Members of Parliament in the UK have called for additional measures to prevent large companies from exploiting offshore structures to reduce tax, following a report in the Guardian newspaper concerning tax planning strategies used by Tesco, the UK’s largest retailer.
The US House of Representatives on Wednesday approved legislation that would repeal tax breaks for major oil and gas company to pay for tax credits aimed at encouring the production of renewable energy.
The Internal Revenue Service is initiating enforcement action involving more than 100 US taxpayers, to ensure proper income reporting and tax payment in connection with accounts in Liechtenstein.
Delivering his first Budget this week, Financial Secretary John Tsang forecast a record $115.6bn surplus, and proposed a basket of measures aimed at returning wealth to the people.
Speaking on Monday, Brazilian President Luiz Inacio Lula da Silva suggested that the country was well-positioned to weather the economic consequences of a possible US recession.
Tax administrations in several member countries of the OECD’s Forum on Tax Administration (FTA) have jointly announced that they are working together following revelations that Liechtenstein bank accounts may have been used for tax avoidance and evasion.
On February 6th, 2008, the Executive Board of the International Monetary Fund (IMF) concluded its Article IV consultation with Canada, the results of which were published this week.
The Australian government has announced that it has asked the Board of Taxation to review the taxation arrangements that apply to managed funds.
United States Senator Carl Levin (D-MI), has announced that he intends to investigate whether US citizens may have dealings with the Liechtenstein bank at the centre of the growing international row over tax evasion and offshore secrecy laws.
Voters in Switzerland have narrowly approved a package of government-proposed tax measures which aim to ease the tax burden on dividend-paying companies.
