In the wake of the US-Swiss settlement over the disclosure of US account holders, Swiss banks and financial institutions must pressure their clients to come forward under the offshore voluntary disclosure system while it is still available, or the banks will face hefty fines.
Indian government tax adviser Parthasarathi Shome has said that a dispute resolution body will be set up to deal with issues related to the country’s new goods and services tax (GST) which will replace the existing indirect tax regime.
Hutchison Whampoa group companies were battling HM Revenue and Customs (HMRC) in the European Court of Justice (ECJ) yesterday in a case testing whether consortium loss relief may be claimed in the UK by a surrendering company with a non-UK link company and a non-EU parent.
The US Court of Appeals for the Seventh Circuit is the latest appellate court to favour the Internal Revenue Service’s (IRS) broad application of penalties on taxpayers entering into transactions lacking economic substance, after its ruling against Superior Trading.
Companies with loss-making PEs stand to gain A judgment of the European Court of Justice (ECJ) in a case involving Argenta Spaarbank (Argenta) should benefit Belgian companies with loss-making permanent establishments (PE) in other member states and will impact tax deduction regimes in EU countries.
India’s Ministry of Finance has been upping its efforts to lure foreign investors by reassuring them the country’s tax regime is not unfairly targeting foreign multinationals. It is even going to the trouble of holding a weekly audience for taxpayers. But have multinationals heard this all before? Joe Dalton discovers why tax directors remain wary when they hear the Indian government make tax promises, and what measures might restore their confidence.
