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From 1 April, a new 2% tax will apply to the UK revenues of large multinationals that operate social media platforms, search engines, and online marketplaces.
An independent standards organisation, Global Reporting Initiative, calls for multinational enterprises to be more transparent about their country-by-country profits and taxes.
Many UK companies face an April 2020 mandate to begin assessing whether their contractors are in fact employees for tax purposes. The roll-out of the new IR35 rules might be delayed by the upcoming general elections, though.
Beginning 1 October, another group of UK businesses and organisations will have to start managing their VAT records and filings digitally because the automatic six-month extension they were given will expire.
The proposed Organisation for Economic Co-operation and Development changes could radically rewrite the international profit allocation and right-to-tax (nexus) rules that have been in place for almost a century.
Starting 1 April, more than 2 million UK businesses will have to start managing their value-added-tax records and filings digitally, but many aren’t prepared for the switch, a survey suggests.
With OECD efforts underway to address the challenges of taxing digital services in a global economy, the Association of International Certified Professional Accountants urges the UK to reconsider the proposed tax.
The UK will introduce a digital services tax starting in April 2020, Chancellor of the Exchequer Philip Hammond announced as part of the rollout of the UK’s 2018 Budget.
The Association of International Certified Professional Accountants released a policy paper urging global solutions to the tax treatment of transactions in the digital economy, emphasising its own Guiding Principles of Good Tax Policy.
Having children can greatly affect an individual’s tax rate, the Organisation for Economic Co-operation and Development reported in its annual look at the taxation of wages in OECD countries.
While some finance executives wait to commit to changes related to potential tax savings, their optimism shows in revenue and profit projections, a survey shows.
The US Congress passed a wide-ranging overhaul of the US tax code that changes tax rates for corporations and revises the US tax treatment of overseas income.
Lauren Kovar, CPA/CITP, CGMA, director of Client Advisory & Strategy for Thomson Reuters, says executives have an opportunity to recognise their tax function not as a cost centre but as a real driver of economic return and business value.
The European Parliament voted in favor of a measure that will require large multinational corporations to publicly report their net revenue, amount of profit and loss, and income tax paid on a country-by-country basis.
Over 70 countries signed a multilateral agreement to modify the application of their tax treaties to help fight base erosion and profit-shifting (BEPS) by multinational companies.
