Tax First May 2010
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May 2010
In this May issue we take a look at a variety of tax issues, beginning with the implications of the Foreign Account Tax Compliance Act of 2009, legislation which has significant consequences for all financial services organisations. We also outline a new report on the future of financial services, as published by the International Monetary Fund, and look at the proposed idea of ‘country-by-country’ reporting, which - if instigated - would require multinational companies to report on their financial performance and tax payments in each of the countries in which they operate.
Details of the newly enacted Finance Act 2010, which received Royal Assent on 7 April 2010, are also included, alongside
HM Revenue & Customs’ (HMRC) new approach to open controlled foreign company (CFC) issues.
HMRC has now accepted that certain supplies of Royal Mail postal services are liable to VAT, following the European Court of Justice (ECJ) decision in TNT Post UK Ltd (TNT). We outline which services will be affected and suggest that your business may want to submit a claim now.
