NEWS

EU member states have provisionally reached political agreement on the draft EU Directive on public country-by-country reporting. The Directive would require MNCs with total revenue of at least €750m to publicly disclose annually the corporate tax...

A record amount of income tax is owed to HMRC by self-assessment taxpayers, according to data obtained by accountants Price Bailey. The data shows £15.1bn of tax was deferred under time to pay arrangements as at 31 March 2021 – up from £3.9bn...

Finance Bill 2021 passed the formal House of Lords stages on Tuesday 8 June 2021. The Bill has now completed all stages and awaits Royal Assent. The House of Lords Order Paper for 10 June lists ‘Royal Assent’ at the start of business, with the...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Capital Gains Manual Archived: CG65319,...

The Courts and Tribunals Judiciary has published a practice note issued by Chamber President, Mr Justice Zacaroli, on electronic filing of documents in the UT using CE-File.CE-File is an online system for filing documents electronically at the UT....

The House of Lords Finance Bill, published late on 25 May, incorporated all the UK government’s amendments which were passed by the House of Commons at report stage the previous day. The changes included the insertion of the following four new...

Ofwat has launched a consultation seeking views on its proposals for how to treat tax impacts for green recovery expenditure. It has invited company views on the approach set out in its consultation document and whether respondents can reliably...

The European Tax Observatory has published its first report Closing the tax gap for multinational enterprises: simulations for the European Union. The report estimates the amount of tax revenue that the European Union could raise if it were to impose...

A new OECD report highlights the crucial role of tax transparency and the exchange of information (EOI) in helping African governments to stem illicit financial flows and increase domestic resource mobilisation.The report Tax Transparency in Africa...

Australia and the UK signed a memorandum of understanding (MOU) on 21 May 2021 to establish the arbitration process under Part VI of the BEPS multilateral instrument).The MOU is entered into pursuant to article 26 of the Convention and remains in...