers in the Philippines have endorsed plans for a tax amnesty scheme that will cover estate taxes, general taxes, and delinquent accounts, covering liabilities up to December 31, 2017. Read Full Story

HMRC's Large Business Tax Inquiries Now Taking Three Years

by Jason Gorringe, Tax-News.com, London

Friday, November 9, 2018

The average length of HMRC's tax inquiries into large businesses are now taking more than three years to settle, with each case taking around 39 months to resolve in 2017/18, up from 34 months in 2016/17, according to Pinsent Masons, the international law firm. Read Full Story

Australia Warns Large Taxpayers On Steep Non-Filing Penalties

by Mary Swire, Tax-News.com, Hong Kong

Friday, October 12, 2018

The Australian Taxation Office has warned the country's largest corporate taxpayers that "failure to lodge" penalties, which were increased 100-fold from July 1, 2017, apply to all form types. Read Full Story

Cyprus Issues New CbC Filing Notification

by Ulrika Lomas, Tax-News.com, Brussels

Friday, September 28, 2018

The Cyprus Tax Department has released a notice on the obligation on Cypriot constituent entities of multinational groups to file a CbC report in Cyprus where the ultimate parent entity files in a territory without an exchange of information arrangement with Cyprus. Read Full Story

US Urged To Trim Tax Form W-4

by Mike Godfrey, Tax-News.com, Washington

Monday, July 16, 2018

The American Institute of CPAs has urged the Internal Revenue Service and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers. Read Full Story

Tax Regime Overhaul Announced In Barbados

by Mike Godfrey, Tax-News.com, Washington

Thursday, June 14, 2018

Barbados's new government has issued a new Budget that would raise corporate and income tax rates, repeal the National Social Responsibility Levy and road tax and make other value-added tax and levy changes. Read Full Story

US CPAs Recommend Easing Tax Rules On Partners Of Audited Firms

by Mike Godfrey, Tax-News.com, Washington

Tuesday, May 22, 2018

The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners. Read Full Story

New Cypriot E-Payment Obligation From June 2018

by Amanda Banks, Tax-News.com, London

Thursday, May 3, 2018

Cyprus's Department of Taxation said recently that it will accept only electronic payment for the main tax heads from June 1, 2018. Read Full Story

Nigeria Extends Amnesty To June 30

by Lorys Charalambous, Tax-News.com, Cyprus

Tuesday, April 17, 2018

Nigeria's President, Muhammadu Buhari, has confirmed a final extension to the country's Voluntary Assets and Income Declaration Scheme (VAIDS) until June 30. Read Full Story

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