Introduction to Tax Link
Happy New Year and welcome to the first Tax Link of 2018.
This edition’s articles were sourced from a variety of tax professionals from member firms across the network, who provide knowledge and an update on country tax changes and international development.
There are many great articles included in this edition, Australia explains the ‘Tax implications of Foreign Superannuation, Pensions and other Retirement Funds’, Germany presents its ‘Withholding Taxes on Cross-Border Software and Database Licensing’ and Switzerland updates on ‘Tax Proposal 2017’.
- Revision of IFRS Framework completed
- IFRS 17 “Insurance Contracts” published
- IASB publishes exposure draft on Annual Improvements to IFRS Standards 2015-2017 Cycle
- Exposure draft on IFRS 8 “Operating Segments” published
- Published exposure draft on IFRS 9 “Financial Instruments”
- IASB publishes exposure draft on IAS 16 “Property, plant and equipment”
- IFRIC 23 “Uncertainty over Income Tax Treatments” published.
EU Endorsement includes:
- EU Endorsement Status Report.
- ESMA issues report on the application of IFRS 13 “Fair Value Measurement”
- ESMA issues Q & A on the Guidelines on Alternative Performance Measures
- ESMA – Enforcement decisions published.
In the 2017 Federal Budget, the Department of Finance proposed rule changes on how professionals report income for tax purposes.
Specifically, Finance has proposed to eliminate professionals’ use of billed-basis accounting for income tax purposes in order to prevent a deferral of taxation. Accordingly, the new rules will significantly affect the cash flow of professional businesses in the short term as income taxes may need to be paid on income that is recognized before cash is actually received from clients. The proposed changes will apply to taxation years that begin on or after March 22, 2017. (more…)
Introduction to Tax Link
Welcome to the Autumn edition of Tax Link.
This edition of Tax Link presents articles sourced from Nexia International’s network of tax experts to provide insight into global issues, topics and trends. Due to the nature of the network the articles are diverse and offer current information for discussion and provide knowledge for practice.
With OECD BEPS being an ever trending topic a number of the articles cover the specifics and general views from different country perspectives. The articles see China’s latest effort to incorporate OECD BEPS concepts into its special tax investigation and adjustment procedures, India’s journey in the adoptions of BEPS and the Swiss outlook on transfer pricing and development of BEPS procedures amongst others articles. The UK discusses the updates from the Finance Bill and recent tax updates, whilst the US provides an overview of Trump and taxes.
Once again I must extend a huge thank you to all the contributors and the publication team for their commitment in producing this Tax Link publication. If you would like any further information on the topics in this edition, the contributor’s details are provided for each article and they are happy to give further detail.