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UK Autumn Budget 2018: “Tech-lash” and complexity
The UK Chancellor of the Exchequer, Philip Hammond, announced a wide range of tax measures in the Autumn Budget increasing complexity for international businesses. Lindsay Pentelow and Catherine Hall believe the UK needs a simpler, more transparent..
Online Published Date:
13 December 2018
Appeared in issue:
Vol 23 No 07 - 03 September 2018
Consumption tax, double taxation and the Taxes and Levies (Approved List for Collection) Act (Amendment) Order 2015 – the lingering labyrinth
This article by Okanga O Okanga examines the legal implications of the 2015 amendment of the Schedule to the Taxes and Levies (Approved List for Collection) Act on issues of fiscal federalism and double taxation in Nigeria, with specific emphasis on..
Online Published Date:
13 December 2018
Appeared in issue:
Vol 23 No 07 - 03 September 2018
Finance Bill: Hybrid capital instruments new legislation
Legislation for the “hybrid capital instruments” regime has been published.
The “hybrid capital instruments” regime, like the “regulated capital securities” provisions it replaces, is intended to ensure that..
Online Published Date:
13 December 2018
Appeared in issue:
Vol 23 No 07 - 03 September 2018
Finance Bill 2018-19 published
Finance (No 3) Bill, which will become Finance Act 2019 after Royal Assent, has been published.
On 7 November 2018, Finance (No 3) Bill 2017-19 was published. This bill will become Finance Act 2019 once it has completed its path through..
Online Published Date:
13 December 2018
Appeared in issue:
Vol 23 No 07 - 03 September 2018
Financial Instruments with Characteristics of Equity
The IASB has recently published its Discussion Paper on Financial Instruments with Characteristics of Equity (FICE), which aims to improve the classification of certain complex financial instruments that companies have issued and to enhance..
Online Published Date:
21 December 2018
Appeared in issue:
Vol 23 No 08 - 21 October 2018
Tax and business restructuring in multinational groups in Israel
Israel has released a circular on tax and business restructuring in multinational groups. Sharon Shulman, Lior Haray-Nitzan and Lital Haber explain the implications.
Israel is an international innovation centre in all aspects. With hundreds of..
Online Published Date:
21 December 2018
Appeared in issue:
Vol 23 No 08 - 21 October 2018
OECD Mutual Agreement Procedure statistics
Tax administrations are closing more cases than ever before, but the number of new cases arising is increasing significantly so the global inventory is still growing, notes the OECD in its 2017 publication of Mutual Agreement Procedure (MAP)..
Online Published Date:
21 December 2018
Appeared in issue:
Vol 23 No 08 - 21 October 2018
What stage is the Finance Bill at?
An update on the progress of the Finance Bill through Parliament.
A previously reported, Finance Bill 2018-19 was published on 7 November 2018. A substantial number of provisions of the Bill were agreed to without amendment at the first and second..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
Financial Reporting Council: Project update
In the UK, the FRC has had a busy month. Some highlights of interest to FITAR readers are detailed below.
Audit – thematic reviews for 2019/20 and priority sectors
The Financial Reporting Council (FRC) has published its announcement[1] of..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
Finance Bill: Updated profit fragmentation rules impacting UK Businesses
The rules on profit fragmentation have been updated to remove the additional notification requirements and introduce a new reasonableness test.
Along with the developments discussed above, the bill introduces targeted provisions to tackle tax..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
Singapore in a Post-BEPS world: Threats and opportunities
Base Erosion and Profit Shifting (“BEPS”) and other related global trends pose issues for all tax planning done by multi-national corporations (“MNCs”) and in particular, for jurisdictions which have historically been used by..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
Editorial
The year 2018 has been one of relative uncertainty in the UK not least because of the ongoing Brexit negotiations and the resulting “grey areas” around any potential legal ramifications when exit day comes around, particularly in the..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
Tax case - functional currency change results in claiming foreign exchange losses
The Commissioners for HM Revenue and Customs v Smith and Nephew Overseas Ltd and Others Upper Tribunal decision.
The Upper Tribunal (UT) has dismissed HMRC’s appeal in a case involving a change in the functional currency of three companies..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
IFRS 9 - adapting to technological challenges
Ulrich Wiesner explains why collections departments need to embrace analytics in order to deal with the new accounting standard.
IFRS 9 may be an accounting standard, but its impact extends far beyond accountants. For collectors, it fundamentally..
Online Published Date:
24 December 2018
Appeared in issue:
Vol 23 No 09 - 24 November 2018
Asia Pacific: 2018 and beyond
Matthew Marcarian and Boon Tan analyse some of this year’s major tax developments in three key economies within the APAC region: Australia, Singapore and Hong Kong.
Global economic growth is expected to reach 3.2% in both 2018 and 2019..
Online Published Date:
26 December 2018
Appeared in issue:
Vol 23 No 10 - 21 December 2018
The year in review
Ben Fryer and Matt O’Brien provide an overview of some of the key UK tax developments in 2018 with potential implications for the financial services sector.
The year 2018 has been marked by general uncertainty in the UK – of course..
Online Published Date:
26 December 2018
Appeared in issue:
Vol 23 No 10 - 21 December 2018