Global Accounting Alliance

May 14, 2018

The Global Accounting Alliance is made up of 10 of the world's leading accounting institutes and represents close to 1,000,000 members in over 180 countries around the globe.  In this, the first of a series of occasional items, we pull together for you some of the insights and activities from our colleagues working across the world as part of the Global Accounting Alliance.

Australian Federal Budget delivered 8 May 2018

This includes:

  • A 7 year plan for personal tax cuts
  • Thin capitalisation changes
  • A commitment to release a discussion paper on Digital Tax ‘in a few weeks’
  • The release of a Black Economy Taskforce Report, together with the Government’s response
  • More money for the Australian Taxation Office for enforcement

Scottish Income Tax

From April 2018, the introduction of five bands of Scottish Income Tax (SIT) may mean significant changes in the way Scottish taxpayers' income tax liabilities are calculated. SIT is payable by Scottish taxpayers on their non-savings and non-divided income only; the UK rates of tax continue to apply to savings and dividend income.