A round up of other news this week.
The CIOT have published a letter from Andrew Tyrie MP, Chairman of the Treasury Select Committee, setting out his proposals for strengthening scrutiny of the Finance Bill.
A consultation on the impacts of withdrawing four of HMRC’s extra-statutory concessions (ESCs) was published on 10 January. This includes three VAT related ESCS: zero-rating of central processor, composite rate of VAT for computer systems and affiliation fees for sports clubs. The fourth relates to Retail co-operative societies’ accounting periods.
On 22 December 2016, a further 350 bilateral automatic exchange relationships were established between over 50 jurisdictions to exchange information automatically under the OECD’s Common Reporting Standard (CRS) from 2017. The total number of bilateral relationships in place is now over 1,300.
Ahead of the World Economic Forum at Davos, KPMG in the UK has released the second edition of the Variables for Sustained Growth (VSG) Index which measures countries’ productivity potential to illustrate where governments should be focusing efforts and investment in order to improve economic growth prospects. The UK has climbed up to 13 out of 181 countries, higher than France, the US and China, but lags behind New Zealand and Germany.
KPMG in the UK’s Global Automotive Executive Survey 2017 found that UK automotive executives expect that more than half of today’s car owners will not want to own a car in less than a decade.
KPMG in the UK’s BEPS Action 4 diary has been updated with questions and answers from our recent webinar on the draft Corporate Interest Restriction legislation that was published with the draft Finance Bill.