Danish Mehboob

London

Senior Reporter at 9fin

Senior Reporter @tax | [email protected] | Follows international tax news | Ex @IntlTaxReview @CNNBusiness, @Columbia | RT/likes not endorsements.

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Articles

Switzerland Seeks Comments on Crypto Tax Info Exchange Bill

Aug 14, 2024 | news.bloomberglaw.com | Danish Mehboob

Switzerland wants to know if it should add tax details on crypto assets to the list of information it swaps with other countries. The Swiss Finance Ministry started a consultation on its latest bill on tax information exchange Wednesday that proposes to exchange crypto asset information with all its existing 111 states and territories with which it has automatic information exchange agreements, provided they meet the requirements of the OECD’s Crypto-Asset Reporting Framework.
Switzerland Seeks Comments on Crypto Tax Info Exchange Bill

Aug 14, 2024 | news.bloombergtax.com | Danish Mehboob

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Australia Plans Extension to Small Business Tax Self Assessments

Jul 26, 2024 | news.bloombergtax.com | Danish Mehboob

Australia wants feedback on its plan to extend the period small and medium-sized businesses can self-assess tax returns from two to four years. The consultation on the new measure opened Friday and asks for feedback on the process for the Australian Taxation Office to approve an SME’s request to review its changes to a tax assessment within four years from when it receives the authority’s assessment. The measure is retroactive as it applies to assessments for income years starting July 1 2024.
Australia Aims to Widen Capital Gains Tax Regime, Increase Rate

Jul 23, 2024 | news.bloombergtax.com | Danish Mehboob

Australia aims to increase its capital gains tax rate and expand its asset rules on foreign residents by next year. Australia’s Treasury started two separate consultations Tuesday to enhance its capital gains tax regime. The first consultation asks for feedback on increasing the capital gains withholding rate from 12.5% to 15% on foreign residents selling property from Jan. 1, 2025. It also proposes removing its A$750,000 ($496,950) transaction threshold.
Six Countries Must Improve Beneficial Ownership Info, Says Forum

Jul 19, 2024 | news.bloombergtax.com | Danish Mehboob

Sweden, Ecuador, Lithuania, Israel, Sint Maarten, and Moldova are “largely compliant” with global tax information exchange standards, but they need more checks-and-balances in place, according to an international agency monitoring tax transparency.
OECD Specifies Risk Assessment Program Eligibility Requirements

Jul 18, 2024 | news.bloomberglaw.com | Danish Mehboob

The OECD released what details multinational businesses must file with tax authorities to be selected for a program that helps them avoid transfer pricing disputes. Applicants to the International Compliance Assurance Programme need to provide a submission checklist, group information form, covered risk overview, and details of the group’s advanced pricing arrangements to be selected to participate, the Organization for Economic Cooperation and Development said in an update Thursday.
Australia Consulting on Stricter Tax Professional Registrations

Jul 17, 2024 | news.bloombergtax.com | Danish Mehboob

Australia wants feedback on its attempts to firm up registration requirements for tax practitioners, in the latest stage of its response to the PwC scandal last year.
UK Supreme Court Denies Company’s Deduction of Advisory Fees

Jul 16, 2024 | news.bloombergtax.com | Danish Mehboob

A UK-based utility group’s advisory fees paid to help sell an investment holding company aren’t tax deductible, the UK Supreme Court ruled. The Supreme Court’s judgment Tuesday said multinational utility group Centrica’s £2.5 million ($3.27 million) in fees was capital in nature, and therefore not deductible.
UK Tax Groups Want a Slimmed-Down Government Budget Approach

Jul 16, 2024 | news.bloombergtax.com | Danish Mehboob

The government should keep new tax policy making to a minimum and focus instead on simplifying existing rules that complicate the tax system, according to experts from leading UK tax groups. The UK’s new Labour-led government will start its first Parliamentary year July 17, setting out legislation and deliberations, including tax policies, for the next budget.
Court Rejects Uber Bid to Hit UK Rivals Outside London With Tax

Jul 16, 2024 | news.bloombergtax.com | Danish Mehboob

A UK appeals court rebuffed Uber‘s attempt to force its competitors outside London to apply 20% value-added tax on ride share profits. The Court of Appeal discharged a lower court’s declaration in a judgment Monday arguing the latter court overstepped in declaring all private-hire vehicle operators must enter into a contract as principal with riders.