A special low rate of UK corporation tax on finance profits from overseas financing within multinational groups will offer a ‘very significant’ benefit to groups setting up a structure that represents, according to a leading tax expert, ‘almost government-approved tax avoidance’.
HM Treasury has published a ‘non-exhaustive list’ of changes made to draft legislation on controlled foreign companies between the February 2012 update and the Finance Bill published on 29 March.
An ‘amending arrangement’ to the double taxation arrangement between the UK and Montserrat entered into force on 14 March 2012.
‘Amazon tax probe in media spotlight’
‘Amazon's tax arrangements are in the spotlight this morning after national newspapers followed up The Bookseller's initial investigation.
George Osborne told journalists earlier this week that he ‘candidly conveyed’ to the Indian government his concerns over proposed changes to India’s tax code that could reopen a $2.9bn dispute with Vodafone.
‘George Osborne, UK chancellor, attacked India’s proposed law to retrospectively tax cross-border deals, in the first such criticism from a foreign official. He warned that the move would damage the overall investment sentiment in Asia’s third-largest economy.
OECD guidelines on transfer pricing and other international tax issues protect the interests of OECD countries only and it is ‘improper’ to suggest that they represent internationally agreed guidance, the Indian government has claimed.
‘George Osborne is to make the case against a plan by the Indian government that could hit Vodafone and other western companies with backdated tax demands totalling billions of pounds.
ActionAid and the Task Force on Financial Integrity and Economic Development have been named by TP Week readers as two of the five ‘leading forces in global transfer pricing’.
Tax officials from 90 countries have agreed on the need to simplify transfer pricing rules and make them ‘more robust’.