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Tax
Irish Finance Minister calls €14bn Apple tax windfall ‘transformational.’
The Irish Finance Minister has described the €14bn windfall tax from Apple as "transformational". This comes just weeks after the Irish government lost its case at the European Court of Justice arguing that the tech company should be…
French Premier Michel Barnier announces tax increases and spending cuts
Michel Barnier, France's new Prime Minister, warned that the repair of the degraded country's public finances would require years of "collective efforts" and announced "temporary targeted" tax increases on large businesses and the wealthy.…
Labour to reduce Tory green tax on packaging
After a backlash by the food and beverage industry, ministers will water down the "packaging tax" of £1 billion proposed by the previous Conservative government. From April of next year, businesses that supply packaging or handle it for…
Rachel Reeves warns that a tax grab on private equity may backfire
Rachel Reeves was warned that closing the private equity loophole, which would raise at least PS500m, could lead to a mass exodus of rich individuals and reduce the revenue that the chancellor hoped to generate.
EY, a professional…
Reeves is urged to change tax laws ‘to raise over £20bn per year’
A left-of centre thinktank is urging Rachel Reeves to announce in the budget next month changes to capital gains, inheritance tax, and national insurance that would raise over £20bn per year for Treasury.
The Resolution Foundation, which…
Bank of London heavyweight board taken unawares by unpaid taxes
Three people with knowledge of the situation say that the Bank of London board of directors and its new management team did not know about its unpaid tax debts until HM Revenue & Customs submitted a petition on Thursday to dissolve it…
Aviva Accused of Tax Evasion and Regulatory Breaches in India
Aviva, the FTSE 100 insurance giant, faces serious allegations of tax evasion and regulatory violations in India, according to a report by the country's tax authority. The Directorate General of Goods and Service Tax Intelligence claims…
Wealthy Households and Businesses Brace for Tax Rises Following Starmers Speech
In the wake of Sir Keir Starmer's keynote speech in Downing Street, wealthy households and businesses across the UK are preparing for potential tax increases as the government aims to address a £22bn shortfall in public finances. Starmer's…
What Tax Increases Could Feature in the UK Autumn Budget
As Prime Minister Keir Starmer warns of "painful" decisions ahead for the UK's public finances, speculation is mounting about which taxes could be raised in the upcoming Autumn Budget. While Chancellor Rachel Reeves has ruled out increases…
Unite Calls for Wealth Tax on Super-Rich to Fund Public Sector Pay Rises
Britain's second-largest trade union, Unite, is urging the new Labour government to introduce an emergency 1% wealth tax on the assets of the super-rich. The proposed tax would be applied to individuals with assets exceeding £4 million,…
Income Tax Receipts Reach 16-Year High in July Amid Frozen Tax Thresholds
Income tax receipts soared to an impressive £32.7 billion in July, marking the highest figure for that month since records began in 2008, according to the latest official data. This significant increase highlights the government's reliance…
Dozens of UK Startups Backed by Taxpayer-Funded Loans Face Closure Amid Pandemic Fallout
The Future Fund, a £1.14 billion portfolio of investments established by former Conservative prime minister Rishi Sunak during his tenure as chancellor, is facing a growing number of bad investments. Managed by the British Business Bank…
Italy doubles foreign tax on the wealthy
Italy doubled its flat tax on foreign income for new residents. This is a blow for wealthy expats who are fleeing higher taxes elsewhere in Europe.
The cabinet of Prime Minister Giorgia Mello approved on Wednesday a hike in the annual…
How Coca-Cola’s earnings are able to hide a tax dispute worth $16bn
Coca-Cola's dispute with US tax authorities, which has lasted for a decade, could now amount to $16bn, or enough to wipe out an entire year and a quarter of profits. The figure is expected to rise by $1bn per year.
According to a harsh…
HMRC’s Flagship Innovation Scheme Loses £4bn to Fraud and Error
In a shocking revelation, it has come to light that the UK government's flagship scheme to promote research and development has been marred by widespread abuse, resulting in a staggering loss of over £4bn due to fraud and error since 2020.…
HMRC withheld offshore Tax Avoidance figures for UK wealthy during election
The tax officials have been under pressure to release estimated figures about offshore taxes avoided, after they withheld the information from a report that was published during the campaign.
Lucy Frazer, the then Financial Secretary to…
Dragon’s Jessops camera chain faces closure due to unpaid taxes
HM Revenue & Customs has filed a petition to wind up Jessops. The 89-year old camera shop chain is now owned by Peter Jones. He is the Dragons' Den actor.
If the retailer fails to pay its tax, it could fall into insolvency. It has…
Minimum tax on billionaires could raise $250bn per year
According to a G20-commissioned report, a global minimum tax on billionaires could raise up to $250bn per year and be implemented successfully even if not all countries adopted it.
Gabriel Zucman is an economist who wrote the paper. He…