US slaps tariffs on UK goods in push for global tax deal June 3, 2021 The US has slapped new trade tariffs on six nations including the UK as President Joe Biden seeks to corral fellow economies into backing his proposals for a global tax deal. After announcing tariffs worth 25 per cent against $2bn worth of goods from the UK, Italy, Spain, Turkey, India and Austria, the White House [...]
HMRC revenue from Capital Gains Tax jumps fourfold as businesses sell off assets August 6, 2021 The government has collected almost £10bn from capital gains tax (CGT), a fourfold increase compared to a decade earlier. New HMRC data shows the taxman collected £9.94bn in the 2019-2020 tax year a sizeable jump from the £2.55bn sum taken for the year ending in April 2009. Over 28 per cent of CGT came from [...]
Rishi Sunak calls on Biden to strike deal for global tech tax May 31, 2021 Rishi Sunak has called on Joe Biden to strike a deal on taxing the US’ tech giants as a part of a larger reform on international business taxes. Sunak is set to hold a G7 meeting of finance ministers later this week in the lead up to the G7 summit in Cornwall next week, which [...]
Treasury minister: Pushing a new global corporation tax will be crucial at G20 June 22, 2021 The recent G7 agreement on tax was a vital breakthrough in the fair and effective taxation of multinationals. It is one we should all be proud of, because the UK has consistently led on this issue. But you would not think so, to read some of the commentary. Labour politicians in particular have been desperate [...]
EU puts tech tax on hold, amid US pressure – but Ireland pushes back July 12, 2021 The EU has decided to delay plans for a new digital services tax, under pressure from the US administration and after the G20 agreed to a global overhaul of corporation tax – but EU member Ireland has restated its criticisms of the wider reform. The European Commission had planned to outline its proposed tech tax [...]
EU carbon tax plans ‘discriminates against countries like Australia’, energy minister says August 4, 2021 The European Union seeking to impose a carbon tax on imports would be detrimental to Australia’s export industry, its Australian energy and emissions reduction minister has warned. The minister, Angus Taylor, urged against a “new wave” of European protectionism that would significantly bruise Australia’s export industry – on which a large portion of its economy [...]
Biden budget sees $6tn of spending and tax hikes on the wealthy May 29, 2021 US President Joe Biden’s first budget includes spending provisions that would see the country’s debt hit 117 per cent of GDP over the next decade. Biden announced the plans last night, with a $6trn (£4.3trn) spending boost at the centre. Read more: Put-in the diary: Biden to meet Russian President in June The President has [...]
Rishi Sunak calls on other G20 countries to finalise global tax deal July 9, 2021 Rishi Sunak has called on other G20 countries to “maintain momentum” over a global tax deal on the eve of a Venice summit. Sunak will meet with other G20 finance ministers and central bank governors in a bid to endorse the global tax plan that has been agreed by the G7 and the Organisation for [...]
G7 closing in on deal for global corporate tax shake-up May 24, 2021 The G7 is said to be nearing an agreement over corporation tax for multinationals, paving the way for a new global tax regime cracking down on some of the world’s largest companies. A pact between the major economies could be inked as early as Friday following progress in talks among top officials in recent days, [...]
Labour calls on UK to back Biden’s global corporate tax overhaul May 23, 2021 Boris Johnson must back US plans for a global minimum corporate tax rate to target tax avoidance, the Labour Party has warned. The Biden administration set out a tax regime overhaul last month, proposing a new tax based on sales in each country to the global profits of large corporations, regardless of their physical presence [...]