Source: smh.com.au 3 December 2017
“Exxon is more aggressive in minimising its tax than Chevron, which agreed to a settlement believed to be worth more than $1 billion this year, after being taken to court by the Australian Taxation Office”
“Energy giant ExxonMobil has not paid a cent in corporate income tax in Australia in at least two years, despite reaping more than $18 billion from the nation’s natural resources, according to three ofd the company’s workplace unions.
Tax campaigners accuse the company of cashing in on Australia’s soaring gas prices, but avoiding paying tax on its profits by sending much of its money to a network of offshore companies, some based in notorious tax havens.”
Source: mirror.co.uk 2 September 2017
“John McDonnell says Labour would hire hundreds more tax inspectors to claw £36billion a year back from avoidance.
Mr McDonnell said: “Revenue and Customs has suffered terrible, counterproductive cuts, with even more on the horizon.”
“We need more, not less support for HMRC so that we can close the tax gap.”
HMRC is replacing 170 offices across the UK with 13 larger regional centres to save £83million. The shake-up means that 5,000 staff unable to relocate are expected to be lost.
Warning that Brexit will pile the pressure on HMRC with new customs borders, Mr McDonnell said: “It’s not a time for more cuts.”
Source: accountancyage.com, 23 August 2017
“In 2016-2017 HMRC only lost three out of 26 tax avoidance cases taken to court. It netted 22 wins and one mixed result, according to statistics published by HMRC.”
“Despite this minor decline in wins, Heather Self, partner at Pinsent Masons commented: “Anyone seeking to implement a complex tax avoidance scheme would have to be a confirmed optimist to assume they would win if the case is ultimately litigated.””
“Although shedding light on the types of violations that end up in court, Self noted that the cases do not illuminate on current behaviour of taxpayers, as most of the activities occurred several years ago.”
Source: HMRC 20 July 2017
HM Revenue and Customs has won a legal battle against a tax avoidance scheme, which claimed £122 million was spent on research into brain disorders, when only £7 million of it reached a genuine research company.
The win against Brain Disorders Research Limited Partnership protects taxes worth £29 million.
The organisation said the money was going to research into depression and Attention Deficit Hyperactivity Disorder (ADHD) but they claimed reliefs on artificial loans and large amounts of capital allowances. Read the rest of this entry »