Treasury tagged posts

UK Treasury Loses Track of Billions of Written-off Taxes

February 8, 2012 Taxation in UK

Margaret Hodge MP Chair of the Committee of Public Accounts
A lack of communication between the Treasury and the HM Revenue and Customs has lead to discrepancies of billions of pounds in the reports prepared by the departments.

On February 7th the Public Accounts Committee of the Parliament of the UK voiced criticism at the lack of communication between the Treasury and the HM Revenue and Customs (HMRC), pointing to new evidence of inadequate data sharing amongst government departments.

The Committee’s concerns are based on new data from a recently published report, the Whole of the Government Account for 2009 – 2010, which contains the first ever compiled analysis of all government accounts.

One of the main concerns, among others, of the Committee was the fact that the Treasury was not aware of the decision of the HMRC to write off almost GBP 10...

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IMF Deputy Supports Australian Mining Tax

June 24, 2010 Taxation in Australia

Heavy DutyPhilip Daniel, Deputy Head of the International Monetary Fund (IMF) tax policy devision, has revealed that he supports the Australian Government’s intention to instate a new 40 percent tax rate on mining industry profits.

On June 23rd Philip Daniel spoke at an Australian Institute of Chartered Accountants conference and gave his view on the country’s current dispute over the proposed Resource Super Profit Tax (RSPT). Phillip Donald said that he believed that a recent mining-sector sponsored media campaign had misinterpreted the possible effects of the RSPT, overemphasizing the potential costs and downplaying the benefits. He went on to say that he supports the RSPT “in principal...

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Australia Refining Tax Election System

June 17, 2010 Taxation in Australia

Cashmoney IIThe Australian Government has set out to refine the current system which allows individual taxpayers and businesses to make “elections”, or treatment choices, in their tax returns.

On June 16th Nick Sherry, Australian Assistant Treasurer, announced the release of a consultation paper which aims to gather public feedback on possible refinements to the nation’s “election” tax system. In the current form, Australian taxpayers are able to make choices in how their income is determined and reported. There are currently 216 such “elections” in Australian tax law...

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Australian Tax Review Report Released

May 3, 2010 Taxation in Australia

Prime Minister of Australia, Kevin Rudd addresses the world's mediaThe long-awaited review of Australia’s tax system has been released, marking the initial steps in the Government’s promised overhaul of the nation’s tax system. According to Government statements, the tax reforms recommended in the review are refined to work in unison with the recovering international economy, while making the national tax system simpler, fairer and more beneficial to Australia.

On May 2nd the Australian Government released its Australia’s Future Tax System report, which has come to be commonly called the “Henry Review”. The release was accompanied by the Australian Government’s immediate initial assessment of the report’s recommendations...

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Australia Government Increasing Tax Certainty

April 21, 2010 Taxation in Australia

Government HouseThe Australian Government has announced three new legislative actions that are aimed at increasing the overall tax certainty for select business finance transactions.

On April 19th Nick Sherry, Assistant Treasurer of Australia, issued a press release announcing the extension of the transitional period for Upper Tier 2 instruments. He also revealed that the final approval has been given to new regulations governing select term subordinated notes. The Assistant Treasurer also announced the release of a consultation draft for the Taxation of Financial Arrangements (TOFA) Amendment Bill...

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