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tax credits News

India Consults Taxpayers On Income Tax Law Reform

by Lorys Charalambous,, Cyprus

Last updated 34 hours ago | Thursday, March 22, 2018

India has launched a consultation on efforts to reform the country's 1961 income tax law, to be led by a newly constituted task force. Read Full Story


Portugal To Respond To ECJ VAT Ruling On Vacant Property

by Ulrika Lomas,, Brussels

Last updated 34 hours ago | Thursday, March 22, 2018

The Portuguese Government has said that it is reviewing a recent decision by the European Court of Justice with a view to amending the country's value-added tax regime with regards to the leasing and letting of property. Read Full Story


IRS Struggling To Authenticate Tax Credit Claims: TIGTA

by Mike Godfrey,, Washington

Wednesday, March 7, 2018

Internal Revenue Service processes do not properly prevent the issuance of refundable tax credit claims to taxpayers whose income is not supported, according to a March 1 audit report from the Treasury Inspector General for Tax Administration. Read Full Story


ECJ Rules Against Portugal In Input VAT Credit Dispute

by Ulrika Lomas,, Brussels

Tuesday, March 6, 2018

The European Court of Justice has provided a ruling against the Portuguese tax and customs authority in favor of a taxpayer who challenged the authority's decision that it should be retroactively precluded from deducting tax incurred on inputs in relation to a supply of leasing and letting transactions. The tax and customs authority required the taxpayer, Imofloresmira, to make adjustments to VAT deductions on the ground that the properties at issue had been unoccupied for over two years and were therefore regarded as no longer being used for the purposes of its own taxed transactions, even though, during that period, the company always had the intention of letting those properties and undertook the necessary steps to that end. Read Full Story


Think Tank Calls For Canadian Tax Reform

by Mike Godfrey,, Washington

Wednesday, February 28, 2018

Canadian think tank the C D Howe Institute has published its recommendations for Tuesday's Budget, which include measures to compete with the US on tax. Read Full Story


EU Suggests Ireland Broaden Its Tax Base

by Ulrika Lomas,, Brussels

Wednesday, February 21, 2018

The European Commission has published its latest post-bailout report on the Irish economy, urging the Government to broaden the tax base and be wary on relying too heavily on volatile corporate tax revenue. Read Full Story


China 'Has Slashed Business Taxes By CNY2.5tn Since 2012'

Mary Swire,, Hong Kong

Tuesday, February 6, 2018

The Chinese tax administration has reported that businesses have saved CNY2 trillion (USD317.8bn) following the replacement of business tax with value-added tax, beginning in 2012. Read Full Story


IRS May Delay More Tax Refunds To Tackle Fraud

Mike Godfrey,, Washington

Tuesday, February 6, 2018

The Internal Revenue Service has been successful in implementing processes to identify and prevent fraud but could do more to strengthen pre-refund verification, according to a new report from the US Government Accountability Office on last year's tax filing season. Read Full Story


Moscovici Discusses EU's Shrinking Tax Blacklist

by Ulrika Lomas,, Brussels

Friday, January 19, 2018

EU Tax Commissioner Pierre Moscovici has said it is a positive thing that some of the countries on the EU's black list of non-cooperative tax jurisdictions have made commitments to change their tax laws. Read Full Story


Saudi Arabia Legislates To Absorb VAT On Education

by Lorys Charalambous,, Cyprus

Friday, January 12, 2018

Saudi Arabia's tax agency has set out the arrangements through which Saudi nationals will not bear the value-added tax that must be charged on education services under the Gulf Cooperation Council's harmonized value-added tax, which was introduced from January 1, 2018. Read Full Story



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