November2021


UK Warns Against Scams

Posted on November 30th, by Global Tax Weekly in Compliance. No Comments

The UK’s HM Revenue & Customs has urged self-assessment taxpayers to be wary of falling foul of scams as the filing deadline approaches.

In a November 16 statement, HMRC warned that such scams were on the rise, with nearly 800,000 reported in the last year, as fraudsters use Self Assessment season to try and steal money or personal information from unsuspecting individuals, ahead of the January 31, 2022, deadline.

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look


Vietnam announces VAT cuts

Posted on November 24th, by Global Tax Weekly in Sales Tax. No Comments

In Vietnam, VAT rate cuts on various goods and services recently come into force, effective until the end of this year.

A 30 percent reduction is in place from November 1 in relation to the VAT chargeable on:

• all forms of transportation;
• accommodation services;
• food and beverage services;
• travel agency and tour operator services, and support services related to the promotion and organization of tours;
• publishing products and services;
• audiovisual entertainment;
• artwork;
• cultural activities; and
• sports and entertainment services (excluding digitally traded services, including software).

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look


Zambia Cuts Corporate Tax Rate

Posted on November 23rd, by Global Tax Weekly in Budgets. No Comments

The latest Zambian Budget is full to bursting with tax reforms, including a cut to the headline corporate tax rate and mining tax regime amendments.

The Budget featured a cut to the standard corporate tax rate from 35 percent to 30 percent, with the rate for telecommunications companies remaining at 40 percent and the 15 percent concessionary corporate tax rate for the hospitality sector to be extended until the end of 2022. A corporate tax waiver is to be introduced for manufacturers of ceramics during 2022 and 2023, and the period for disallowed interest deduction carry forward will be increased to 10 years from five years.

For the mining sector, the Budget proposed making mineral royalties again deductible for corporate tax purposes, and to broaden the tax base, it proposed extending property transfer tax to transfers of mineral processing and other mine … Read More »


Australia Rules Out Carbon Taxes

Posted on November 10th, by Global Tax Weekly in Carbon Taxes. No Comments

In Australia, the Government has ruled out the reintroduction of an unpopular carbon tax. Australia introduced a short-lived carbon tax from July 1, 2012, after years of political wrangling on the issue of taxing carbon emissions, which required around 500 large carbon emitters to purchase a permit for each tonne of pollution released into the atmosphere.

Prime Minister Scott Morrison has pledged to target net zero emissions by 2050, but without reinstating a carbon tax. Setting out the Government’s plans on October 26, he announced that: “The Morrison Government will act in a practical, responsible way to deliver net zero emissions by 2050 while preserving Australian jobs and generating new opportunities for industries and regional Australia.”

The Government has said it intends to channel investment to industries to “deliver results through technology, not taxes”.

For more information on this, and other topical international … Read More »


EU To Investigate Pandora Papers

Posted on November 2nd, by Global Tax Weekly in Compliance. No Comments

There have been calls in the European Parliament for an investigation into any wrongdoing exposed by the Pandora Papers that took place in EU jurisdictions.

Adopting a resolution on October 22 by 578 votes in favor, 28 against, and 79 abstentions, MEPs identified what they see as “the most urgent measures the EU needs to take to close loopholes that currently allow for tax avoidance, money laundering and tax evasion on a massive scale.”

They also called for legal action to be taken by the Commission against EU countries that do not properly execute existing laws, noting that numerous member states are delayed in their implementation of existing rules intended to counteract money laundering and tax avoidance. They called on the Commission to analyze whether further legislation should be proposed and establish if legal action against some member states is warranted.

For more … Read More »





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