A Ministry of Trade and Industry spokesperson for Singapore has released a statement showing its commitment to continue working with other countries on the Trans-Pacific Partnership (TPP) in spite of the US’ recent talks of withdrawal.
In an interview with the Financial Times, German Finance Minister & Politician, Mr Wolfgang Schauble has claimed that the current G20 regulations regarding tax avoidance would limit the UK’s aptitude to give tax breaks to companies where due after leaving the European Union.
Just before the release of the much anticipated UK Autumn Statement 2016, several research projects show that tax income could fall below £30Bn below the predictions as a result of lower than expected growth throughout the year. With some studies showing that the UK could have to loan over £20Bn if there are no amendments to the current policy.
Most businesses, in particular international public companies, are reporting in line with the appropriate accounting framework. Additionally, the introduction of strategic reporting has improved the quality of the reports received by the Financial Reporting Council, as per their latest announcement.
The HMRC in the UK has issued a circular, detailing the policy on the deduction of VAT relating to assets used by a business prior to its VAT registration, stating that this has not always been managed with the correct consistency.
As part of continuing efforts to boost tax transparency by international corporations; the following 5 countries have signed the MCAA (Multilateral Competent Authority Agreement) for the automatic exchange of Country-by-Country reports:
A Malaysian Bank has distributed particulars regarding the Regulatory Sandbox Framework for all Financial Technology that will be applicable in Malaysia indefinitely following a one month consultation for the proposals that were released a few months earlier this year.
Growing issues in the international trade & finance sector is confounding global development & growth, as start-ups and small companies are being refused funding in the early stages of their incorporation which is crucial to their contribution to the global economy.