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International Tax »

ACCA Questions Legality Of UK 'Bank Raid' Powers

The Association of Chartered Certified Accountants has warned that proposals to give HM Revenue and Customs powers to "raid" money from taxpayers' bank accounts risk being unconstitutional. Continue Reading »

International Law »

US Congress Urged To Deny Contracts To Inverters

With pressure growing for the United States Congress to move forward on legislation to halt the flow of "corporate inversions" in the short-term, the Fair Federal Contracts Act has been introduced in both the Senate and the House of Representatives, to add a provision to prohibit federal contracts going to corporations that reincorporate overseas. Continue Reading »

Politics & Economics »

South Korea Confirms Fiscal Support For The Economy

During his participation in a forum on July 28, South Korea's Minister of Strategy and Finance, and Deputy Prime Minister, Choi Kyung Hwan confirmed that the Government's future tax policies will be designed around the pressing need to provide a boost to the country's economy recovery. Continue Reading »

Offshore »

Isle Of Man Releases 2014 Budget

The Isle of Man's Finance Minister, Eddie Teare, has reported that the island is on track to rebalance its finances by the tax year 2015/16, and has proposed mainly compliance-related measures in this year's budget. Continue Reading »

Business »

Russia Told To Repay USD50bn In Yukos Tax Ruling

The Permanent Court of Arbitration in The Hague has found that the Russian Federation subjected the oil company Yukos to tax reassessments with the objective of destroying the firm and expropriating its assets. It ruled that former Yukos shareholders should be paid USD50bn in compensation. Continue Reading »

E-Commerce »

US Senate Bill Lumps Online Sales Tax With Internet Moratorium

With the United States House of Representatives having recently passed the Permanent Internet Tax Freedom Act that would permanently extend a moratorium on internet access taxation, but with the more controversial Marketplace Fairness Act, which would allow states to impose sales taxes on online purchases, stuck in its Judiciary Committee, certain lawmakers have had the idea of linking the two into one bill in the Senate. Continue Reading »

Aviation »

Egypt Confirms USD25 Airport Departure Tax

Egypt has confirmed that it is adding a USD25 airport departure tax to flight fares to boost revenue for the cash-strapped state. Continue Reading »

Marine »

Philippine Bill Extends Shipping Income Tax Exemption

With the Philippine Overseas Shipping Development Act expiring this year, a bill has been introduced into the House of Representatives, seeking to extend the expiring income tax exemption granted to the country's shipping industry. Continue Reading »

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