Today’s autumn statement was a mixed bag for non-domestic taxpayers in the UK, experts have suggested, with the Chartered Institute of Taxation (CIOT) praising the announcement that there will be no changes to rules governing a non-residents’ entitlement to the UK personal allowance.
The government had proposed that a restriction should be introduced using an ‘economic connections test’ – but it will now not come into effect before April 2017, following a detailed consultation.
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HMRC have uploaded a video guide for firms affected by VAT changes to the supply of digital services.
The YouTube clip comes ahead of 20 October, when businesses across the European Union will be able to sign up online for the Revenue’s new mini one-stop shop (MOSS) – which will remove the necessity to register for the tax with each country in which they provide broadcasting, telecommunications and e-services.
The UK is the first of 44 countries to commit formally to the new country-by-country reporting template proposed last week by the Organisation for Economic Cooperation and Development (OECD).
The move will improve transparency and help identify risks for tax avoidance, claimed financial secretary to the Treasury David Gauke.
He added, “In time, improved transparency between business and tax authorities will help developing countries in dealing with compliance, as they often lack the capacity to collect information themselves.
The Organisation for Economic Cooperation and Development (OECD) has revealed the opening strategies of its much-anticipated action plan for a coordinated international fight against tax avoidance by multinational enterprises.
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