EU Citizens pay for Misused or Non-Existent ‘Ghost’ Offices

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Source: Organised Crime and Corruption Project 31 May 2017

Hundreds of members of the European Parliament are potentially misusing EU funds meant to pay for offices in their home country, but at least 249 of these offices either do not exist or are nowhere to be found, according to an investigation by ‘Journalists of the MEPs Project’ published Wednesday.

 Each month MEPs are given a tax-free lump sum of €4,342, called the General Expenditure Allowance (GEA). The fund costs the EU around €40 million annually and is meant to provide MEPs with national offices that, among other things, should keep them in touch with citizens.

The series of investigations across all 28 members states, however, found that in 249 cases MEPs either said they have no offices, refused to reveal their addresses, or the locations could not otherwise be tracked.

Source article here

 

The Approach to Hard-to-Value Intangibles: OECD Discussion Draft released.

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On May 23 2017 the OECD released a public discussion draft on the implementation guidance on Hard-to-Value Intangibles (HTVI).

This discussion draft presents the principles that should underlie the implementation of the HTVI approach, provides examples illustrating the application of this approach and addresses the interaction between the approach to HTVI and the mutual agreement procedure. Read the rest of this entry »

“U.S. Oil Rig Count Increases For 15th Straight Week”

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Source: oilprce.com 28 May 2017

“The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig count in the US now stands at 870 rigs, or 450 above the count a year ago.

Oil rigs increased by 9, while gas rigs bumped up 4.

This week marks the fifteenth straight build for oil rigs (+175 or +33.5% since January 13). While gas rigs haven’t enjoyed the same persistently ascending trajectory week to week, they have climbed 10 of the last fifteen weeks, for a total gain of 35 (+25.7%).”

Source article here

 

Large businesses in the UK are required to publish their tax strategy

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The UK Finance Act 2016 imposed a legal requirement on all qualifying large businesses to annually publish their UK tax strategy online, the first before the end of the business’s first financial year that commenced after 15 September 2016 (the date the Finance Bill received Royal Assent).

This article explains:

  • Who are required to publish their UK tax strategy
  • What to include in your tax strategy
  • How to publish your tax strategy
  • When to publish your tax strategy
  • Penalties for non-compliance
  • Appeals against penalties
  • Where to get advice

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