Exclusive: Businesses overpaying corporation tax up by 26 per cent to record £11.5bn July 12, 2021 Businesses claimed back a record £11.5bn in overpaid corporation tax from HMRC last year, a jump of 26 per cent from £9.1bn the year before, according to data by accountancy firm UHY Hacker Young, shared with City A.M. this afternoon. The firm stressed it is “extremely likely” that these refunds are merely “the tip of [...]
Yellen: Global corporate tax reform unlikely until 2022 July 11, 2021 US Treasury secretary Janet Yellen has warned that recently-agreed reforms to corporate tax rules that will ensure major companies pay tax in more countries may not be ready until next year. Speaking after a G20 finance leaders meeting in Venice today, Yellen said the OECD’s re-allocation of taxing rights was on a “slightly slower track” [...]
EU expects to generate €10bn from new carbon levy July 7, 2021 The EU expects to generate nearly €10bn a year from a new carbon levy on imports as part of its push to tackle climate change. Brussels intends to use the funds to pay down the billions of euros the EU collectively borrowed through its Covid recovery scheme. The tariff, called the Carbon Border Adjustment Mechanism, [...]
US lobby groups gear up to fight Biden corporate tax hikes July 6, 2021 US business lobbying groups are preparing to stop new corporate tax hikes in a spending bill linked to the bipartisan $1.2tr (£870bn) infrastructure deal. As reported by Reuters, the US Chamber of Commerce, the National Association of Manufacturers, the National Retail Federation and other wealthy lobby groups plan to sway a handful of Democrats against [...]
US tech giants could face $28bn bill from global tax reforms July 5, 2021 US tech giants such as Google and Facebook could face a $28bn (£20bn) bill as part of radical plans to overhaul global corporation tax, new research has revealed. The Organisation for Economic Cooperation and Development (OECD) last week agreed on a new tax model to ensure companies pay tax in countries where they earn revenue, [...]
OECD: Ireland snubs global tax deal July 2, 2021 Ireland refused to sign a major agreement to overhaul the global corporation tax regime on Thursday. 130 countries and jurisdictions agreed to the deal brokered by the Organisation for Economic Cooperation and Development, which paves the way for sweeping international changes. The new regime will see a global tax for 100 of the world’s largest [...]
Taxpayers could lose billions through pandemic support schemes June 30, 2021 Taxpayers could lose tens of billions of pounds through support schemes set up to limit the impact of Covid-19, the committee that is responsible for overseeing government expenditure has warned in a report published today. A lack of scrutiny within Covid-19 loan schemes has “significantly increased” taxpayer exposure to fraud and error, the Public Accounts [...]
800,000 home workers have claimed up to £125 in tax relief since April June 29, 2021 Nearly 800,000 people who worked from home during the coronavirus pandemic have claimed tax relief on their household-related costs so far this tax year. HM Revenue and Customs (HMRC), which released the figures from its online claims portal, said the saving is worth up to £125 per year per employee. Eligible workers can claim the [...]
HMRC launches 13,000 investigations into potential Covid support scheme fraud June 28, 2021 The UK tax authority has opened almost 13,000 probes into businesses that may have abused the government’s coronavirus business support schemes. HM Revenue & Customs (HMRC) is investigating potential fraud and other non-compliance with the rules for the use of the government’s furlough programme, self employment income support scheme, and the “eat out to help [...]
Food tsar warns PM Johnson taxes on bangers and bacon could spark protests June 25, 2021 Boris Johnson’s food tsar Henry Dimbleby wants Brits to pay meat taxes to help tackle climate change but has warned of a potential backlash. Processed meats including burgers, bacon, chicken nuggets and ham could face a levy, according to a draft plan leaked to The Sun. Move could prompt backlash Henry Dimbleby is expected to [...]