State finance minister requests a green tax to be imposed on mining because he fears the destination principle, which forms part of the goods and services tax (GST) regime, will negatively impact revenue streams of mineral rich states.
Ernie Lai King has joined Hogan Lovells in their Johannesburg office. King was previously head of the China Group at Edward Nathan Sonnenbergs and will now lead Hogan Lovells’ tax and China practices in South Africa.
Formula 1 racing team McLaren has lost its claim, regarding a £32 million ($54.5 million) penalty fine imposed against it by the sport’s governing body, which it believed should be tax deductible in the UK.
The decision of the Upper Tribunal in London underlines the UK authorities’ view that most fines are not deductible against trading income.
In its 2014 economic survey of Canada, the OECD stated that, to meet international emissions targets and tackle the effects of climate change, Canada should consider implementing a carbon tax, or cap-and-trade system, but the economic impact may be too great for the government to act.
The Association of Chartered Certified Accountants (ACCA) believes that the coalition government has failed to support the Office of Tax Simplification (OTS) and has instead made the UK tax system more complex and confusing for both individuals and businesses.
