Lower copper prices to hit Zambia revenue receipts -official
September 14, 2015A slide in global copper prices has put pressure on Africa’s second biggest producer of the metal, with export earnings depressed despite the kwacha’s 55 percent fall against the dollar this year. The finance minister cut his original revenue target by 2.12 billion kwacha in June, and on Wednesday Zambia Revenue Authority (ZRA) commissioner general Berlin Msiska suggested the shortfall could be bigger. “I think …
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Boustany–Neal Innovation Box: Complex and Unsound Policy
September 14, 2015Talk in Congress of establishing an innovation box (also called a patent box) has increased in recent days. An innovation box would lower tax on income earned from certain types of intellectual property (IP). Innovation boxes exist in several countries around the world, including many major U.S. trading partners. The purpose of the boxes is to lower the tax rate on certain types of highly …
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Glencore pays virtually no tax on Australian coal operations
September 14, 2015Glencore is in trouble and took drastic action today to shore up its finances. One place they won’t find sympathy is in the court of public opinion. Last year, the Sydney Morning Herald revealed that Glencore paid virtually no tax over the previous 3 years on $15 billion in revenue in its massive coal mining operations in the country. The entire Glencore/Xstrata merger saga was …
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Further developments in the BEPS project
September 14, 2015A number of further publications have been released this quarter as part of the Organisation for Economic Co-Operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) project. These include: The 8 June 2015 publication by the OECD of a package of measures relating to “country- by-country reporting” (relevant to Action 13 of the BEPS project). This package includes model domestic legislation and international agreements …
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Vodafone transfer–pricing case explained
October 15, 2015Vodafone transfer-pricing case explained Vodafone claimed the sale in question was not an international transaction and thus should not be subject to transfer-pricing rules. Even as the tribunal considered the company's plea, the I-T department issued a demand for tax amounting to Rs 3,700 … Read more on Business Standard Vodafone Secures Indian Transfer Pricing Ruling Accepting Vodafone's argument, the Bombay High Court set aside …
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