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27 August 2015

Ten years of Paying Taxes; ten years of simplifying tax compliance

By Andrew Packman, Neville Howlett and Tom Dane In the run up to the release of the 10th edition of Paying Taxes in November 2015, a chapter on the study’s purpose, methodology and results to date has been included a new book called “Tax Simplification” published in August of this...

26 August 2015

Australia: GST Changes in 2017

By Christine O’Malley The Australian Government will introduce legislation from 1 July 2017 which will require non-residents (overseas suppliers) to remit GST for sales of goods to Australian customers. Only vendors with an Australian turnover of AU$75,000 or above will need to register and account for GST. Subject to these...

24 August 2015

India: Update on GST roll out

By Christine O’Malley The Constitution Amendment Bill necessary for the introduction of the goods and services tax (GST) in India is yet to be cleared. This follows failure by the Raiya Sabha (upper house of Parliament) to discuss the Bill in the Monsoon session. Revenue Secretary, Shaktikanta Das, has been...

20 August 2015

HMRC proposes new offences to tackle tax evasion

By Anthony Whatling August 2015 On 16 July 2015, HMRC outlined proposed new offences and sanctions to tackle offshore tax evasion, including a corporate criminal sanction for the failure to prevent the facilitation of tax evasion. Under this proposed new offence, a company could face prosecution if it has failed...

11 August 2015

Addressing transparency in an ever changing tax landscape

By Stuart MacPherson Tax transparency is of increasing importance for multinational organisations, and is no longer just an issue for the Head of Tax to deal with. As the Organisation for Economic Co-operation and Development (OECD) introduces transfer pricing (TP) documentation reporting requirements as part of greater transparency initiatives globally,...

05 August 2015

Breakthrough agreement for free-trade between the EU and Vietnam

By Christine O’Malley After almost three years of intense negotiation the EU has reached an agreement in principle on free-trade with Vietnam. The agreement will remove nearly all tariffs on all goods traded between the two economies. Vietnam will also remove almost all of its export duties. The agreement is...

04 August 2015

Permanent establishments: Changing rules and behaviour

By Mike Cooper In a recent South African case the Court took a position on what constitutes a fixed place of business that will cause many to pause for thought. The Court held that the exclusive use of a South African client’s board room by an overseas consulting firm for...

31 July 2015

HMRC Common Reporting Standard guidance update

As we count down to the January go live date for implementing the Common Reporting Standard (CRS)/Directive on Administrative Cooperation, UK financial institutions are eagerly awaiting detailed guidance from HMRC to resolve a number of implementation issues. A draft version of guidance was expected to be published today, however, due...

Outcomes from the ECJ's judgement on Larentia + Minerva

By Christine O’Malley We had over 300 clients tune into our webcast following the Court of Justice of the European Union (CJEU) decision on the joint cases, Beteiligungsgesellschaft Larentia+Minerva GmbH & Co. KG (C-108/14) (Larentia+Minerva) and Marenave Schiffahrts AG (C-109/14) (Marenave). The Court’s decision concerns the ability of holding companies...

29 July 2015

Court of Appeal allows Volkswagen’s appeal in partial exemption case

By Christine O’Malley The Upper Tribunal decided that the economic reality of the Taxpayer's business was that it was a finance business and as such its overhead costs related only to exempt supplies of finance and the proposed 50% recovery of overhead input VAT could not be fair and reasonable....

28 July 2015

GST Bill update: Select Committee submits report to India’s Rajya Sabha

By Christine O’Malley The Select Committee of Rajya Sabha (India’s upper house of Parliament) on the Goods and Services Tax (GST) has submitted the report in the Rajya Sabha on 22 July 2015. The Committee has recommended a modification to three clauses of the GST Constitution Amendment Bill: For the...

21 July 2015

Update on VAT and Corporate Tax in the United Arab Emirates

By Christine O’Malley Following recent press releases quoting the Undersecretary of the UAE Ministry of Finance (MoF) concerning draft Corporate Tax and Value Added Tax laws. There is speculation on the timing and nature of tax reforms in the UAE and across the region. This coverage has included an expectation...

15 July 2015

PwC Webcast: ECJ’s judgment on Larentia + Minerva

By Christine O’Malley For the many businesses which have been involved in negotiations with their tax authorities concerning VAT recovery by holding companies, the ECJ’s judgment in Larentia + Minerva mbH & Co. KG (C-108/14) will be eagerly awaited. The ECJ diary indicates that the judgment will be published on...

10 July 2015

Korea: Offshore e-services providers required to VAT register by 20 July

By Christine O’Malley PwC Korea advises that with effect from 1 July 2015, electronic services such as applications, music, films, etc provided either directly by a foreign service provider, or through an offshore open market app store, are subject to 10% Korean VAT. A simplified VAT registration should be made...

09 July 2015

Summer Budget 2015: Keeping the UK a competitive place to do business

Follow @PwC_UK for up to date Budget news #SummerBudget By Stella Amiss So George Osborne delivered his first Conservative Government Budget yesterday and it was stuffed full of new measures in an attempt to make his mark as a Chancellor with a 'big plan'. I hope you found our coverage...

08 July 2015

Budget: Impact of interest relief withdrawals on buy-to-let property

By Robert Walker Today's changes do nothing to address the fundamental lack of supply in the UK housing market and ultimately may backfire and hit people who are having to rent. We could see buy-to-let investors feeling the squeeze and putting up rents. This would have a major impact on...

Budget: Insurance Premium tax increases from 6% to 9.5%

By Ben Flockton and Naomi Saragoussi Increasing the basic rate of IPT from 6% to 9.5% will clearly not be welcomed by insurers. It will add over £12 to the average buildings and contents policy and over £13 to the average annual motor insurance bill. Insurers will also be concerned...

Budget: Chancellor smooths pace of spending cuts but still a lot of pain to come

By John Hawksworth and Andrew Sentance New projections by the OBR show that public borrowing will be lower than expected this year, but will then fall more slowly over the next three years as the Chancellor has smoothed the previous rollercoaster path of planned spending cuts. The total amount of...

Budget: Tax rises for private equity

By Alex Henderson The changes to the taxation of private equity carried interest bring to an end a basis of taxation agreed with HMRC as long ago as 1987 when the industry was in its infancy. This is one of a series of changes that have affected the way the...

Budget: Entrepreneurs lose out from changes to tax on dividends

By Alex Henderson The changes to the taxation of dividends remove the final vestiges of the system introduced in the early 70's where a credit was given for tax paid by the company. The system aimed to relieve the impact of the double taxation of companies and shareholders on distributed...