Merkel’s 27 April speech to the Bundestag: full translation

Following reports of last week’s Juncker/May dinner (see Monday’s blog), there has been renewed interest in Angela Merkel’s speech to the German Parliament (Bundestag) the day after. So I’ve translated it in full below. The bits I’ve highlighted in bold are particularly striking in relation to Brexit. But the speech – quite short by Merkel’s … More Merkel’s 27 April speech to the Bundestag: full translation

US tax reform: badly needed, but is the destination right?

Back in 1988, the economist Larry Summers explained why the US had no VAT: ”Liberals think it’s regressive and conservatives think it’s a money machine. If they reverse their positions, the VAT may happen.” Nearly 30 years later, the US still doesn’t have a VAT. But recent tax reform proposals by the Republican party would bring … More US tax reform: badly needed, but is the destination right?

Making Tax Digital: fundamental questions remain unanswered

The government’s response to the consultation on “Making Tax Digital” – requiring businesses to keep digital records and make quarterly updates to HMRC – was published this week, together with draft legislation. But, rather like Theresa May at a press conference, the government doesn’t answer some of the big questions. Businesses, agents and rep bodies … More Making Tax Digital: fundamental questions remain unanswered

Scandal in Frankfurt: tax avoidance pays dividends for German banks

Last Thursday’s FT carried an intriguing story about a German tax avoidance scheme with €billions at stake: the so-called “cum-cum” dividend-stripping device. While we generally think of the Germans as highly disciplined, this looked like an example of complete chaos. And the aggressive artificiality of the scheme took me back to the dark ages of … More Scandal in Frankfurt: tax avoidance pays dividends for German banks