A round up of other news this week.
The OECD has extended the comment period for the public consultation document on the possible solutions to the tax challenges of digitalisation. The comment period is now open until 6 March 2019 (previously 1 March 2019). The public consultation meeting is still to be held on 13-14 March 2019, as originally planned. Registration to attend this meeting is open until 1 March 2019.
The Scottish Parliament has confirmed the income tax rates and bands that will apply to relevant income of Scottish taxpayers in 2019/20. The rates and bands proposed at the Scottish Draft Budget on 12 December 2018 will therefore come into force on 6 April 2019. KPMG comments on what this means for individuals and employers.
Following the Autumn Budget, the Government has announced plans to overhaul the UK’s waste system. To this end, it has launched a suite of consultations, one of which is seeking views on a world-leading tax on the production and import of plastic packaging with less than 30 percent recycled content (from April 2022). The various changes arising from these consultations will make up a key part of the upcoming Environment Bill, to be introduced early in the second session of Parliament.
Nearly two thirds of businesses say that Making Tax Digital is a good idea but that they need more support with their plans ahead of the deadline of 1 April 2019 for VAT, according to new research from KPMG.
According to KPMG’s latest Pulse of Fintech Report, UK insurtechs saw over $1 billion of investment activity through 2018, up from $792 million in 2017.
KPMG was ranked as the leading mid-market provider of M&A services for both the number of announced and completed deals in 2018, according to Refinitiv's Mid-Market M&A Review. Formerly Thomson Reuters Mid-Market M&A Review, this is the third year in a row KPMG has earned this ranking and it has taken top spot numerous times since 2005.