US companies face paying more tax because international accounting standards
rules out a particular form of inventory accounting.
CFO.com reports that around
a third of US companies uses ‘last-in first-out’ inventory accounting which is
not permitted under IFRS. Research from the
Tech Financial Analysis Lab points to the change creating a boost to
earnings and therefore increases taxes.
Professor Charles Mulford at Gerogia Tech is quoted saying. ‘We think that
the tax effects could reduce the market values of the affected companies.’
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
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