Int'l Tax News
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Swiss Voters Get a Say on Future of Corporate Tax Paradise
Switzerland, long an attractive location for corporations on the lookout for tax savings, is fighting to keep that standing.
Under pressure from abroad, it's doing awaywith a special benefit for multinationals and plans to tax everyone from globally active commodity traders to corner bakeries at the same rate. Unhappywith the proposals --which include a reduction in regional rates that could hit municipal budgets -- opponents are now forcing a referendum on the issue.
Under pressure from abroad, it's doing awaywith a special benefit for multinationals and plans to tax everyone from globally active commodity traders to corner bakeries at the same rate. Unhappywith the proposals --which include a reduction in regional rates that could hit municipal budgets -- opponents are now forcing a referendum on the issue.
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Brazil Launches Program for Payment of Company Tax Debts
The Brazilian government has issued a decree establishing a Tax Regularization Program to entice companies to pay their tax debts.
Under the decree, issued Jan. 5 and first announced Dec. 15, companieswill be offered favorable terms to pay accumulated tax debts existing as of Nov. 30. Theywill be allowed towrite off part of their taxes using financial losses reported as of Dec. 31, 2015, and declared by June 30, 2016.
Under the decree, issued Jan. 5 and first announced Dec. 15, companieswill be offered favorable terms to pay accumulated tax debts existing as of Nov. 30. Theywill be allowed towrite off part of their taxes using financial losses reported as of Dec. 31, 2015, and declared by June 30, 2016.
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India reluctant to give special tax incentives to Apple
India is resisting tech giant Apple Inc's demand for tax incentives to make iPhones in the country,with the trade minister saying on Thursday that the government may not make exceptions for the U.S. company.
Applewants to open its own stores in India, but has been asked by the government to locally source at least some of the components, as part of Prime Minister Narendra Modi's bid to boost manufacturing in the country.
Applewants to open its own stores in India, but has been asked by the government to locally source at least some of the components, as part of Prime Minister Narendra Modi's bid to boost manufacturing in the country.
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Deutsche Bank to Pay $95 Million to Settle DOJ Tax Evasion Lawsuit
Deutsche Bank AG has agreed to pay $95 million to settle a U.S. Justice Department lawsuit to recover $190 million in unpaid taxes, penalties, and interest based on the German bank's use of a currency option investment strategy (COINS) tax shelter to avoid paying U.S. taxes in 2000.
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Transfer Pricing and Developing Economies : A Handbook for Policy Makers and Practitioners
Recent years have seen unprecedented public scrutiny over the tax practices of Multinational Enterprise (MNE) groups. Tax policy and administration concerning international transactions, aggressive tax planning, and tax avoidance have become an issue of extensive national and international debate in developed and developing countries alike.within this context, transfer pricing, historically a subject of limited specialist interest, has attained name recognition amongst a broader global audience that is concernedwith equitable fiscal policy and sustainable development. Abusive transfer pricing practices are considered to pose major risk to the direct tax base of many countries and developing countries are particularly vulnerable because corporate tax tends to account for a larger share of their revenue.
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EU tax data exchange goes live
EU rules that promote greater cooperation among governments in corporate taxation came into force on January 1, as part of the European Commission's crackdown on tax evasion. Data on all new cross-border tax rulingswithin EU countrieswill now be automatically exchanged among governments through a central depository, the Commission said today.
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Togo's Draft Budget Introduces Stricter Antiavoidance Measures
Togo's draft Budget Law 2017, recently presented to the National Assembly,would impose more restrictive conditions for the tax deduction of interest and royalties paid in connectionwith the transfer or the use of patents, trademarks, or formulas or processes, aswell as other payments for services rendered by nonresident suppliers in a jurisdictionwith a preferential tax regime or a noncooperative jurisdiction.
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Swiss banking secrecy nears end following new tax rules
Switzerland's reputation as a secretive tax haven looks set to end following the introduction of rules over sharing bank account data.
The International Convention on the Automatic Exchange of Banking Information (AEOI) entered into force on January 1, pulling Switzerland in to linewith international standards on taxation.
The International Convention on the Automatic Exchange of Banking Information (AEOI) entered into force on January 1, pulling Switzerland in to linewith international standards on taxation.
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The Effective Income Tax Experience of U.S. and Non-U.S. Multinationals
In this paperwe examine how the incorporation of a parent firm outside the United States affects the effective income tax rates of global firmswith material business operations in the U.S.we find that for profit firm years, firmswith a non-U.S. parent corporation have lower effective tax rates than firmswith a U.S. parent. However, in loss firm yearswe find that these non-U.S. firms report smaller negative tax expense.we find no statistically significant difference in outcomes if the non-U.S. firm engaged in an inversion transaction.we provide evidence that earnings stripping opportunities available to non-U.S. firms and theworldwide tax law applicable to U.S. firms contribute to the better tax results of non-U.S. firms in profit years. For loss firm years,we find evidence that the U.S.worldwide tax law and differences in valuation allowance practice support better tax outcomes for U.S. firms.
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What Are Tax Havens and Why Are They Bad?
In this book review, Conor Clarke consider's Gabriel Zucman's new book, The Hiddenwealth of Nations: The Scourge of Tax Havens. Clarke first summarizes and explains Zucman's central findings for a legal audience, then situates those findings against the backdrop of two long-running debates in international taxationÔøΩwhat is a tax haven, andwhy are they bad?ÔøΩbefore finally commenting on the prescriptions Zucman offers for battling unreportedwealth.
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Updated BEPS Report on Interest Suggests Exempting the Financial Sector
Citing the effect of capital requirements and the need to preserve stability in the financial system, the OECD's updated base erosion and profit-shifting report on interest says it may be appropriate to exempt the banking and insurance industries from the interest expense limitations recommended by the original report.
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Can the OECD Remain an International Tax Standard-Setting Organization?
As the Organization for Economic Cooperation and Development continues to address base erosion and profit shifting (BEPS) issues, it is important to examine the organization's larger goals and how the processes throughwhich it undertakes itswork might impact their achievement.
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India's Jaitley faces hurdles for biggest tax reform launch
The prospects of introducing a goods and services tax (GST) in India next April, its biggest tax reform, faded on Friday after federal and state finance officials postponed talks on how to administer the tax after a two-day meeting.
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Online sales clampdown nets VAT registrations
A crackdown on illegal sales of tax-free goods over the internet has fuelled a tenfold rise in the number of online retailers registering for value added tax.
HM Revenue & Customs said 7,185 internet retailers had come forward to register for VAT this year, up from 695 in 2015 as it targeted fraud costing £1bn a year.
HM Revenue & Customs said 7,185 internet retailers had come forward to register for VAT this year, up from 695 in 2015 as it targeted fraud costing £1bn a year.
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EU court says Spanish tax breaks may infringe EU state aid laws
Europe's top court ruled onwednesday that the European Commission may have been correct in finding tax breaks for Spanish companies on their foreign holdingswere illegal.
In a case that may give clues as to how judgeswill dealwith more complex tax cases involving Starbucks (SBUX.O) and Apple (AAPL.O), the European Court of Justice (ECJ) said that the lower General Court had erred in annulling the Commission's decision in 2014.
In a case that may give clues as to how judgeswill dealwith more complex tax cases involving Starbucks (SBUX.O) and Apple (AAPL.O), the European Court of Justice (ECJ) said that the lower General Court had erred in annulling the Commission's decision in 2014.
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EUs Apple Tax Decision Sets Stage for Drawn-Out Legal Battle
The European Commission's decision telling Ireland to retroactively recoup $14.5 billion in unpaid taxes from Apple Inc. sets the stage for a game of tax chess in the European courts that could go on for years.
Public statements from the central protagonistsÔøΩthe commission, Apple and IrelandÔøΩshow the partieswedded to their legal positionswith virtually no chance of settlement. The losing party before the EU General Courtwill almost certainly appeal the decision to the European Court of Justice.
Public statements from the central protagonistsÔøΩthe commission, Apple and IrelandÔøΩshow the partieswedded to their legal positionswith virtually no chance of settlement. The losing party before the EU General Courtwill almost certainly appeal the decision to the European Court of Justice.
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European Commission Seeks Input on Creating an EU-Wide VAT Area
The European Commission has opened three public VAT consultations addressing the reform of rates 2016wTD 245-26: Consultation Documents and Responses, a definitive system for business-to-business intra-EU transactions on goods, and a special scheme for small enterprises 2016wTD 245-28: Consultation Documents and Responses as part of its action plan for creating a single VAT area in the EU. The consultation period ends March 20, 2017.
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Exclusive: Foreign banks in Britain pay fraction of tax rate
Some of the biggest foreign investment and commercial banks operating in Britain paid an average tax rate of just 6 percent on the billions of dollars of profits they made in the country last year, a Reuters analysis of regulatory filings shows.
That is less than a third of Britain's corporate rate of 20 percent. There is however nothing illegal about how they managed to reduce their taxes, and includes using losses built up during the financial crisis to offset current bills.
That is less than a third of Britain's corporate rate of 20 percent. There is however nothing illegal about how they managed to reduce their taxes, and includes using losses built up during the financial crisis to offset current bills.
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U.S. Tax Treaty With Norway Awaiting Signatures
The U.S. has finalized a new tax treatywith Norway, a Treasury Department official said.
Both sides have agreed to the initial text, and it is now awaiting signatures before Treasurywill send it to the Senate for ratification, Quyen Huynh, associate international tax counsel at Treasury, said at a conference sponsored by the Internal Revenue Service and Georgewashington University Law School.
Both sides have agreed to the initial text, and it is now awaiting signatures before Treasurywill send it to the Senate for ratification, Quyen Huynh, associate international tax counsel at Treasury, said at a conference sponsored by the Internal Revenue Service and Georgewashington University Law School.
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Stack Disturbed by Silence of European Countries on State Aid
Robert Stack, U.S. Treasury deputy assistant secretary (international tax affairs), on December 16 strongly condemned European nations for their silence in responding to the European Commission's state aid investigations.
"As disturbing as the approach of the commission has been, the complicit silence of all the other European jurisdictions, their finance ministries, and their tax folks, is even more disturbing," Stack said, although he omitted from his criticism those countries that have been targeted by the commission.
"As disturbing as the approach of the commission has been, the complicit silence of all the other European jurisdictions, their finance ministries, and their tax folks, is even more disturbing," Stack said, although he omitted from his criticism those countries that have been targeted by the commission.
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Apple, Brussels and Ireland face off in new round of dispute
Apple, Ireland and the European Commission have squared off in a new round of conflict over the technology group's tax affairs,with Brussels accusing Dublin of inconsistent tax treatment of global companies. Margrethe Vestager, EU competition commissioner, charged the Irish authoritieswith not applying a uniform set of rules in the taxation of non-resident companies.
In a 130-page document published on Monday to support the commission's demand for Dublin to recoup a record ÔøΩ13bn in back taxes, the Brussels body argued that Ireland issued two tax opinions that gave Apple an ultra-low ratewithout requiring the iPhone maker to substantiate its claim for such treatment.
In a 130-page document published on Monday to support the commission's demand for Dublin to recoup a record ÔøΩ13bn in back taxes, the Brussels body argued that Ireland issued two tax opinions that gave Apple an ultra-low ratewithout requiring the iPhone maker to substantiate its claim for such treatment.
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The Inside Story of Apple's $14 Billion Tax Bill
"The Maxforce" is the European Union team that ordered Ireland to collect billions of euros in back taxes from Apple Inc., rattled the Irish government, and spurred changes to international tax law. You'd think it might have earned the name by applying maximum forcewhile investigating alleged financial shenanigans. It didn't. It's just led by a guy named Max.
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Multinationals playing catch-up with India's new digital sales tax regime
India's new digital sales tax regimewas announcedwith just threeweeks for businesses to comply. Twoweeks since its introduction and it seems foreign companies are still unclear on how to administer the tax.
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Tax Overhaul Silver Lining in Trump Cloud: U.K.'s Grid CFO
The finance chief of one of theworld's largest power companies expects the U.S. to move aheadwith plans allowing multinationals to repatriate their profits, following last month's presidential elections.
"The one silver lining in the Trump cloud is corporation tax reform in the U.S.,whichwill be a huge benefit because everyone only hears about the trillions of dollars sitting outside the U.S.," Andrew Bonfield, National Grid Plc finance director, told Bloomberg BNA in a Dec. 14 phone interview.
"The one silver lining in the Trump cloud is corporation tax reform in the U.S.,whichwill be a huge benefit because everyone only hears about the trillions of dollars sitting outside the U.S.," Andrew Bonfield, National Grid Plc finance director, told Bloomberg BNA in a Dec. 14 phone interview.
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Next OECD Draft on Profit Splits Will Be Clearer, McDonald Says
The next version of OECD guidance on profit splitswill focus less on specific circumstances inwhich a profit split may be appropriate in favor of a clearer, process-based approach, according to Michael McDonald, U.S. Treasury economist and chair of OECDworking Party 6.
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New Approach to Corporate Tax Law Has House G.O.P. Support
President-elect Donald J. Trump has vowed to protect and create American manufacturing jobs, even threatening high tariffs on imports to help achieve that goal. So far, though, his plan seems to lean heavily on one-at-a-time deals, like the one struck late last month to save jobs at the Carrier plant in Indianapolis.
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Mutual Agreement Procedure Stats: The BEPS Effect
The year-on-year increase in the number of new mutual agreement procedure (MAP) cases and the inventory of MAP cases provides one of the first official corroborations that the prediction of tax practitioners -- that the OECD's base erosion and profit-shifting projectwould lead to significant increases in cross-border tax disputes -- is coming true.
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Republicans face corporate tax rebellion
Republicans are facing their first corporate tax rebellion since Donald Trump's election victory as opponents ranging from apparel makers and big retailers to the billionaire Koch brothers unite against a plan to penalise US importers.
The revolt comes as Republicans seek to spark economic growthwith the biggest overhaul of the tax code in 30 years and signals a dilemma for Mr Trump overwhether to promote US-made products at the cost of crippling import-dependent businesses.
The revolt comes as Republicans seek to spark economic growthwith the biggest overhaul of the tax code in 30 years and signals a dilemma for Mr Trump overwhether to promote US-made products at the cost of crippling import-dependent businesses.
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Rate Competition Is New International Tax Planning Reality
Lower corporate tax rates around theworld are expected to play an important part in multinational companies' tax planning in 2017,with a rate as low as 15 percent on the table in the U.S. and countries such as the U.K. planning to maintain or lower their current rates.
A radical reduction to the 35 percent U.S. rate is almost certain. The June 2016 House Republican tax blueprint proposes a 20 percent corporate tax rate, and President-elect Donald Trump has proposed a 15 percent rate.
A radical reduction to the 35 percent U.S. rate is almost certain. The June 2016 House Republican tax blueprint proposes a 20 percent corporate tax rate, and President-elect Donald Trump has proposed a 15 percent rate.
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Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches
The proposal for a Directive of the European Parliament and of the Council amending Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches2 (the proposal)was made by the Commission on the basis of Article 50(1) TFEU pertaining to the right of establishment and more specifically to the protection of the interests of members of companies and others,within the meaning of Article 50(2)(g) TFEU.
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Final regulations revise Section 956 anti-abuse and partnership rules, and Section 954(c) active rents and royalties exception
On November 2, 2016, Treasury and the IRS issued final regulations under Sections 954 and 956 and proposed regulations under Section 956. The regulations finalize guidance addressing the treatment of loans from a controlled foreign corporation to a foreign partnership under Section 956, the attribution of United States property of a partnership to its partners, the treatment of other non-partnership transactions under Section 956, the application of the 'formed or funded' Section 956 anti-avoidance rule, and the active rents and royalties exception under Section 954.
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IRS Notice targets repatriation of offshore earnings
The IRS and Treasury target cross-border triangular reorganizations and inbound nonrecognition transactions in Notice 2016-73 (the 'Notice'). The Notice, issued December 2, 2016, is the sixth set of rules that the government issued in the last decade regarding these transactions and is the latest salvo in its campaign against repatriation of offshore cash. Companies considering such transactions should carefully contemplate the Notice's potential application, as it states that future regulationswill be effective as of its issuance date.
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Final Section 987 regulations issued with significant new limitations on recognition of Section 987 losses
The Treasury and IRS issued final and temporary regulations under Section 987 on December 7, 2016. The final regulations implement an accounting regime based largely on proposed regulations issued on September 6, 2006, to account for income earned through a qualified business unit (QBU) that operateswith a functional currency different than that of its owner (Section 987 QBU).
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News Analysis: India and the United States -- Half a World Apart on Tax
Tax professionals in India and their U.S. counterparts have nearly diametrically opposed views of the OECD's base erosion and profit-shifting project. U.S. practitioners generally believe that the primary effect of the projectwas to hinder the efficient conduct of business,while U.S. Treasury officials largely sought to limit the scope of the project during negotiations. In contrast, those in India -- both inside and outside the government -- view BEPS as the opening salvo in an effort to rewrite the international tax rules to reallocate income between source and residence countries, thereby leveling the playing field for developing countries.
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EU Targets U.S. for Tax Haven Blacklist Screening
The U.S. is one of eight "mismatch" countries identified for potential screening for the European Union's tax haven blacklist because of its failure to adopt the OECD's common reporting standard.
Based on confidential documents seen by Bloomberg BNA aswell as on comments from EU diplomats, the EU Code of Conduct Group of Business TaxationÔøΩwhich is overseeing the EU tax haven blacklisting processÔøΩhas cited the U.S.'s failure to commit to automatic information exchange of bank and tax data,which means it falls short of EU transparency criteria.
Based on confidential documents seen by Bloomberg BNA aswell as on comments from EU diplomats, the EU Code of Conduct Group of Business TaxationÔøΩwhich is overseeing the EU tax haven blacklisting processÔøΩhas cited the U.S.'s failure to commit to automatic information exchange of bank and tax data,which means it falls short of EU transparency criteria.
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GOP Proposal to Change Tax Treatment of Imports and Exports Raises Questions
As a rule, taxing a behavior makes people do less of it, and that principle applies to anything from cigarette smoking to realizing capital gains.
That principle, though, isn't so clear regarding a Republican proposal that for the first timewould tax American importswhile exempting exports from U.S. tax. And economists questionwhether such a policy, known as a border adjustment,would diminish imports into the country or increase exports.
That principle, though, isn't so clear regarding a Republican proposal that for the first timewould tax American importswhile exempting exports from U.S. tax. And economists questionwhether such a policy, known as a border adjustment,would diminish imports into the country or increase exports.
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McDonald's Moves Tax Base to U.K. as EU Attacks Tax Structure
McDonald's Corp. shrugged off Brexit by announcing plans to switch its non-U.S. tax base to the U.K., ditching Luxembourg,where its fiscal arrangements are under attack from European Union regulators.
In an apparent vote of confidence in the U.K., the company said Dec. 8 it is creating a new international holding company based in Britain,which decided in June to quit the EU. The new companywill be responsible for most of the royalties received from licensing McDonald's intellectual property rights outside the U.S. Itwill pay U.K. corporate tax, according to an e-mailed statement.
In an apparent vote of confidence in the U.K., the company said Dec. 8 it is creating a new international holding company based in Britain,which decided in June to quit the EU. The new companywill be responsible for most of the royalties received from licensing McDonald's intellectual property rights outside the U.S. Itwill pay U.K. corporate tax, according to an e-mailed statement.
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Sweetheart Deals on Rise in Europe Despite LuxLeaks, Report Says
Despitewidespread outrage prompted by the disclosures in 2014 of the LuxLeaks tax rulings granted by Luxembourg authorities to multinational companies, the number of sweetheart deals entered into by the Grand Duchy and other European countries has increased by 160 percent from 2013 through 2015, a nongovernmental organization said in a report issued December 7.
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OECD Issues More CbC Reporting Guidance, Dispute Resolution Statistics
The OECD has published additional guidance on country-by-country (CbC) reporting under action 13 2015wTD 193-30: Consultation Documents and Responses of the base erosion and profit-shifting project, and it has published statistics for 2015 on the timeliness of completing mutual agreement procedure (MAP) cases as part of an effort to improve effectiveness of dispute resolution mechanisms under action 14.
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Noose tightens on tax havens in global crackdown
Overlookingwhite sands and turquoisewater, One Cable Beach is the latest oceanfront condominium to be built on the sun-drenched coastline of the Bahamas. Yet its top selling point is not the natural beauty of its surroundings. Instead it is the financial privacy it offers investors trying to escape from a looming crackdown on tax evasion.
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EU Fails to Reach Deal on Foreign Country Hybrid Mismatches
European Union finance ministers have failed to agree on extending anti-tax avoidance rules to hybrid mismatchesÔøΩthe mismatch in tax outcomes due to different jurisdictional tax treatmentsÔøΩbetween member countries and foreign territories, amid disputes over financial sector exemptions and an implementation date.
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News Analysis: Reality Check on a Destination-Based Cash Flow Tax in 2017
Many in the tax and businessworld are excited about the possibility that 2017 could bring meaningful tax reform based on the reform blueprint released by the U.S. Houseways and Means Committee in June. But the destination-based cash flow tax proposed by the Republican planwould be a major overhaul of the code -- far beyond even the Tax Reform Act of 1986. It is far from certain that such a radical changewill be achievable.
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Apple, EU Clash in Public Ahead of Court Fight Over Tax Bill
Apple Inc. and European Union competitionwatchdogs clashed on a public stage for the first time since regulators ordered Ireland to claw back a record-breaking 13 billion euros ($13.9 billion) in back taxes from the company.
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Significant financing costs from Mexico's VAT bill 2017
A bill of tax amendments submitted by the Executive Branch and approved by the Mexican Congress included changes to Article 5-I of the Value Added Tax Law (VAT Law), regarding the creditable VAT of fixed assets or expenses incurred in preoperative periods (i.e. before generating VAT income on its activities).
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Planning for the Use of the United States as a Financial Haven: Part One
The United States has not agreed to participate in the Common Reporting Standard (CRS), relying instead on the Foreign Account Tax Compliance Act (FATCA) regime enacted in 2010 and initiated in 2014. United States participation in CRS is highly unlikely. Evenwith a change in control of Congress, CRS may be viewed as unnecessary because FATCA has been implemented by a series of intergovernmental agreements ("IGAs"), most ofwhich provide for reciprocal exchanges of information.
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Vestager Talks Apple, Tax, and Competition With France's Legislators
National legislators and tax authorities should consider taking a "second look" at Apple's old tax agreements, EU Competition Commissioner Margrethe Vestager told French legislators December 1.
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New Tax Rules on Corporate Inversions Face Uncertain Future
The U.S. Treasury Department spent nearly three years reshaping international corporate transactions, reinforcing the U.S. tax base and deterring inversions, the controversial maneuvers that put companies' addresses in low-tax countries.
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Trump tax plan may collide with EU tax crackdown
President-elect Donald Trump's plan for a corporate tax overhaul next year could bolster the European Union's efforts to reduce international avoidance through tax reform efforts of their own ÔøΩ but don't count on it.
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EU Mulls Substance Test to Determine Zero-Rate Tax Havens
European Union member countries are considering a "substance test" to determinewhether a country or jurisdictionwith a zero corporate tax rate qualifies as a tax haven that doesn't reflect "real economic activity."
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Taxing Untaxed Foreign Income May Help U.S. Companies in the Long Run, Stack Says
Some U.S. multinationals may owe more tax under the global minimum tax proposed by the outgoing Obama administration, but it could prevent decades of volatility in the international tax environment and unilateral anti-profit-shifting measures, according to Robert Stack, Treasury deputy assistant secretary for international tax affairs.
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