The Internal Revenue Service has reported a substantial increase in the
number of US businesses and individuals claiming foreign tax credits on their
Doug Shulman, commissioner of the IRS, said the 133% increase in the number
of individuals claiming the credit between 2000 and 2007 was ‘eye-popping’,
During the same period, 71% of US companies claimed foreign tax credits.
He said the figures reflect the need for the US and global tax
administrations to press on with efforts to police international tax.
‘More businesses and individuals are using the global capital markets as a
vehicle for investment, illustrating the opportunities presented by the
development of capital markets, but also some of the challenges. Regulatory
bodies and governments worldwide are wrestling with complex challenges without
easy answers,’ he said.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed