Peter Vaines reports on the latest news from the world of tax
- US tax rates.
- Offshore disclosure facility.
- Reasonable excuses.
- VAT invoices.
It has been interesting to read the various (and not always consistent) reports about what is likely to happen to US tax rates under the new president. The idea of a 15% corporate tax rate seems to be on the cards on the grounds that it is necessary to stimulate the economy and create growth. I seem to remember that was exactly what Mr Osborne was suggesting and this has been taken on board by Mr Hammond (although only down to 17% and only from 2020) and of course a low corporate tax rate is what has caused so much trouble in Ireland. You would have thought that any proposal to stimulate the economy and increase job creation would be welcomed.
A relevant UK example would be stamp duty land tax (SDLT). This has been increased to ruinous levels with the result that there has been a serious slowdown in purchases and sales (and naturally much lower receipts that were predicted).
