Tax archive

Summer Budget announcements

22/09/15

This was a budget much more about taxpayer behaviours than it was technical changes; many of the messages announced appear to reflect a change in HMRC's expectations of taxpayers.

The Tax Function of the Future

22/09/15

PwC’s Tax Function of the Future series explores global predictions for the tax function, the challenges arising and how these need to be tackled by companies in the next three to five years.

Action plan for EU corporate tax reform

22/09/15

What does the EU’s action plan to reform corporate tax mean for companies?

BEPS update: UK and global developments

11/08/15

The UK’s Diverted Profits Tax came into effect on 1 April 2015. Meanwhile, the OECD has issued a number of discussion drafts in relation to its BEPS project.

Summer budget update: Osborne emphasises building business confidence

11/08/15

The Chancellor highlighted the UK's strong economic growth but stressed the need to build business confidence.

Reclaiming overcharged VAT

11/08/15

A recent case regarding the recovery of indirect taxes charged in breach of EU law has wide-ranging implications.

Sharper spotlight on tax authority rulings

27/03/15

A further focus on tax authority rulings by the European Commission and a new European Parliament Special Committee is causing business concern.

Future Tax: creating clarity

27/03/15

Innovative thinking is required to create a tax system that rebuilds trust and supports global economic growth.

BEPS update: UK and global developments

27/03/15

Business will have to take immediate action in order to comply with the requirements of the UK’s new Diverted Profits Tax while preparing for the global roll-out of wider BEPS measures.

What do CEOs think about tax?

27/03/15

64% of UK CEOs see tax as one of the major things they’ll need to manage if they’re to grow their business.

Brainstorming tax reform

09/01/15

A recent business jury called on the government to set clearer, longer-term and simpler tax policies.

Keep watching as BEPS actions develop

09/01/15

Business could soon feel the effects of international efforts to protect tax revenues through the project on Base Erosion and Profit Shifting.

Shining a light on tax contributions

09/01/15

The 100 Group’s Total Tax Contribution to the UK economy reaches a record high despite a fall in the corporation tax rate, and the profile of the taxes paid continues to change.

EU VAT place of supply rule changes

09/01/15

Businesses providing e-services will face a number of challenges as a result of EU VAT changes.

Devolution: the tax impact continues

09/01/15

Businesses across the UK will be affected by the devolution of tax powers following the Scottish referendum – and by changes that have already been enacted. PwC’s David Glen explains what’s ahead.

Tax privileges could prove costly

09/01/15

A new European Commission focus on fiscal state aid could result in tax costs for business.

The crackdown continues

19/09/14

The Autumn Statement and draft Finance Bill confirm the government’s ongoing drive to tackle tax avoidance.

Evaluating tax controls and risk management

20/03/14

Tax authorities are encouraging large groups and multinationals to enhance their tax control environment and tax risk management COSO has a widely recognised standard for evaluating controls

Patent box Code of Conduct review

20/03/14

All nine EU intellectual property tax incentive regimes are being reviewed, including the UK's patent box. Many companies expect to benefit from the UK's patent box and want to know what impact the review might have. The EU Business Code of Conduct Group will report findings in June 2014. Any changes are unlikely to take effect until 2016/17

Proposed new transfer pricing documentation requirements including country-by-country information

20/03/14

As part of its BEPS Action Plan, the OECD issued a discussion draft on 30 January. The draft updates guidance on preparing transfer pricing documents. It includes a template for reporting country-by-country information to tax authorities. Final guidance expected in June 2014. UK effective date will depend on passage through parliament.

Tax and transparency messages getting through

20/03/14

The 100 Group made a substantial economic impact and an increased total tax contribution (TTC) in 2013. The overall tax contribution of the Group rose despite a decline in profits earned in the UK by these businesses. TTC rose from £77.1bn to £77.6bn

Planning for changes to VAT for suppliers of e-services

07/01/14

Different VAT rules for suppliers of e-services come into effect 1 January 2015. EU VAT B2C place of supply rules changin. Mini one stop shop registration can help manage VAT obligations. Additional EC guidelines on new place of supply expected in 2014.

Tax gap has gone up, and down

07/01/14

Tax gap has increased to £35bn HMRC notes this is due to an increase in the VAT gap 30% of companies registered in the UK are not making a UK tax return. HMRC on track to secure £44bn in tax revenues over the next two years.

OECD active on several fronts

07/01/14

Public consultation on transfer pricing issues took place on 11 and 12 November. BEPS Task Force on the digital economy has consulted on how to address the tax challenges. Comments are requested by 15 January 2014 on proposed technical changes to the OECD’s Model Tax Convention. Global Forum on Transparency and Exchange of Information for Tax Purposes found British Virgin Islands, Cyprus, Luxembourg and the Seychelles failed to meet information sharing standards.

Paying Taxes study shows continuing reforms

07/01/14

UK improves ease of paying taxes. Economies trying to balance tax revenues with encouraging growth. Labour taxes now the largest element of Total Tax Rate Taxpayers in 76 economies now able to file tax returns electronically.

Country-by-country tax reporting debate continues

20/11/13

OECD developing International template for country-by-country reporting to tax authorities Country-by-country tax reporting also on EU agenda European Commission proposed amends to Accounting Directive on 16 April. Preference for disclosures to be audited also proposed

UK tax policy reforms – year round process

20/09/13

Basic ongoing tax reform has become a year-round process – need to digest proposals and consider responses three times. Greater commitment in ‘up-front’ time and resource, but could lead to reduced time and effort dealing with inconsistencies. Finance Act brought into effect the GAAR Budget 2013 – most of the 35 or so consultations mentioned have now started. Changes to be made in Finance Bil 2014.

UK tax system ‘fit for purpose’?

20/09/13

Unilateral action is being strongly discouraged because it risks damage to UK competitiveness. Lords Select Committee published recommendations in July – some are significant and need thought e.g. a review of debt/equity tax; regulation of tax advisers; penalties for tax avoidance; parliamentary oversight.

Tax and transparency after the G8 summit

13/09/13

In June, G8 agreed to publish how they’d meet tax and transparency commitments as part of a national action plan. The draft UK National Action plan has been published – comment deadline is 19 September 2013. The G8 called for a common template for country-by-country reporting to tax authorities by multinational enterprises. Views sought by 16 September on whether the register of beneficial ownership should be open to the public. G8 committed to automatic exchange of information as the new global standard.

Base erosion and profit shifting action plan

13/09/13

BEPS Action Plan published by OECD on 19 July 2013 – full-scale review with 15 actions and 1 to 2-year timelines. Due to be formally approved by G20 in October

The right amount of tax’ and ‘open for business

26/06/13

Government is treading a difficult line between ‘open for business’ and ‘sticking to the letter and spirit of the law’ on tax

More guidance on the GAAR

26/06/13

Effective from mid July - guidance notes available. Advisory panel being formed – members to serve for 3 years. Concern over balance of members and expectations of the GAAR

European action on tax avoidance

26/06/13

EC pushing for action – 7 short-term areas under discussion. Consider interaction with Platform for Tax Good Governance.

Lords enquiry: UK corporation tax

26/06/13

Economic Affairs Committee review – submissions received OECD and G20 considering international tax rules. What are your views on options for reformUK/ EU/global?

FTT concerns more widely voiced

26/06/13

Slow progress by 11 EU countries on financial transactions tax. Formal challenge from UK government. Is alternative action by business appropriate?

Tax transparency is developing quickly

26/06/13

Round-up of developments in UK, Europe, US, Australasia. Does business want a stronger voice?

Budget update

26/06/13

Changes to previously announced plans: procurement rules; R&D tax relief above the line; corporate tax rates, national insurance, employee shareholder scheme. Some consultations already live consultations to take place on other changes: loan relationships and derivative contracts; pensions tax relief; partnerships’ tax. Some consultations already live.

PAC focus on the ‘right amount’ of tax

26/06/13

Public Accounts Committee Report highlights lack of clarity between acceptable tax planning and aggressive avoidance. Consider also CBI paper on tax avoidance and transparency. Google highlights need for clarity on substance of transactions. Opportunity to help HMRC with right level of resourcing

Total Tax Contribution (TTC)

19/03/13

Reporting on total tax contributions is more relevant, accurate and transparent – it will help with the ‘fair taxation’ agenda.

Balance of UK/EU competences on tax

19/03/13

Government is reviewing the balance of power between UK and EU to act on tax. Information gathering is now over.

Law change needed for legal professional privilege for accountants

19/03/13

Supreme Court holds that legal privilege is not extended to tax papers of professionals who are not lawyers. Appeal to ECHR or consideration by Parliament expected. Business should take a position on how important tax advisor privilege is to them

Fair taxation debate moves to base erosion and profit shifting

19/03/13

OECD is reviewing international tax, particularly base erosion and profit shifting. Measures to follow within 6 months – realistic? Consider involvement in OECD work plan; and make sure UK government maintains ‘open for business’ tax strategy

Public concern about tax

24/01/13

OECD reviewing how international system is working. Consider how to raise public awareness of tax arrangements. Consider how to engage with the OECD.

UK tax regime moves up the rankings

22/01/13

UK is world’s 16th most effective tax regime, says Paying taxes. Engage on how to lower tax compliance burden further. See Total tax contribution report

Autumn Statement and draft Finance Bill

10/01/13

Tax policy signalled support for ‘UK open for business’. Business needs to show government that stability is appreciated. GAAR - business needs as many examples as possible. Surprise measures – does bill fit with consultation framework?

European Parliamentary round-up

10/01/13

CCCTB – business needs to revisit in light of public concern FFT – EU consultation expected spring 2013. Lobby before this?. EC action plan on evasion and avoidance – progress will be slow >EU VAT strategy – long road ahead. What are key battlegrounds?