News

UK could see a £30Bn drop in tax revenue due to slow economic growth

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.


5 New jurisdictions join the global tax transparency reporting agreement

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:


Hong Kong confirms tax agreements are in place with the UK & Japan

Hong Kong has confirmed the signing of agreements with the UK and Japan in order to start automatic exchange of financial information for all tax matters coming into effect by 2018.


SMEs require funding to improve the global trade finance deficit says WTO

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.


HSBC closes Monaco branches to streamline it's EU banking operations

Global bank HSBC has finalised plans to remove all branches from the principality of Monaco, as part of its long-term plan to streamline the company’s wealth management business.


China increase online security to mitigate internet finance fraud

China has announced new measures in order to mitigate risks brought about by illegal activities in the online banking for the development of the Chinese finance sector, in a newsletter issued by the Chinese State Council earlier this month.


OECD launches survey on tax certainty for all European businesses

The OECD was given a commendation from Finance Ministers & G20 Leaders to continue work on solutions to support increased certainty in the tax system in order to promote balanced growth, and increase trade and global growth.