In the midst of what Finance Minister Jim Flaherty described as
an extraordinary time in our history — a global financial
crisis and a global recession — the fourth Federal Budget
of the Conservative Government was tabled today in the House of
Commons. The Budget is replete with spending initiatives, but is
somewhat light in new tax measures for businesses. The focus is
principally on the individual taxpayer, which is perhaps not
surprising given the election risk facing the Government.
Arguably, the Budget is somewhat timid in its tax measures in
these unusual times. Additional measures could have been
incorporated in the Budget to deal with the liquidity problems
confronting many Canadian businesses....
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The Full Federal Court of Australia has upheld the Federal Court’s decision that the "Hummer", and potentially other vehicles not fitting within the traditional description of "luxury car", will now be subject to the luxury car tax ("LCT") on top of GST and other customs and excise duties wherever applicable.
The Canadian Federal Court of Appeal recently overturned the Tax Court of Canada’s 2008 decision regarding the international transfer pricing of cross-border supplies of pharmaceutical ingredients in the case of GlaxoSmithKline Inc. v. Canada.
On July 22, the Tax Court published its decision in the case of Anschutz Company v. Commissioner, involving a taxpayer that (indirectly) engaged in various prepaid variable forward contracts (which the court calls "PVFCs") and associated stock lending agreements ("SLAs") with respect to portfolio stock (indirectly) owned by him.
Church tax audits can be frightening, more so now than ever, with the prevailing climate of IRS tightening its controls on non-profits. Here is an introduction to four key issues and how to manage them.
The Education Jobs and Medicaid Assistance Act of 2010 (Pub. L. No. 111-226) (the "Act") became law on August 10, 2010. While the Act’s primary purpose is to provide financial assistance to US states for education and Medicaid spending, several international tax provisions were included to offset the spending increases.
Although companies are operating under severe budget and resource constraints, many have concluded that it is both worthwhile and cost-effective to engage in a self-audit of the administration of their nonqualified deferred compensation arrangements to ensure compliance with section 409A of the US Internal Revenue Code.
According to media reports, HM Revenue & Customs (HMRC) is to take a more conciliatory approach towards resolving tax avoidance disputes with businesses.
