Budget 2015: City hit by Google tax and bank levy hike March 18, 2015 The government's bank levy will be increased by 0.21 per cent, in an effort to raise £900m, the chancellor announced today. The measures were being taken so banks "make a bigger contribution to the repair of our public finances", George Osborne said during his Budget speech. Lenders will also be prevented from offsetting PPI compensation [...]
Budget 2015: What to watch out for today March 17, 2015 WHO: GEORGE OSBORNE WHEN: 12.30PM TODAY WHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOW A further shake up of pensions Over 55-year-olds who had previously been forced to buy an annuity will be able to sell it for a lump cash sum to use as they wish, instead of receiving the regular payouts, building on reforms from [...]
Institute of Directors labels Google Tax a government about-face February 15, 2015 The Institute of Directors (IoD) has criticised the Diverted Profits Tax, known as the Google Tax, being introduced by the government. The law aims to gain revenue from some profits that multi-national companies register abroad. Firms will be legally obliged to notify HMRC, and pay a 25 per cent tax on identified earnings. Stephen Herring, [...]
Revamped Institute of Directors finds its voice in time for general election February 15, 2015 With its grand architecture, and seemingly arcane rules, the Institute of Directors (IoD) has often felt more like a gentleman’s club than a political body. However, under director general Simon Walker, the renowned business institution is getting a bit of a shake-up. Previously characterised as a rather safe organisation, the IoD has been far more [...]
Treasury group warns new Google tax could jeopardise efforts to deal with tax avoidance February 12, 2015 The Treasury Committee has slammed the proposed diverted profits tax and warned that it could derail international efforts to address tax avoidance. In its report on the 2014 Autumn Statement, the committee said an international response to the issue is currently taking place in the form of the OECD’s base erosion and profit shifting project, [...]
Starbucks bean count rises as it wakes up and smells UK tax bill February 4, 2015 Starbucks’ frappucinos, muffins, and bucket-sized mugs of coffee helped the Seattle-based chain deliver a profit in the UK for the first time in 17 years. Starbucks has come under intense criticism for paying minimal corporation tax in the UK and has been accused of using cross-border accounting practices to lower its UK tax bill – [...]
European Commission: Yup, Amazon’s Luxembourg tax deal probably gave it an unfair advantage January 16, 2015 European regulators admitted that a deal struck between Amazon and Luxembourgish authorities to minimise its tax bill probably did constitute state aid. In a 23-page letter dated 7 October but only published today, the European Commission pointed out that it "has doubts…. as to [the deal's] compatibility with the internal market" It added that it [...]
Google News shutdown: Google confirms it will turn off its Spanish news service December 11, 2014 Google has confirmed plans to turn off its Google News service in Spain, in anticipation of draconian new copyright rules charging websites which aggregate content. The rules, due to be introduced next year, means news aggregators will be forced to pay publishers an annual fee to link to their content. If they don't pay up, [...]
Google Tax to prompt tech giants to kill Irish tax deals as government cracks down on avoidance tactics December 10, 2014 Rules, detailed by the government yesterday, aimed at clamping down on tax avoidance by tech giants including Google and Apple, could force US multinationals to start winding down “artificial arrangements” used to divert profits abroad. “What they’re trying to do is say ‘if you have a UK presence and if you are making UK sales, [...]
Britain needs Multinational Monday – not yet more arbitrary tax hikes December 8, 2014 BRITAIN has just celebrated “Small Business Saturday”. Perhaps yesterday should have been declared “Multinational Monday”. Multinationals are often the engine of poverty reduction in under-developed countries; and they promote technology transfer and transform lives all around the world. Indeed, it is difficult to imagine what life would be like without them. Of course, multinationals deserve [...]