Saturday, August 01, 2015

Online Schemes to tax the sharing economy

The NSW government will launch a digital profile service before the end of the year, chasing the same sort of ‘single view’ online transaction capability established by the Commonwealth’s myGov service. NSW to build its own myGov

Revenue & Customs plans to raise nearly £1bn of extra tax by 2021 using new sources of online data to track down small businesses that are under-declaring their sales.
Tax experts said that Apple, Amazon and Airbnb were likely to be among the app stores and platforms required to hand over data that will help HMRC identify tax-evading businesses. HMRC, which already obtains data from credit card companies, is also set to extend its powers to get data from payment providers such as PayPal, under the proposals that are set to become law next year.
In a consultation paper, HMRC insisted that the expansion of its data-gathering powers would not have implications for customers’ privacy. Revenue & Customs goes online to tax the sharing economy

GAO Report – IRS 2016 Budget Cuts Increase Risk ... IRS Is Scaling Back Activities and Using Budget Flexibilities to Absorb Funding Cuts, GAO-15-624: Published: Jun 24, 2015. Publicly Released: Jul 24, 2015: “Internal Revenue Service (IRS) total appropriations declined from a high of $12.1 billion in fiscal year 2010 to $11.3 billion in fiscal year 2014, a reduction of about 7 percent. 

Federal Reserve Board staff as background for the June 16-17, 2015, meeting of the Federal Open Market Committee (FOMC) were inadvertently included in a computer file posted to the Board’s public website on June 29. Because the information has already been released, the Federal Reserve is today providing general public notification and making those projections more easily accessible on our website within the FRB/US model package (ZIP) data folder

REMITTANCES EXPLAINED: How funds are transferred across borders, and why digital is poised to disrupt this century-old industry Business Insider

Uber, Airbnb And The Conflict Between Policy’s Ratchet Effect And Tech’s Accelerating Speed Techcrunch. We actually have a shorter name for “policy’s ratchet effect”: The law.