Search Results for: tax
Multinationals’ tax affairs “hurting” growth and investment
April 2nd, 2014
RULES designed to protect multinational companies from double taxation are allowing them to either greatly reduce or eliminate their tax rates in many countries, an OECD report to the G20 has found. The study shows multinationals frequently pay rates ...
ACCA research disputes corporate tax base erosion
April 2nd, 2014
RESEARCH commissioned by ACCA has found “extensive evidence” that the corporate income tax system is not broken, and is not being eroded. The paper, produced by Australia’s RMIT University School of Economics, Finance and Marketing, asserted that there is ...
China Mulling Implementing FATCA-Like Law To Reduce Tax Evasion On Mainland; Hong Kong Agreed To Share Tax Information Of US Expats Earlier This Week
March 31st, 2014
China is to looking to formulate a law similar to one in the U.S., which now requires financial institutions worldwide to disclose information on American taxpayers to the U.S. government, South China Morning Post, or SCMP, reported Friday. China ...
UK’s banks pay 71% of profits in tax
March 28th, 2014
THE UK’S LARGEST BANKS paid an effective tax rate of 71.3% of their profits to HM Revenue & Customs in 2013, according to research conducted by KPMG. KPMG’s study examined several key metrics in the published results of the ...
IRS Says Bitcoin Counts as Property for Tax Purposes
March 26th, 2014
The Internal Revenue Service issued a notice saying that Bitcoin and other virtual currencies should be treated as property for federal tax purposes and the general rules for property transactions should apply. The notice provides answers to frequently asked ...
Take Cover Against Tax Season Violence
March 21st, 2014
The threat of violence against professional tax return preparers is real. According to an item in the Minneapolis StarTribune on February 28, a man accompanying a female client to a meeting at Tax City Tax Service, a tax preparation ...
IRS Already Received Over Half of Expected Tax Returns
March 21st, 2014
The Internal Revenue Service said Thursday it has already received more than half of the tax returns it expects to receive during 2014, even though the filing deadline is nearly a month away. The IRS said it has received ...
Do ‘Cloud’ Ventures Result in Sales Tax Problems?
March 19th, 2014
Businesses are starting to move more of their operations to the “Cloud” and hire “Cloud” vendors to provide an increasingly diverse number of services. While engaging these vendors may result in significant business benefits, buyer beware. If you’re not ...
Former Qwest CEO’s Forfeited Insider Trading Gains May Be Tax Deductible
March 19th, 2014
A federal court may allow the convicted former chief of a telecommunications company to deduct more than $44 million from his taxes after he was forced to forfeit the amount of stock gains he realized from insider trading. Joseph ...
Multinationals Pay Higher Tax Rates Abroad than in U.S.
March 18th, 2014
Most U.S.-based multinational corporations paid lower U.S. taxes on their domestic profits than they paid to foreign governments on their foreign profits, according to a recent study. The study, released late last month by the advocacy groups Citizens for ...
