News

OTS: Gig economy in the UK could result in serious tax loses

The Office of Tax Simplification warns that as a result of the ‘hidden economy’ that is growing in the UK, the lost tax could escalate due to the ad hoc nature of employment as a result.


Singapore will continue work with remaining TPP partners to find a solution

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.


German Finance Minister warns of UK’s tax position after leaving the EU

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.


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.