Exclusive: More than half a million UK businesses file VAT returns late June 8, 2021 More than half a million VAT returns were filed late by British businesses last year, sparking concerns that many companies have been left exposed to interest payments and fines. A total of 519,120 VAT returns were filed after the deadline — up 13 per cent on the previous year — as the pandemic sparked chaos [...]
G7 leaders ink landmark global tech tax agreement June 5, 2021 The G7 has agreed a landmark deal to crack down on tax avoidance by major tech companies. The group of rich nations today committed to a global minimum corporation tax rate of at least 15 per cent on a country by country basis. “We commit to reaching an equitable solution on the allocation of taxing [...]
Explainer: What is the G7 global tax deal and what will it mean? June 5, 2021 Finance ministers from the Group of Seven (G7) rich nations reached a landmark accord today backing the creation of a global minimum corporate tax rate of at least 15 per cent, an agreement that could then form the basis of a worldwide deal. Such a deal aims to end what US treasury secretary Janet Yellen [...]
Sunak ‘confident’ of tech tax progress ahead of G7 finance meeting June 4, 2021 Chancellor Rishi Sunak has said he is “confident” of making “concrete progress” towards a global deal for taxing digital giants when the G7 finance ministers meet over the weekend. Taxing firms such as Amazon and Facebook has become an area of disagreement between the US and a number of other countries. Earlier this week the [...]
US slaps tariffs on UK goods in push for global tax deal June 3, 2021 The US has slapped new trade tariffs on six nations including the UK as President Joe Biden seeks to corral fellow economies into backing his proposals for a global tax deal. After announcing tariffs worth 25 per cent against $2bn worth of goods from the UK, Italy, Spain, Turkey, India and Austria, the White House [...]
UK could rake in £14.7bn annually from Biden’s tax plan, think tank says June 1, 2021 The UK could rake in an extra £14.7bn every year by adopting US president Joe Biden’s ambitious tax proposal, according to the Institute for Public Policy Research today. Biden’s proposal for a new global minimum corporation tax rate of 21 per cent could bolster the UK’s recovery finances post-pandemic and Brexit, the Institute for Public [...]
UK says any global tax deal must tackle Big Tech ahead of G7 meeting May 27, 2021 UK says any global tax deal must tackle Big Tech ahead of G7 meeting
US businesses team up to oppose Biden’s tax rise proposals May 25, 2021 Business groups in the US have formed a coalition to oppose tax increase proposals by the Biden administration. The US government has proposed a global minimum corporation tax rate, as well as increasing tax payments in the US in order to pay for infrastructure projects. The tax proposals “could not come at a worse time”, [...]
G7 closing in on deal for global corporate tax shake-up May 24, 2021 The G7 is said to be nearing an agreement over corporation tax for multinationals, paving the way for a new global tax regime cracking down on some of the world’s largest companies. A pact between the major economies could be inked as early as Friday following progress in talks among top officials in recent days, [...]
Brexit impact: Heathrow loses legal bid over end of tax-free shopping for tourists May 21, 2021 Heathrow Airport has lost a High Court bid to challenge the scrapping of tax-free shopping for tourists. Two schemes providing VAT-free shopping for some international visitors were withdrawn by the Treasury at the end of the Brexit transition period on 1 January of this year. The Treasury and HMRC’s decision related to the VAT Retail [...]