The US government has vowed to continue its campaign against offshore tax evasion after Credit Suisse pleaded guilty this week to the charge of being involved in an “extensive and wide-ranging conspiracy” to help US clients evade taxes and agreed to pay $2.6 billion in penalties.
The Brazilian Superior Court of Justice (STJ) has ruled that the country’s controlled foreign corporation (CFC) regime is not compatible with the business profits article (Article 7, OECD Model Convention) of some of the tax treaties in its network.
US businesses will be pleased that lawmakers have taken one step closer to providing certainty over the future of the R&D tax credit, after the House of Representatives voted 274-131 this week to approve legislation that would permanently extend the provision.
Large employers are worried Australia’s corporate tax cut of one-and-a-half percentage points will be pushed back from its scheduled July 1 implementation date, prompting the Business Council of Australia (BCA), which is made up of the chief executive officers of the country’s 100 biggest companies, to call on the government to quickly move onto the issue of tax reform.
The US House of Representatives will vote later today on permanent research and development (R&D) legislation, one of the most popular extender provisions for businesses.
The Upper Tribunal in the UK has dealt a blow to UK tax planning by confirming the view of the First-tier Tribunal and blocking a tax avoidance scheme employed by brewer Greene King, among others.
