A round up of other news this week.
HMRC have started raising queries with businesses regarding Country-by-Country (CbC) reports filed in respect of 2017 year ends. However, many of the current queries we have seen are administrative in nature, rather than about the data that has been submitted. In particular, HMRC have insisted businesses re-file CbC reports where there are numerous instances of no tax reference (‘NOTIN’) being reported for Constituent Entities. Readers in this position may therefore wish to find these tax references, even for long-time dormant entities, rather than rely on a quick fix of inserting ‘NOTIN’ in the required cell to avoid future challenge from HMRC.
HMRC have published Brief 4 (2019) regarding a new domestic reverse charge for VAT for businesses trading in renewable energy certificates. This confirms that the Government has introduced legislation on a reverse charge accounting mechanism for supplies of gas and electricity certificates in the UK. According to the Brief, this is in response to a serious and credible threat of missing trader intra-community fraud in those supplies. The Brief notes that it should be read alongside VAT Notice 735 on the domestic reverse charge procedure.
The 2019 KPMG CEO Outlook reveals that less than half of UK leaders are confident in the prospects for global economic growth over the next three years. This is a significant fall of 34 percentage points year on year and reflects deep-rooted concerns over geopolitical stability, trade wars and the persistent rise of economic nationalism.
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