HM Treasury has announced that the Summer Finance Bill 2015 will be published on Wednesday 15 July, following the Budget on 8 July. Explanatory notes on the Bill will be available in the Vote Office and the Printed Paper Office and placed in the Libraries of both Houses on that day.
The UN Conference on Trade and Development's World Investment Report 2015 argues that corporate tax anti-avoidance discussions should focus more on investment policy in developing countries and proposes a set of guidelines for coherent international tax and investment policies.
The OECD has published the public comments received on its discussion draft on BEPS Action 6 (preventing treaty abuse). The revised discussion draft follows the original discussion draft which was published on 21 November 2014.
Latvia has written to the EC to remove Bermuda as one of its ‘blacklisted’ countries. This follows reports of Poland doing the same last week, which means the number of countries targeting Bermuda is now down from eleven to nine.
Mauritius has signed the OECD convention providing for the comprehensive multilateral exchange of information and assistance in tax collection matters.
HMRC is reallocating £45m out of current spending to recruit 3,000 additional customer service staff and move 2,000 existing staff to help with administering tax credits. HMRC receives more than 60m calls a year.
A CIOT survey reveals concerns among its members over the current system of penalties, compliance checks and reviews.
Following the introduction of RTI in April 2013, HMRC has reported that virtually all employers are now reporting PAYE in real time for over 99% of individuals. An HMRC spokesman said: ‘We recognise that RTI, like any system, isn’t perfect; it needs to continue to evolve and improve.