Tax

• A fun look at taxation through the ages

  Economists reveal success stories and unintended consequences in their book about the history of taxes around the world.

• What is a global minimum tax and what will it mean?

  Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.

• Global company tax could bring EU multi-billion-euro windfall

  An independent report said the US-proposed minimum global effective tax rate of 15% would bring in an additional €50 billion of tax for the EU.

• Amazon wins $303 million court fight in blow to EU tax crusade

  The EU General Court overturned a European Commission order that would have required Amazon to pay about €250 million in back taxes, dealing another setback to the commission’s crusade against preferential state aid deals.

• IASB clarifies accounting for deferred tax in IAS 12, Income Taxes

  The board’s amendment removes the uncertainty on whether the exemption from recognising deferred tax applies to leases and decommissioning obligations.

• US Treasury's Yellen calls for global minimum corporate tax

  Nations need to end the "30-year race to the bottom” on corporate tax rates, the US Treasury secretary said.

• The link between transfer pricing and customs duties

  For businesses with intercompany transactions in tangible goods, the relationship between transfer pricing and customs valuation is crucial.

• Chancellor extends furlough scheme, increases corporation tax in UK Budget

  The UK’s chancellor of the exchequer set out measures that included extending the government’s furlough scheme until the end of September, changes to corporation tax, and more.

• Around the world, COVID-19 prompts new look at company taxes

  Countries’ efforts to lower corporate taxation have seen the average headline rate fall nine percentage points since 2000.

• UK prepares for off-payroll working rules

  Medium and large UK employers must assess whether their contractors are employees for tax purposes under rules that apply from 6 April.

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