International tax

Tax / Covid-19: Branson told BVI lockdown hideaway not a collateral asset

Multimillionaire Sir Richard Branson has been told that the government is not prepared to hand out a £500m bailout loan for Virgin Atlantic, the airline in which he owns a minority 20% stake, with majority shares held by EU and US owned carriers

Tax / Covid-19: EU sketches out plans for ‘massive recovery package’

The European Parliament has approved what MEPs termed ‘a massive recovery and reconstruction’ package to tackle the coronavirus pandemic, including ‘recovery bonds’ guaranteed by the EU budget. Pat Sweet

Tax / Digital services tax for IT giants effective from 1 April

From the 2020/21 tax year, digital multinationals like Google, Amazon and Apple, will have to start paying the new digital services tax (DST)

Tax / Budget 2020: digital services tax will go ahead

Plans for a digital services tax to hit the largest IT digital giants will go ahead from 1 April

Tax / eBay rejects UK plan for digital services tax

Global online marketplace eBay is calling for an international approach to digital taxation rather than countries adopting unilateral policies like the UK digital services tax

Tax / OECD consults on reporting rules for online platform sales

The OECD plans to develop a single set of reporting rules for countries to use to collect information about sales made via online platforms to assist future tax collection

Tax / EU blacklists Cayman Islands as tax haven

The Cayman Islands has been put on an EU blacklist of tax havens, the first UK overseas territory to be named and shamed for failing to crack down on tax abuse

Tax / Vodafone’s Indian operation hit with £5.4bn tax bill

Telecom giant Vodafone’s Indian operations are in jeopardy following a court ruling requiring the company to immediately pay billions in unpaid tax and interest

Tax / OECD releases guidance on transfer pricing on financial transactions

The OECD has released the first detailed guidance on use of the arm's length principle for transfer pricing on financial transactions as part of its base erosion and profit shifting (BEPS) clampdown

Tax / Nine companies face HMRC investigations over tax evasion

HMRC is ramping up the use of its corporate criminal offences (CCO) powers, with nine businesses curently under investigation for failing to stop the facilitation of tax evasion

Tax / OECD set to review country-by-country reporting rules

The OECD is consulting on a review of its country-by-country reporting (CBCR) standard which forms part of the ongoing work on base erosion and profit shifting (BEPS)

Tax / US tax authority treats cryptocurrency assets as ‘property’

The US Internal Revenue Service (IRS) is under fire over its decision to classify cryptoassets as ‘property’ in its guidance on taxation for virtual currencies

Tax / MP accuses Netflix of ‘superhighway robbery’ on tax

Labour MP Margaret Hodge is calling for video streaming services to be included in the government’s new digital services tax (DST), amid claims that Netflix, responsible for TV hit The Crown, does not pay corporation tax in the UK

Tax / OECD to push ahead with digital tax plans

The OECD has made ‘a significant step’ forward in its efforts to reach a consensus-based approach to taxing the digital economy, although it admits the year end timetable will be tough to meet

Tax / Portugal looks to curb tax breaks for foreigners

Portugal is set to curb its tax cuts for foreigners, with plans to end zero-tax regime for foreign pensioners and limit ‘golden visa’ residence scheme for wealthy investors