International tax

Tax / NAO to look at online overseas retailer VAT evasion

The National Audit Office (NAO) is to carry out an investigation looking at the risk of VAT evasion by overseas online retailers, which HRMC has estimated costs the Exchequer around £1bn a year

Tax / Trump inauguration: US tax reform tops agenda

Ahead of president elect Donald Trump’s inauguration tomorrow, his victory in the US presidential election has given people reason to start talking seriously about a real possibility of a long awaited comprehensive US tax reform, explains Jeff Whener, Jon Traub and Natalia Mityaeva at Deloitte

Tax / Register of people with significant control will not affect Crown territories

The government has quashed calls to look at extending the requirement to publish a public register of people with significant control to companies incorporated in the Crown dependencies and overseas territories, as part of a bid to increase tax transparency, saying new rules on the automatic exchange of information are sufficient to address the issues

Tax / Tech start-up Snapchat picks UK for international HQ

US tech company Snap, which supplies the popular Snapchat app, has announced it is to establish its international headquarters in the UK and will be billing all non-US revenue via this office

Tax / Irish tax authorities tighten offshore disclosure regime

The Irish tax authorities have issued new guidance on the disclosure of foreign income and assets, outlining changes to the voluntary disclosure rules that will prevent individuals from benefitting from lower penalty rates when the disclosure relates to offshore matters

Tax / Zurich pays up over misleading IHT investment advice

Zurich is to pay more than £220,000 in damages to a 96-year-old English woman who as not lived in the UK since 1948 after the High Court ruled one the insurer's representatives had given her inheritance tax advice on an 'entirely false' basis

Tax / Case: Zurich made to pay £223k due to false IHT investment advice

A 96-year old English woman who has not lived in the UK since 1948 has been awarded £223,000 in damages from Zurich, after the High Court ruled one of the insurer’s representatives had given her inheritance tax advice based ‘on an entirely false foundation

Tax / Italy introduces non dom tax

Italy has introduced a new territorial system of taxation for ‘newly resident’ individuals, with the aim of attracting high net worth individuals (HNWIs), including sportspeople and celebrities, who could be interested in relocating

Tax / EU rules on cross border tax rulings introduced

The European Commission has introduced new rules which mean that member states have to automatically disclose information on all cross border tax rulings, in an attempt to increase transparency

Tax / UK takes tough line on corporate interest deductibility BEPS rules

The OECD has updated its guidance on Action 4 of its Base Erosion and Profit Shifting (BEPS) project relating to interest deductions, with particular reference to the group ratio rule and the risks posed by the banking and insurance sectors

Tax / Economic trends: don’t rule out more surprises in 2017

After an unpredictable and turbulent year, PwC senior economic adviser Andrew Sentance predicts a year of further political disruption in the US and Europe

Tax / FATCA: tax compliance for US citizens based overseas

KPMG senior manager Joseph Selby examines what US citizens worldwide are required to file with the IRS in order to remain compliant with the Foreign Account Tax Compliance Act (FATCA)

Tax / UK opposes planned US dividend tax for offshore investors

The US government is facing calls to delay the introduction of a new tax on foreign investors in US equity-linked derivative transactions, after the G5 group of countries signalled their opposition and the US Securities Industry and Financial Markets Association (SIFMA) indicated its members would not be ready for the planned 1 January 2017 implementation

Tax / India government cracks down on undeclared income

The Indian government has signalled it is taking further action to tackle the country’s black economy with the introduction of a new and tougher declaration scheme for hidden income, following on from the decision to withdraw high value bank notes

Tax / Portugal raises taxes on homes with sea views

The tax authorities in Portugal have introduced a controversial increase in property tax on homes that offer a sea view, which will pay 20% more than the standard levy, while those facing north or overlooking a cemetery may be given a 10% reduction