News

US: IRS requests data from Belize Banks

The Bank of America and Citibank are being forced by a court order obtained by the US government, to disclose information about all US taxpayers who hold offshore accounts at BBIL (Belize Bank International Limited) or BBL (Belize Bank Limited).


HMRC in the UK to start direct recovery of tax debt from bank accounts

Going forward, HM Revenue and Customs (HMRC) in the UK hope to improve the figure of total tax owed and unpaid. They will do this by collecting sums owed from tax payment and credit debts directly from borrowers’ bank accounts who have a minimum cumulative credit of £5,000. Additional measures have been included following the consultation.


China: creates new definition to help calculate taxable income

Tax officials in China have issued a statement which lays out new guidelines regarding individuals' tax accountability on the disposal of personal non-monetary asset investments, including shares and land & property. Taxable income from the transfer of non-monetary assets is now defined has now been…


Ukraine launches generous tax exemption scheme

The government in Ukraine has started the year with a generous tax exemption not having to pay corporate income tax and value-added tax (VAT) from January 17th 2014 for three months. The absolution also covers VAT refunds claimed wrongly as well as deductions against income tax.


Legal action taken on the “Luxembourg Leaks” violation

The so called Luxembourg Leaks are based on confidential information about tax rulings from 2002 to 2010 which resulted in making available to the public in November 2014 the names of over three hundred multinational companies involved in the tax rulings. The Luxembourg Leaks' disclosures attracted international attention about tax avoidance schemes in Luxembourg and elsewhere.


All EU member states requested to release complete tax figures

All EU member states have now been drawn into the European Commission’s investigation into the use of tax rulings to offer preferential tax treatment to multinational companies. The EC has extended its enquiry into tax rulings practice under EU state rules to the entire EU 28 member states.


The Treasury take action against “Google tax” and large corporations

The Treasury in the UK has released more details of the so-called Google tax, a new tax to be levied on diverted profits designed to prevent large firms from shifting profits to companies established in tax havens such as Ireland in order to avoid paying corporation tax.


High earners in the UK pay least tax in Western Europe

UHY Hacker Young studied tax data in 25 countries across its international network. Their findings showed that Labour Party plans to reintroduce the “50p tax rate” would see high earners in the UK pay 24% more in tax than the current international average.


Spain raises environmental taxes to meet EU fiscal requirements

As per the new fiscal regulations set out by the EU, Spain has released plans to implement new environmental taxes in an attempt to meets its budgetary obligations. This will form a crucial part of the governments’ revised 2017 Spanish Budget.