KPMG have just published a case study on the new Advance Thin Capitalisation Agreements available from HM Revenue & Customs. The case study lays out the following scenario:
So “let’s start with a wholly artificial structure and let’s ask HM Revenue & Customs to agree all is OK” would appear to be KPMG’s opening gambit.
Good, isn’t […]
The Canada.com site reports that:
Recent corporate tax cuts have not increased Canada’s attractiveness as a place for foreign firms to invest, a survey released today by international consulting firm KPMG suggests.
“Foreign corporate investment into Canada is expected to remain unchanged across the longer term, despite Canada’s push to create a more positive tax regime to […]
I overlooked this last week in the FT:
A partial climbdown on the new “non-dom” tax regime concerning advisers was signalled yesterday by the Treasury in a move designed to stop parts of the private banking industry relocating offshore. In an amendment to the finance bill, the Treasury proposed an exemption for fees paid by non-doms […]
The Australian has reported that:
THE Vanuatu Government will scrap its secretive company law provisions within months as part of a legal overhaul aimed at abolishing the Pacific nation’s reputation as an international tax haven.
The Vanuatu Financial Services Commission said the country would replace its company law secrecy provisions - which allow for the creation of […]
KPMG’s UK senior partner has, according to Accountancy Age:
called for ‘kitemark’ standard for audit reports, arguing that, with hindsight, accounts can turn out to be ’spectacularly wrong’.
John Griffith-Jones has apparently called for a ‘new approach and new contract’ with society. He is reported as saying:
I am making the case for the acknowledgement of reality. I […]
The December edition of Finance Magazine in Ireland, sponsored by KPMG had an article entitled ‘Is Tax on Your Board’s Agenda’ in it. Written by Liam Lynch, a tax partner at KPMG it includes this classic:
The ‘moral’ agenda
Alongside these developments, a worrying tendency seems to have emerged among external stakeholders to make ‘moral’ judgements about […]
Liechtenstein is tiny: it is 15 miles long, has a population of under 35,000 and one main town. It’s existence is effectively the consequence of a bad real estate deal by the Holy Roman Empire in the 18th century; it became a sovereign state in the 19th century. But that’s a joke. Even its so-called […]
Accountancy Age reports:
The Securities and Exchange Commission (SEC) yesterday filed a settled enforcement action against a Larry Rodda, a former KPMG Consulting principal and managing director, for his role in deceiving investors in a major corporate accounting fraud at the San-Diego, California-based Peregrine Systems.
And adds:
On January 23, Rodda was sentenced to six months in the […]
KPMG have issued a press release on the OECD meeting in South Africa saying:
An OECD study into the role that tax advisers play in the use of tax minimisation techniques by large companies has recommended that governments should attempt to reduce the demand for aggressive tax planning by encouraging a wider tripartite relationship between revenue […]
Prem Sikka has a knack of hitting nails on the head. His latest Guardian piece looks at the relationship between the state and accountancy firms. As he puts it:
There is something very odd about the way UK governments deal with administrative failures. In earlier times, rulers called upon obedient high-priests to manage their crises. In […]
