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This week in tax: Brazil's Congress aims for VAT reform | International Tax Review

Investors lose hope in corporate tax reform
Investors are disappointed to find the National Congress of Brazil has side-lined comprehensive plans for tax reform in favour of incremental change after Brazilian tax reform slowed to a halt during the COVID-19 pandemic.
“The ideal tax reform is the one that Congress can approve at this time,” said Arthur Lira, speaker of the lower house.
The Bolsonaro administration made corporate tax reform a key part of its economic agenda. Paulo Guedes, minister of the economy, wanted to overhaul the formulaic tax system in Brazil and return to the arm’s-length principle (ALP). ....

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PRESS: UK eyes powers to block London floats on security concerns - FT

PRESS: UK eyes powers to block London floats on security concerns - FT | Financial News ....

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TOP NEWS SUMMARY: US hits 50% vaccinations; UK offers 30-year-olds jab

TOP NEWS SUMMARY: US hits 50% vaccinations; UK offers 30-year-olds jab
Wed, 26th May 2021 11:06
(Alliance News) - The following is a summary of top news stories Wednesday.
COMPANIES
The UK Treasury is planning rules that could block companies from listing on the London Stock Exchange on national security grounds, the Financial Times reported. UK Chancellor Rishi Sunak will launch a consultation on the proposal in the next two weeks, the FT said, citing the Treasury. The decision over whether a company can float in London is currently made by the UK Listing Authority, part of the Financial Conduct Authority. But Sunak wants ministers and officials on the National Security Council to be part of the process. Under the proposals, the government would have the power to prevent a listing if it would give a foreign state access to state or commercial secrets. Companies owned by people whose activities threaten UK interests could also be blocked. ....

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Winners and Losers of Downing Street According to Dominic Cummings' Moment of Truth

Downing Street quickly grew weary of the questioning session former top aide Dominic Cummings was facing - and with good reason. Cummings torched the Prime Minister. ....

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LONDON BRIEFING: M&S weathers virus with help from government, Ocado

LONDON BRIEFING: M&S weathers virus with help from government, Ocado
Wed, 26th May 2021 08:21
(Alliance News) - Clothing, homewares and food retailer Marks & Spencer on Wednesday reported a fall in revenue and swing to loss for its recently ended financial year, but hailed its transformation in the period.
Revenue fell by 10% to GBP9.16 billion in the year to April 3 from GBP10.18 billion, with M&S swinging to a pretax loss of GBP209.4 million from profit of GBP67.2 million the year before.
Our results for the year bear the impact of the pandemic spanning the beginning of the ï¬rst national lockdown through to near to the end of the third lockdown in the UK. However, they also reflect an acceleration of the transformation which enabled the business to deliver a resilient performance, the retailer said. ....

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