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Tax
Apple loses in EU top court over tax bill of EUR14.3bn in Ireland
Apple's tax dispute with Brussels over €14.3bn has suffered a setback after an advisor to the EU top court suggested that an earlier ruling on its business in Ireland be rescinded.
Giovanni Pitruzzella said that the landmark ruling which…
The UK Supreme Court has given the green light to a Danish tax fraud case worth £1.4bn
After the UK Supreme Court refused to allow him to stop it from being heard in England, Danish authorities were allowed to pursue a tax fraud case worth £1.4bn against financial institutions and Sanjay Shah’s hedge fund at London’s High…
HMRC is facing a growing demand as more people are forced to pay tax.
The UK tax authority warned it would face additional costs in this year due to 1.2mn people being added to the tax net as a result of higher income and savings rates.
Jim Harra told Members of Parliament that HMRC was prepared to handle…
Do wealthy UK trusts hoard their charitable donations in order to avoid paying taxes?
According to a think tank analysis, UK charitable foundations that have assets totaling more than £12bn only give away a fraction of their assets to worthy causes every year.
Pro Bono Economics conducted exclusive research that…
Ark sees silver lining to massive ETF losses – years of tax benefits
Cathie Wood, Ark Investment Management's asset manager, has a new pitch for investors who may be worried about the huge losses the asset manager suffered due to the rising interest rates. Think of the tax write offs.
Morningstar reports…
Italy announces €24bn of tax cuts and wage increases to boost the faltering economy
Giorgia Mello, the Italian Prime Minister, plans to spend €24bn next year on tax cuts and pay increases for public sector workers to boost consumption and revive a stagnant economy. This is despite investor concerns over Italy's finances.…
Microsoft pays HMRC £136m amid US tax row
The software giant paid the money in the past 15 months as part of a "bilateral contract".
Microsoft paid HMRC £136m for back taxes as part of a deal reached with authorities regarding how the company shifts its revenues…
Portugal will scrap tax breaks for foreigners because of ‘fiscal injustice
Portugal is planning to scrap a controversial foreigner tax break that attracted a large number of wealthy people to the country, but also stoked an housing crisis in Portugal by driving up house prices.
Antonio Costa, Prime Minister of…
UK exporters will be hit with a hefty EU Carbon Tax Bill after Sunak’s weakening of climate…
The UK's climate targets have been weakened by Rishi Sunak, leaving British exporters to face hundreds of millions in EU border taxes on carbon within the next 10 years -- revenue that would otherwise have gone to the Treasury.
After the…
Italy reduces bank windfall tax
Italy has further diluted its windfall tax for banks by adding a clause that gives lenders the option of paying the levy instead. This is a concession made to critics, including the European Central Bank.
Giorgia Melons, the Italian…
Abigail Disney calls for taxation of the’super-rich.’
A Disney heiress has called for a tax to be imposed on the "super rich", accusing them of causing an "economical, ecological and human rights catastrophe".
Abigail Disney is one of many signatories to a letter that was sent to the…
Apollo sues over $570mn in tax payments to top executives
According to a shareholder suit filed on Wednesday, Apollo Global Management agreed to pay $570mn in order to cover the taxes of its top executives. This was part of an effort to distance the private equity firm's scandal-plagued founding…