A ruling from the Madras High Court in India, in a case involving Verizon Communications Singapore, could have far-reaching implications after the court confirmed that payments made by Indian customers to Verizon for providing bandwidth/telecom services is taxable as royalty income both under Indian Tax Law and under the India-Singapore tax treaty.
The attack on Barclays comes at a time when the bank is trying to change its image ActionAid has slammed Barclays, the UK bank, for promoting the use of tax havens in Africa, accusing the bank of hypocrisy and a failure to deliver on public promises that it wants to become a "force for good". Deloitte has also incurred the wrath of the tax justice group. ActionAid wants the bank to close down its offshore corporate department, which it says is used to "market a range of tax havens to big businesses in Africa including promoting the low tax levels that are available".
Helen Grant, newly-appointed UK Minister for Sport, Tourism and Equality has heaped praise on the hospitality and tourism sector for its financial contribution to the UK and for its “sharp focus” on, and success in, creating jobs. Those in the sector are hopeful the praise will increase the chances of a VAT cut for the industry in George Osborne’s upcoming Autumn Statement.
Max Baucus, chairman of the US Senate Finance Committee, has released a discussion draft outlining his proposals for US corporate tax reform, including provisions that would drastically alter the tax treatment of income earned by controlled foreign corporations (CFCs). Business has reacted badly to the draft, having lobbied for greater repatriation relief than Baucus is offering.
The European Commission (EC) hopes to “significantly reduce tax avoidance in Europe” through proposed amendments to EU corporate tax legislation which would shut down loopholes in the Parent-Subsidiary Directive.
