The Internal Revenue Service said Monday it is waiving some of the late-payment penalties pertaining to the section 965 transition tax on foreign earnings in the new tax law.
The IRS also offered more information for individuals who are subject to the section 965 transition tax regarding the due date for relevant elections.
The OECD has created a global database revealing the level of tax paid in comparison to GDP in 80 countries globally with the median tax-to-GDP ratio worldwide hitting 26.2%.
UAE’s Federal Tax Authority, FTA, said that the new Cabinet Decision issued to regulate value-added tax (VAT) incurred by gold and diamond dealers improves their cash flow and reduces their tax burden.
Understand the key requirements behind the GDPR and how the legislation has the potential to serve as a healthy, scalable and exportable regime that could become an international benchmark.
The global economy is experiencing stronger growth, driven by a rebound in trade, higher investment and buoyant job creation, and supported by very accommodative monetary policy and fiscal easing, according to the Organisation for Economic Co-operation and Development’s (OECD) latest Economic Outlook.
Forty-eight per cent of Middle East businesses cited fraud and corruption as the greatest risk to their company, followed by cyber attacks (38 per cent), according to the Global Fraud Survey conducted by professional services firm EY.
The International Auditing and Assurance Standards Board (IAASB) has started the consultation process about its future strategy. Today it releases a Strategy Survey to seek views and insights from its stakeholders on emerging developments and trends that are likely to be important to its 2020-2023 strategy.
Accounting and finance organizations for many multinational businesses are currently working to create plans for two separate lease accounting standards: the Financial Accounting Standards Board’s ASC 842 and the International Accounting Standards Board’s IFRS 16.
The audit industry needs fixing. But dismantling the Big Four is not the way to do it.
When a company goes bankrupt, recriminations tend to follow. Even so, the fury caused by the recent collapse of Carillion, a British contracting firm, is unusual. A report on the debacle by British MPs, which was released this month, savaged everyone from the firm’s executives to its regulators. But the MPs reserved special bile for the Big Four accounting firms—not just KPMG, which audited Carillion’s accounts for 19 years, but also its peers, Deloitte, EY and PwC, each of which extracted fees from the company, before and after its fall. The MPs have called for a review into the audit market and asked it to say whether the Big Four’s British arms should be broken up. The row is local, but concerns about the industry are global.
More governments have brought their preferential tax regimes in line with the OECD/G20 standards to improve the international tax framework.
The Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which brings together over a 100 countries and jurisdictions to collaborate on the implementation of the OECD/ G20 BEPS Package, has updated the results for preferential regime reviews conducted by the Forum on Harmful Tax Practices (FHTP) in connection with BEPS Action 5, which is one of the four BEPS minimum standards relating to transparency and preferential tax regimes.
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