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  • HM Revenue and Customs (HMRC) seized business assets from 1,080 UK small firms to settle late tax bills in 2014, according to research by Funding Options. Sole traders, unincorporated businesses, and partnerships must file their annual self-assessment returns by July 31 and make an up-front payment of 50 percent of their annual tax liability. Funding […]

  • Oil giant Royal Dutch Shell has won a long-running court battle against Indian authorities over a tax dispute involving billions of dollars. The Bombay High Court ruled in favour of Shell’s Indian unit, which was accused of under-pricing shares transferred to its parent firm by $2.5bn (£1.6bn) in February 2013. Officials wanted tax on the […]

  • Austria aims to put together a tax relief package worth at least 5 billion euros ($6.3 billion) next year, which could promote growth in a sluggish economy without boosting deficits and debt, officials said on Saturday. The Social Democrats (SPO) and their conservative People’s Party (OVP) coalition partners agreed on hitting that sum in talks […]

  • Switzerland proposed tax changes that it hopes will resolve a dispute with the European Union over preferential rates offered to multinationals while retaining the country’s appeal as business location. Switzerland will follow 11 EU nations in introducing royalty boxes, which allow lower taxation on revenue from intangible assets such as patents, Finance Minister Eveline Widmer-Schlumpf […]

  • Switzerland unveiled proposals on Monday to scrap certain tax breaks for foreign multinational companies but also recommended measures to ensure the country remains an attractive place to invest. Switzerland allows its cantons, or states, to compete for multinationals’ business by taxing their foreign profits at a lower rate than domestic earnings, a practice known as “ring […]

  • The decision by the world’s biggest countries to overhaul the international tax rules have grave consequences for Ireland. The changes proposed by the Organisation for Economic Cooperation and Development (OECD) yesterday inevitably mean an end to tax-avoidance schemes such as the so-called ‘Double Irish’, which enables foreign companies to channel profits though their operations here […]

  • The Swiss Federal Council has clarified that fines are not a business-related expense and are therefore not tax deductible. It is stipulated in Swiss tax law that neither private individuals nor companies may deduct tax fines from their assessable income. However, the tax treatment of other fines, financial administrative sanctions, and profit disgorgement sanctions is […]

  • WHATEVER the outcome of the Scottish independence vote on Thursday, one result is guaranteed – Holyrood will have hugely increased tax-raising powers. And such a move could potentially unleash even more destructive powers to destroy what remains of the 307-year old Act of Union. Income tax looks set to arouse the strongest feelings, with Holyrood […]

  • Austria won’t participate in a planned financial-transaction tax unless the revenue generated outweighs the cost to the industry, Finance Minister Hans Joerg Schelling said. “Austria won’t be part of a fig-leaf tax announced for political reasons to counter evil speculators,” Schelling said in an interview in Milan. “If the overhead for banks, companies and stock […]

  • Some of the largest multinational companies to be forced to contribute towards government budgets. Bold updates to international tax rules designed to force some of the world’s biggest multinationals – including Google, Apple, Amazon,Vodafone and GlaxoSmithKline – to contribute their fair share towards government budgets are to be agreed by G20 countries this weekend. Under […]

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