Max Baucus’ move to become US ambassador to China has now been confirmed. As chairman of the US Senate Finance Committee (SFC), Baucus’ name had become synonymous with the issue of US tax reform. Ron Wyden, Oregon Democrat, will take up the SFC chairmanship.
Palaniappan Chidambaram, India’s finance minister, said this week that the Direct Taxes Code (DTC) and goods and service tax (GST) Bills will not be passed in the current Parliamentary session, despite telling International Tax Review in December that he was hopeful of passing the heavily-delayed DTC Bill in the winter session.
The total tax contribution of the UK’s biggest companies rose by £500 million ($820 million) on 2012, despite corporation tax revenues falling sharply. And, for the first time, employers’ national insurance contributions overtook corporation tax as the biggest source of tax revenue from the 100 Group of Britain’s biggest companies.
