Thai Revenue Department Audits and Reviews
Baker Tilly Thailand has published an article on Thai Revenue Department Audits and Reviews.
Quarterly Update on Regional Tax Developments
Baker Tilly in South East Europe has produced a Quarterly Update on key tax developments bulletin in Cyprus, Greece, Romania and Bulgaria.
The EU's Digital Tax Framework Threatened By Conflicting Political Agendas
Last week, the German coalition talks laid out an agreement that included proposals for the "fair taxation of large companies". The document singled out Google, Apple, Facebook and Amazon (sometimes called 'GAFA’ for short) as examples. These brands have all come under fire in the past over allegations of tax avoidance, and they have denied claims they don’t pay what they owe in taxes.
US Tax Reform Focus: Ireland's Good Fortunes
As Ireland has long been a prime destination for US investment, the US tax reform has raised questions for the Irish tax model and how it will stand its own following the Tax Cuts and Jobs Act was passed. Companies like Facebook and Apple have recently overhauled their tax arrangements, and Ireland faces several other external threats to its tax system. Donal Leahy from Baker Tilly Hughes Blake talks about
Q&A: EC's Stephen Quest Talks About The EU's Digital Tax Future
The European Commission’s Director General for Taxation and Customs Union tells International Tax Review about how the European Commission is pushing ahead with its plans for a digital tax framework, how it will work with OECD initiatives, and the emerging industries and technologies making their mark.
US Tax Reform Set To Increase Number Of CFCs And Transparency Risk
The US tax reform introduces changes to Subpart F stock attribution rules that are expected to result in the formation of many new controlled foreign corporations. However, the amendments leave room for interpretation with tax professionals mooting whether the new repatriation and GILTI taxes could also be triggered.
Baker Tilly Thailand Transfer Pricing Update
On 3 January 2018, the Thai Cabinet approved the draft specific transfer pricing legislative provisions after public consultation during 2017. Taxpayers with international and domestic related party transactions should consider whether to expedite any transfer pricing analysis, comparable search and transfer pricing documentation in view of the mandatory reporting.
More Tax Guides from Baker Tilly in Cyprus
After the recent guides released by Baker Tilly in Cyprus, they have followed up with several more. They cover a range of topics including: Double Tax Treaty between Cyprus and Saudi Arabia, Cyprus taxation of property for VAT purposes and Extension for settlement of tax liabilities.
New U.S. Form 5472 disclosure rules for foreign-owned, single-member LLCs due in early 2018
Foreign-owned domestic companies, including U.S. LLCs, that are disregarded as separate entities for federal tax purposes (disregarded entities) are subject to a new disclosure obligation. Treasury regulations promulgated back in 2016 require such entities to file Form 5472 - Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, disclosing certain transactions between the reporting entity and its foreign owner and other affiliates. The new reporting requirement administered by the Internal Revenue Service (IRS) is due for the first time in early 2018 and is subject to substantial non-compliance penalties.
Tax Guides from Baker Tilly in Cyprus
Baker Tilly in Cyprus has produced two tax guides to help provide you with up to date tax information and legislation. The first is a VAT Tax Flash, which talks about VAT treatment of holding companies and the the second is Baker Tilly in Cyprus' guide to the Cypriot tax system.
The Immediate Data Provision Obligation Regarding Electronic Invoices Commences On 1st July
The TPA Group, an independant member of the Baker Tilly Europe Alliance discuss the main rules of the online data provision becoming mandatory from July this year.
Technical Issues Give Rise To CbCR Deadline Extensions
Despite the vast majority of multinationals being ready to file their country-by-country reports by the end of the year, several countries chose to defer the filing deadline for a variety of reasons, including difficulties with the XML format. In more than 40 countries, multinationals with income greater than around €750 million ($904.5 million) had to file a country-by-country report (CbCR) at the end of December 2017.
Baker Tilly in the USA Helping to Untangle Tax Reform
Baker Tilly, our member firm in the USA, has written a number of articles to help you untangle the new US tax reforms. The articles cover the new 20 percent qualified business income deduction, bonus depreciation, recovery periods for real property and expanded section 179 expensing, business interest limitation and business losses and NOLs for corporate and noncorporate taxpayer
VAT Implementation in Saudi Arabia And UAE Has Teething Problems
Teething problems are common when tax systems are first introduced, but a number of factors have made matters more difficult in the Middle East. The tax authorities are struggling to answer all of the questions they are being asked, the legislation is imperfect and has already been tweaked in Saudi Arabia, not all companies are registered and a lack of low-denomination coins is proving problematic.
Year End Tax Planning Guide 2017/18
MHA, the UK member firm of Baker Tilly International, has produced a tax planning guide. The guide, which summarises some key tax and financial planning tips, covers a variety of topics, including income tax, capital gains tax, property investment and much more.
US Tax Reform: The Tax Cuts and Jobs Act Passes
United States Congress has passed the Tax Cuts and Jobs Act and sent it to the President for his signature. The Act dramatically reduces the corporate income tax rate to 21%, transitions the US to a territorial tax system, provides for a one-time repatriation of foreign earnings and makes extensive changes to individual taxation rules. Most individual changes will expire after 2025.
Prepaying Taxes: Tax Cuts and Jobs Act
Paul Dillon, at Baker Tilly, the US member firm of Baker Tilly International, discusses prepaying taxes and the Tax Cuts and Jobs Act in this article.
Russia Extends 'Google Tax' As Part Of Tax Code Changes
The Russian government is preparing to extend the so-called ‘Google tax’ as part of changes to its tax code after President Vladimir Putin signed off on the proposals in December 2017. The government has also announced several other changes.
US Treasury Department and Internal Revenue Service Issue First Major Guidance Under Tax Cuts and Jobs Act
Jim Alajbegu, from Baker Tilly, a Baker Tilly International member firm in the US, has written an article which talks about repatriation tax and guidance on the Tax Cuts and Jobs Act.
Planning for the US Tax changes
As the House and Senate reconcile their versions of the tax reform bill, taxpayers cannot afford to wait and see what happens; they need to act this month before certain opportunities go away. MBAF, a member firm of Baker Tilly International based in the United States, discusses how to plan for the changes to come.
The Israeli VAT Law
Baker Tilly, our member firm in Israel, talk about Israeli VAT law in a recent article
Investment in buildings in Israel
Baker Tilly, a member firm of Baker Tilly International in Israel, talk about how the Israeli encouragement of Capital Investments Law encourages investment in buildings designated for residential rental in Israel.
German Tax Risk: Offshore Companies can be Classified as Foreign Base Companies
Company structures involving companies from certain offshore jurisdictions are subject to strict scrutiny by German tax authorities.
Navigating Global Research and Development Incentives
We are pleased to publish our 2017 Global Research and Development Incentives Publication, which allows readers to efficiently analyse, at a high level, the tax benefits available in more than 50 key countries worldwide - key when embarking on a project to locate qualifying research and development activities.
Q&A: European Tax Commissioner Pierre Moscovici Talks Tax Havens and the Digital Single Market
European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici speaks to International Tax Review about the EU’s blacklist of tax havens, the struggle to tackle tax avoidance and how to tax the digital economy.
Tax Reform: The Senate Bill Passes
Last week, the Senate passed its own version of the Tax Cuts and Jobs Act (TCJA), its tax reform bill with the same name as the House’s version. The Senate significantly modified the bill approved by the Senate Finance Committee prior to Thanksgiving. This alert will focus on the key changes.
Grey is the new black in EU’s tax haven blacklist
The EU has released its first ever blacklist of 17 tax havens, including South Korea, United Arab Emirates and Panama, as well as a grey list of 47 other jurisdictions, but has received criticism for going easy on notorious tax havens.
UAE And Saudi Arabia Ready For VAT: Are You Prepared?
The United Arab Emirates and Saudi Arabia have published their final VAT laws, but questions remain over just how ready the GCC and its taxpayers are for VAT with only a month to go.
UK proposes stop-gap measures to tax digital companies
The EU and the UK have threatened unilateral action on tax reforms for the digital economy ahead of the OECD’s 2018 interim report on the issue. Proposals so far indicate a paradigm shift towards taxing the functional areas of the digital economy.
Who Will Be On The EU’s Tax Haven Blacklist?
The European Union is about to release a blacklist of uncooperative tax jurisdictions as part of the international effort to crackdown on tax avoidance. The blacklist has sparked speculation over which countries are most under threat.
Affordable Care Act reporting update
Employers are actively preparing for the Affordable Care Act (ACA) reportable year 2017 forms release. No, the IRS has not adjusted the deadlines for the 2017 reporting that is due in early 2018. What the IRS has done recently, however, is update its guidance on how it intends to assess 2015 employer shared responsibility mandate penalties. Since this process is new for everyone, we are taking this opportunity to review what we know about it as of today.
Why Does Capital Investments Law Encourage Tourism
Baker Tilly, a member firm of Baker Tilly International in Israel, talk about how capital investments law encourages tourism and has other benefits.
CbCR may bring upswing in corporate tax revenues
Corporate tax revenue collections remain at low levels around the globe, the OECD’s annual tax revenue statistics show, but advisers believe increased transparency and potential audits drawing on country-by-country reports could turn this around.
A Britain Fit For The Future
Following on from today's Budget, tax partner Nigel May, tax manager Katriona McEwan and tax development manager Androulla Soteri from our UK member firm MHA MacIntyre Hudson, discuss the key points from the Chancellor's speech.
Implementation of the EU Anti-Tax Avoidance Directive in Cyprus
The Tax Department has presented a discussion draft of a bill to amend the Cypriot tax laws for the purposes of introducing in these laws with the provisions of the EU Anti - Tax Avoidance Directive ("ATAD"), which was approved by the EU Commission in 2016. The Tax Department invited comments from interested parties in order to finalise these changes.
Taxation of Trusts in Israel – Types of Trust
A simple guide to four key types of Trust in Israel.
Will UK's VAT threshold fall?
In its review of VAT, the OTS recommended that the UK government examine the registration threshold for VAT because the current level of £85,000 ($111,300) is unsuitable. The UK has the highest VAT threshold in the European Union, where the minimum threshold is €10,000 ($11,800) but the average is €22,000. The high threshold means that there is a “cliff-edge” for businesses, which offers an incentive to find creative ways to lower turnover in order to avoid paying VAT.
Switzerland: Partial amendment VAT Act from 1 January 2018 and 1 January 2019
As a result of the referendum on 24 September 2017 the VAT rates will be adjusted as of 1 January 2018.
The Senate releases its version of tax reform
On Thursday, the Senate released a detailed description of its initial tax reform bill, the Senate Tax Cuts and Jobs Act (STCJA). The STCJA now heads to markup by the Senate Finance Committee the week of Nov. 13. Majority Leader Mitch McConnell indicated he expects the Senate to hold a vote on the bill before Thanksgiving. If it passes, it would then go to a conference committee to negotiate differences between it and the House version.
Lebanese Government Approved New Tax Changes
The Lebanese Government has approved new tax changes introduced by Law No. 64 dated 20 October 2017, published in the official Gazette on 26 October 2017, deemed essential to fund the additional cost of the salary scale. The new law has introduced new taxes, as well as an increase of rates on existing taxes.
Year-end tax planning letter 2017
2017 has yet to produce any meaningful enacted federal tax legislation. While the House has introduced its tax reform bill, numerous questions remain. As this letter is published, the Senate has yet to weigh in. Although the process continues, how to pay for the proposals and what deductions will be eliminated or modified remain fiercely debated.
House Releases Tax Reform Bill
he House of Representatives released the initial draft of its tax reform bill, the Tax Cuts and Jobs Act (TCJA), on Thursday. The bill now heads to markup by the Ways and Means Committee next week. Speaker Paul Ryan indicated he expects the full House to hold a vote on the bill the week of 13 November.
Harmful tax incentives critically curtailed: BEPS Action 5 in action
BEPS Action 5 – Countering harmful tax practices more effectively by taking into account transparency and substance is one of the four BEPS minimum standards. To date, 102 jurisdictions have committed to its implementation, and 2017 is a decisive year in translating that commitment into action. Achim Pross, Kevin Shoom and Melissa Dejong of the OECD, discuss the first results of the work under BEPS Action 5, and its significance in achieving the goals of the BEPS project.
Highlights of the 2018 Malaysian Budget Proposals
The 2018 Malaysian Budget was presented by the Government of Malaysia on 27 October 2017. The theme of Budget 2018 was ‘Prospering an Inclusive Economy, Balancing between Worldly and hereafter, for the Wellbeing of Rakyat (people of Malaysia) and towards the TN50 Aspiration.
GOP Tax Reform Framework and its Impact on International Tax
The GOP released the much-awaited installment of the tax reform guidelines a few days ago, dubbed as the unified framework to overhaul and simplify the Internal Revenue Code.
Amazon and eBay profiting from foreign traders avoiding UK VAT
The UK is losing billions of pounds in revenues each year from online VAT fraud committed by foreign traders. But with Amazon and eBay profiting from the fraudsters, and HMRC not doing enough to tackle the problem, is collaboration or conviction the better solution?
Austria’s Hans Jörg Schelling eyes EU digital tax rules
Austrian Federal Minister of Finance Hans Jörg Schelling has not held back on his views of how to tax multinational corporations so they pay their fair share. He talks to Anjana Haines about what he has planned over the coming year.
Finnish court issues landmark TP ruling involving ERP
The Finnish Administrative Supreme Court on September 13 issued two rulings, korkein hallinto-oikeus (KHO) 2017:145 and KHO 2017:146. Both rulings have been welcomed by Finnish TP professionals as potential trendsetters for future transfer pricing rulings as these are generally scarce in the country.
Q&A: Tomas Balco rolls out busy BEPS agenda as new head of OECD’s TP unit
Tomas Balco brings to the table work experience from the public and private sector, and is known as a consensus builder on both the national and regional level. Prior to taking up the position at the OECD, Balco was the general state counsel and head of international taxation at the Slovak Republic’s Ministry of Finance between 2014 and 2017.
News on Withholding Taxes in 2018 and 2019 in the Netherlands
On 19 September 2017, the Dutch Secretary of State published proposed legislation for the Dutch Dividend Withholding Tax (DWT) Act. The legislation contains significant changes for Dutch Co-operatives (Co-ops) as well as a new general exemption from DWT. It will be brought to Dutch congress during the autumn of 2017 and is likely to take effect on 1 January 2018.
UK and Ireland Brace for Customs Chaos as ‘no-deal’ Brexit Looms
The UK has released a white paper examining possibilities for its post-Brexit customs system once it leaves the EU’s customs union, and a more revealing report by Ireland’s Revenue has added further detail.
Amazon slapped with €250 million bill for illegal state aid
Luxembourg will have to reclaim €250 million ($294 million), plus interest, from Amazon for “undue tax benefits” after the European Commission announced its state aid decision in the case. But the amount is surprisingly small and many say the decision doesn’t tackle the real issue.
EU to Redesign Tax Net to Catch Online Giants
The European Commission (EC) will set out a “strong and ambitious” vision on how to tax the digital economy in early 2018, targeting companies such as Google, Amazon, Microsoft and Apple.
ECOFIN to Consider Virtual PE Rules to Tax Digital MNEs
Multinational technology giants like Google, Amazon, Apple, Microsoft and Facebook could face higher tax bills under EU plans to introduce virtual permanent establishment rules. However, such rules could be difficult for governments to administer.
Our UK Member Firm MHA MacIntyre Hudson has Published a Corporate Criminal Offences - Business Planning Guide
Our UK member firm has published a guide which sets out the scope of the new offence. It explains the practical steps that businesses should consider taking to protect themselves against criminal liability.
Switzerland: Partial Amendment to the VAT Act from 1 January 2018 and 1 January 2019
VAT law in Switzerland will be subject to partial amendments from 1 January 2018. These amendments could have major impacts for foreign companies.
France Tries to use PE Rules to Make MNEs pay a ‘Fair Share of Tax’
The French permanent establishment rules are the country’s biggest hurdle in taxing Google, Amazon, Facebook and Apple (GAFA) in the way it wants. But it is determined to use these rules to make such digital companies pay what it believes to be their ‘fair share of tax’.
Trump's Tax Reform: Economic Growth Tool or Tax Break for Corporates?
President Donald Trump on Wednesday delivered a new round of promises of a “pro-growth, pro-jobs and pro-American” tax reform, including a 15% corporate tax rate. However, sceptics say his proposals do not match the rhetoric, and that they may be impossible to implement all at once.
The Status of Tax Reform
As the Senate struggled with the repeal and replacement of the Affordable Care Act (ACA), Congress has been working behind the scenes on tax reform. Leadership from both the House and the Senate has been holding discussions with their committees of relevant jurisdiction as well as the White House (this group has informally become known as the “Big Six”).
OECD’s Base Erosion Profit Shifting (BEPS) and Thailand: Tax Structuring in Thailand Under International Tax Law Changes
Baker Tilly Thailand review specific issues that may need to be reviewed under the Thai and international tax law.
Brazil Looks to Introduce VAT to Ease Compliance for Corporates
Brazil is seeking to become the latest major economy to introduce a national VAT system to end the torturous system of multiple state taxes that is causing headaches for companies.
Q&A: Maltese Finance Minister Edward Scicluna Surveys a Changing EU Tax Landscape
Scicluna has returned to his role as the Maltese finance minister after the country’s presidency of the EU Council ended in June. When Malta began its six-month presidency, many were sceptical about how the leaders of the small Mediterranean island could achieve their ambitious objectives – particularly the tax measures.
Trump Set to Axe US Anti-tax Avoidance Measures
A new notice from the IRS reveals President Donald Trump’s plans to revoke Obama-era anti-tax avoidance measures including earnings stripping rules, which could cause an upsurge of inversions.
Q&A: Cypriot Finance Minister Harris Georgiades Wants a More Transparent and Attractive hub for Corporates
Harris Georgiades, Cyprus’ minister of finance, talks to Natalie Leonidou about tax reform and why his country is an attractive investment hub despite the drive for transparency in the wake of BEPS.
Transatlantic ties Smoulder as Ireland set to Collect €15 Billion from Apple
Tax community members on both sides of the Atlantic are holding their breath for a reaction from the US government as the European Commission picks up its investigations into cross-border tax strategies and alleged state aid cases of US tech companies.
New International Tax Treaty in Israel
As part of the effort to reduce the usage of black capital and tax evasion by taking advantage of the international system, the Israeli Tax Authorities recently signed agreements with various countries for the exchange of financial information.
GST Payable on Supplies of Digital Downloads and Other Intangibles from Offshore
In 2016, Baker Tilly Pitcher Partners issued an alert to highlight that the Australian Government has enacted measures commonly referred to as the ‘Netflix Tax’ to bring supplies of intangibles made by non-resident suppliers to Australian consumers within Australia’s GST net.
US Income Tax Authorities Targeting Foreign Companies on Non-compliance
Over the next several weeks, the Internal Revenue Service (IRS) will be sending letters to foreign businesses active in the US to inquire about their compliance with US federal income tax laws. The initiative targets large multinationals importing goods into the US as well as middle-market global companies with US customers.
Q&A: Pascal Saint-Amans Comes out Fighting for the OECD’s Blacklist and CbCR Standard
The OECD has found itself at odds with both the EU and the Tax Justice Network in the past week over divergent transparency standards. Pascal Saint-Amans, the organisation’s head of tax policy and administration, explains to Salman Shaheen why he believes its blacklist and non-public CbCR standard are the right approach.
Q&A: Nissan Motor’s Soichiro Matsuo and Inga Kondrataite Gain Pole Position on BEPS Implementation
Soichiro Matsuo, global head of TP, and Inga Kondrataite, regional head of tax for Asia Pacific, talk to TP Week from Nissan Motor’s headquarters in Japan about working through the challenges of implementing BEPS measures and CbCR. Their work on documentation, APAs and the management of TP globally has earned Nissan the International Tax Review Asia In-House Transfer Pricing Team of the Year award.
Google not out of the Woods After Landmark $1.25 Billion French Court Victory
After a six-year tussle, Google has emerged victorious after the Paris administrative court found in its favour over a PE dispute. But the French authorities have announced their intention to appeal.
Tax Treatment of Intra-Group Back-to-Back Financial Arrangements
On 30 June 2017, Baker Tilly in Cyprus issued a document stating the Cypriot tax department had issued an interpretative circular relating to the revised tax treatment of intra-group back-to-back financing arrangements.
Companies Across Germany Could Face State Aid Clawback
German companies could be hit with an unexpected tax bill if the European Court of Justice (ECJ) rules that a commonly used clause in the country’s Real Estate Transfer Tax (RETT) Act constitutes state aid.
GST on Supplies of Low Goods to Australian Consumers: Delayed Until 1 July 2018
Baker Tilly Pitcher Partners recently prepared a tax bulletin in respect of the delay regarding the proposed changes to GST in Australia.
New Cyprus Legislation: Payment of Overdue Taxes by Monthly Instalments
The House of Representatives approved unanimously the bill proposed by the parliamentary parties, which regulates the issue of payment of overdue taxes by monthly instalments.
Ground-breaking Multilateral BEPS Convention Signed at OECD will Close Loopholes in Thousands of Tax Treaties Worldwide
Taken from the Organisation for Economic Co-operation and Development (OECS) press statement published on 7 June 2017.
EU Council Adopts Directive to Crack Down on Hybrid Mismatches
The Directive, which is also known as the Anti-Tax Avoidance Directive 2 (ATAD 2), will amend the existing ATAD 1. The rules are designed to stop companies exploiting the differences between the tax systems of EU member states and non-EU countries to avoid paying tax, or to gain a double tax deduction, known as hybrid mismatches.
Litigation, Litigation, Litigation? - How the OECD’s BEPS Guidelines are Affecting Brazil, Mexico and Argentina
The impact of the base erosion and profit shifting (BEPS) guidelines has been manifold in Latin America. Despite the certainty these guidelines have generated in some tax markets, their implementation has seen an increase in court litigation in Brazil, Mexico and Argentina.
Macron’s Victory Puts Corporate Tax Cuts on the Agenda
After 66-34 victory in the French election, Emmanuel Macron faces the difficult task of fighting the legislative elections and building a government to deliver his reform agenda: cutting taxes and public spending. The outcome was a significant relief for European leaders in particular.
Technology Solutions in a Post-BEPS World
There has been a complete paradigm shift in global taxation with the rise in audit risks caused by new global initiatives like the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Project.
Australia: More Regulation, Less Innovation in the Federal Budget
Baker Tilly Pitcher Partners welcomes the Turnbull Government’s efforts to back small business and invest in infrastructure to grow the Australian economy.
White House Announces Tax Plan
The Trump administration announced its tax plan on 26 April 2017, labelling it the largest corporate tax cut in history.
OECD Releases Further Guidance on Country-by-country Reporting
Multinationals will have an easier time understanding the requirements of country-by-country reporting due to the release of the Inclusive Framework on base erosion and profit shifting, which contains further guidance on the subject.
GST to Become Payable on Sales of Low Value Goods into Australia From 1 July
In November 2016 the Australian Government announced its intention to impose goods and services tax (GST) on supplies made by offshore suppliers of ‘low value goods’ to Australian consumers. The government has now introduced a Bill into Parliament to enact these changes. The changes are due to commence on 1 July 2017.
Cyprus – Iran and Jersey: Double Tax Treaties Which Have now Entered into Force
The double tax treaties with Iran and Jersey have now entered into force and will come into effect as from 1 January 2018.
Businesses Prepare for GST After Parliament Passes Laws
India’s goods and services tax (GST) regime is set to begin on 1 July after the lower house of parliament passed four GST-related laws and the upper house prepares to do the same.
Apple Challenges EC’s Use of Arm’s Length in State Aid Case
Apple released its grounds for appealing the €13 billion (US$14 billion) tax bill from the European Commission earlier this week, arguing that the Commission’s arm’s-length test did not comply with EU laws for determining state aid in tax assessments.
India’s GST Almost set for 1 July Implementation
Businesses have less than two months to complete their preparation for India’s GST regime after the GST Council passed a major landmark in its latest meeting.
A Brief Timeline on the Developments of the LuxLeaks Case
International Tax Review breaks down the developments that led to the conviction of former PwC employees Antoine Deltour and Raphaël Halet, who exposed more than 300 multinational enterprises benefiting from sweetheart tax deals with the Luxembourg authorities to avoid taxes in Europe.
US Tax Reform
The new US Presidential administration and Congress have created much speculation and anxiety about how tax reform will proceed and who will be most affected by the result. Baker Tilly in the US is dedicated to keeping you abreast of significant tax reform proposals and enacted legislation.
UK Prime Minister Set Out Government’s 12 Negotiating Objectives for Brexit
On 17 January 2017 UK Prime Minister, Theresa May, set out the Government’s 12 negotiating objectives for leaving the European Union (EU). Below is the extract from her speech.