Search Results for: Tax
Google tax deal labelled ‘derisory’, as criticism grows
January 25th, 2016
An agreement for US firm Google to pay £130m in UK back taxes has been labelled as “derisory” and a “sweetheart deal” by critics. The payment covers money owed since 2005 and follows a six-year inquiry by Her Majesty’s ...
IASB issues narrow-scope amendments to IAS 12 Income Taxes
January 21st, 2016
The International Accounting Standards Board® (the Board) today issued amendments to IAS 12 Income Taxes. The amendments, Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12), clarify how to account for deferred tax assets related to debt instruments measured at ...
KPMG’s Top Financial Adviser quits over alleged tax scandal
January 21st, 2016
KPMG’s Patrick McCoy quits over alleged tax scandal Patrick McCoy, one of the top financial advisers in the UK, is among 10 people allegedly charged with tax evasion. Days after being accused, McCoy, the head of investment advice and ...
Top 10 worst tax return excuses
January 18th, 2016
HMRC reveals Top 10 worst tax return excuses for 2014 As the Self Assessment deadline approaches on 31 January, HMRC reveals some of the worst excuses submitted last year for late tax returns. The ten worst excuses for missing ...
‘Big Four’ audit firms never examined over illegal tax plans
January 18th, 2016
Regulators fail to act as they are dominated by the companies they are supposed to police, say critics Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called ...
HMRC admits to winding up inquiry into HSBC tax evasion claims
January 14th, 2016
Only one person was prosecuted following claims the bank turned a blind eye to illegal activities of hundreds of wealthy customers HM Revenue and Customs has wound up its inquiries into claims that hundreds of British customers used HSBC’s ...
Planned valued added tax of up to 5% in 2018 awaits GCC approval
January 14th, 2016
A planned value added tax on goods and services will range between 3 to 5 per cent when it comes online in 2018. It could help to replenish regional coffers following a steep decline in the price of oil, ...
2016: year of corporate tax reform and fiscal transparency, Moscovici tells MEPs
January 13th, 2016
2016 should be the year of corporate tax reform and fiscal transparency, tax Commissioner Pierre Moscovici told MEPs from the Special Committee on Tax Rulings and the Economic and Monetary Affairs Committee at a hearing on Monday evening. “We ...
Cyprus:‘Lagarde List’ accounts face €35mln in taxes
January 13th, 2016
Some €35mln in taxes have been imposed on undeclared deposits in 85 Swiss bank accounts included in the so-called Lagarde List, Finance Minister Harris Georgiades said on Tuesday. Speaking before the House Watchdog and Ethics Committees, the minister said ...
Commission concludes Belgian “Excess Profit” tax scheme illegal; around €700 million to be recovered from 35 multinational companies
January 11th, 2016
The European Commission has concluded that selective tax advantages granted by Belgium under its “excess profit” tax scheme are illegal under EU state aid rules. The scheme has benefitted at least 35 multinationals mainly from the EU, who must ...
