Taxpayers craved certainty from the UK budget today and that is broadly what they got. George Osborne, the chancellor of the exchequer, even resisted the temptation to increase the bank levy, a regular measure in recent budgets, though the charge itself is set for a redesign.
In a boost for manufacturers, George Osborne, UK chancellor of the exchequer, announced in today’s Budget that the carbon price support rate (the minimum price a company must pay for each tonne of carbon dioxide emitted) will be capped at £18 ($30).
Next week’s UK Budget could bring good news for energy companies after the energy minister this week hinted at incoming tax relief measures, though it is unclear if intensive lobbying against the bank levy is going to pay off.
Australian businesses will see their tax burden fall if The Tax Institute gets its wish. The Institute has called on Australian Prime Minister Tony Abbott to cut the corporate tax rate to 25% in line with recommendations made in the Henry Review.
Reform of the US tax system is still a long way off judging by the differences between the proposals in the 2015 Budget which President Obama released this week and the plan of Dave Camp, the House Ways and Means Committee chairman, which came out a week earlier.
If one country has been a trailblazer in using the tax system to attract investment, it is Switzerland. But against a backdrop of international reforms and pan-European harmonisation, the scope for challenge of national regimes is increasing. Compliance initiatives such as the US FATCA, and the way it has been imposed on financial institutions and tax authorities around the world, highlight that outliers will no longer be tolerated. With this in mind, the 3rd edition of ITR's Swiss Focus brings you the latest domestic developments and analysis of how multilateral reforms are impacting taxpayers in Switzerland.
