China to scrutinise tax evaders
China has announced a review of the movement of money and allocation of cost among Chinese operations and their overseas businesses.
Tax
Transfer duty – taxing for buyers and ultimately also sellers
Taxing a sale between a willing home owner and buyer is controversial in most countries in which it is levied; no less so than in South Africa, where it is termed transfer duty. Its critics argue that it is simply a tax for which there is no specific reason or rationale, other than to help fill national coffers. In …
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President Obama Proposes Highest Estate Tax Rate in the World
President Obama’s proposed changes to inheritance and capital gains taxes could raise the estate tax rate in the U.S. to the highest in the industrialized world. Read the story here.
No initial VAT registration necessary to tender
It is not necessary to be registered for VAT in order to tender for government contracts. Newly founded BEE enterprises – or any new enterprise for that matter – should not be excluded from being considered for tenders.
Senators propose tax incentive to fund US highways
Two US senators, one a Republican and the other a Democrat, proposed a tax incentive for U.S. companies to bring home their offshore cash stockpiles and pledging to use that revenue to fund highways.
Buffett and IRS resolve dispute
A dispute between NetJets Inc, the private jet-sharing company owned by Warren Buffett’s Berkshire Hathaway Inc, and the U.S. Internal Revenue Service on when and how Columbus-based NetJets should pay federal excise taxes was resolved on Monday, after almost two decades of IRS and federal decisions about the matter.
SARS, Pillay reach settlement: CCMA
The Commission for Conciliation, Mediation and Arbitration said the matter between the South African Revenue Services (SARS) and suspended deputy commissioner, Ivan Pillay, had been settled but lawyers for Pillay would not confirm the outcome of the CCMA-process.
Call for fairer international tax rules
The international development organisation Oxfam is calling for a world tax summit in 2015 to implement and arbitrate fairer international tax rules.
Tax issues take a back seat on SA boards
Around the world, large, listed companies are troubled by cyber-security risks and company taxes, yet these concerns remain fairly low on the priority list of boards of directors, according to Business Day.
Credit Suisse offices in Milan searched by Italian tax police
Italian tax police searched the Milan offices of Credit Suisse in December as part of an investigation into whether the bank helped wealthy Italians hide undeclared funds offshore, according to Reuters.
