United Kingdom

Tax-News.com: OECD Indicates New Focus On Virtual Currency Tax Issues

The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets.

Tax-News.com: UK Updates Brexit VAT Guidance For Imported Goods

On October 5, 2020, the UK tax authority added considerably to its Brexit guidance for businesses on the value-added tax rules that will apply to goods entering Great Britain from outside the UK.

Tax-News.com: UK Releases Construction VAT Reverse Charge Guidance

On September 24, 2020, HM Revenue and Customs released in-depth guidance on the introduction of the VAT reverse charge mechanism on the supply of building or construction services.

Tax-News.com: UK To Collect Interest On Overdue Digital Services Tax

The UK Government on September 16, 2020, tabled The Taxes (Interest Rate) (Amendment No. 2) Regulations 2020, which will enable HM Revenue and Customs to collect or pay interest on overpaid or underpaid digital services tax liabilities.

Tax-News.com: EU Expecting COVID-19 Dent In 2020 VAT Collections

The European Commission has published its latest VAT gap report, which show that EU countries lost an estimated EUR140bn (USD165.7bn) in VAT revenues in 2018.

Tax-News.com: UK Reviewing VAT Group Rules

The UK Government has recently issued a call for evidence from UK VAT groups on future policy reform.

Tax-News.com: UK, Austria Sign Deal On Granting Tax Treaty Benefits

HM Revenue and Customs has announced that it is has agreed changes with authorities in Austria regarding how the two authorities will deal with requests for relief under the two countries' tax treaty.

Tax-News.com: UK Treasury Rules Out Digital Tax Repeal

The UK Government has dismissed speculation that it will repeal its digital services tax in a bid to secure a post-Brexit free trade agreement with the United States.

Tax-News.com: UK Issues Final Loan Charge Guidance

The UK tax authority has published final guidance on the Loan Charge regime, following the enactment of amendments in the UK Finance Bill 2019-21.

Tax-News.com: Unilever Concerned By Possible Dutch Exit Tax

Unilever may scrap plans to overhaul its company structure if an exit tax proposed by a Dutch opposition party is passed.

Tax-News.com: EU To Amend VAT Rules For Trade With Northern Ireland

The European Commission has proposed changes to the EU's VAT rules in respect of Northern Ireland, in preparation for the end of the Brexit transition period with the UK.

Tax-News.com: UK Considering New Online Sales Tax

Alongside a review into the reform of the business rates system (commercial property tax) in the UK, the Government is looking at possible taxes that could replace or supplement the regime, including a new tax on online sales.

Tax-News.com: France Publishes List Of Territories Exempt From CbC Local Filing

On July 20, 2020, the French Government published in the Official Gazette a decree to expand the list of jurisdictions exempt from local filing reporting requirements under the country's country-by-country reporting regime.

Tax-News.com: UK Confirms Plans To Expand Making Tax Digital

The UK Government has announced plans to expand its Making Tax Digital project from 2022.

Tax-News.com: US Businesses Urge Against Starting A Digital Tax 'Trade War'

The United States Council for International Business has called on US authorities to focus its efforts on working with other countries to arrive at an international tax solution to the digitalized economy, rather than tackling countries' unilateral responses.

Tax-News.com: UK Launches Reviews Into Capital Gains Tax, Post-COVID-19 Tax Reform

The UK's Chancellor, Rishi Sunak, has indicated that changes to the UK's capital gains tax regime may be on the horizon, having commissioned a report into the future of the tax from the Office for Tax Simplification.

Tax-News.com: J5 Group Marks Two Years Of Collaboration On Tackling Fiscal Crime

On July 13, 2020, the US Internal Revenue Service (IRS) issued a progress report on the last two years' work of the J5 group of five advanced countries, who are working collaboratively to tackle cross-border tax fraud.

Tax-News.com: UK Announces COVID-19 Tax Breaks To Stimulate Economy

In a bid to reinvigorate the UK economy and buoy property prices, Chancellor Rishi Sunak has announced plans to slash the VAT rate for the hospitality sector and offer temporary stamp duty relief.

Tax-News.com: UK's COVID-19 VAT Payment Deferral Scheme Ends

HM Revenue and Customs (HMRC) has released guidance for businesses following the end of the VAT payments deferral scheme on June 30, 2020.

Tax-News.com: UK Issues COVID-19 Guidance On Interest Expense Deduction Regime

HM Revenue and Customs has released an update to guidance on the UK's interest deduction limitation rules for corporate groups regarding the appointment of a reporting company.

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