George Osborne, UK chancellor of the exchequer, delivered his final Budget speech before the general election today, with welcome tax cuts for the UK’s oil and gas industry and a reduction in the number of companies that have to submit information to HM Revenue & Customs about their liability, or not, for the controversial diverted profits tax (DPT).
Arun Jaitley delivered India’s Union Budget 2015-16 today, sticking to the government’s script of encouraging increased investment from the business community. While the overall reaction has been positive, silence on the future of certain aspects of the minimum alternate tax (MAT) is one drawback for taxpayers.
February 28 will see the Narendra Modi government deliver its first full Budget, for 2015-16. Finance Minister Arun Jaitley’s speech has been shrouded in speculation, but taxpayers should expect incentives related to manufacturing and the ‘Make in India’ campaign, while the general anti-avoidance rules (GAAR) will likely be deferred.
Many business groups view the Obama proposals as out of kilter with the rest of the world President Obama unveiled his FY 2016 Budget plan last month, seeking to replace the existing deferral system for US multinational companies and impose a minimum 19% tax on their foreign earnings, as well as charging a 14% tax on previously untaxed foreign income. Tax directors and their advisers say the proposals will harm economic growth and make US businesses less competitive in the global marketplace. They repeated that only comprehensive reform would fix the problems with the tax code.
