Int'l Tax News
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OECD Global Forum Shifting Focus to Application of VAT Guidelines to E-Commerce
With the publication of the VAT/goods and services tax guidelines addressing the allocation of taxing rights for cross-border e-commerce transactions, the OECD Global Forum on VAT used its recent conference to change its focus from developing the guidelines to assisting governments and businesseswith their implementation, according to an OECD official.
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Practitioners Support New Hong Kong Chief Executive's Tax Reform Plan
Market participants havewelcomed Hong Kong Chief Executive-elect Carrie Lam's tax reform proposal to boost the local economy and enhance Hong Kong's tax regimewhen other jurisdictions are pushing for lower tax and more incentives to attract foreign investment.
Lam,whowon the election on March 26, put tax reform at the top of her agenda. She proposed two main changes: a two-tier profit tax system and super tax deductions of 200 percent for research and development. Lamwill take office July 1.
Lam,whowon the election on March 26, put tax reform at the top of her agenda. She proposed two main changes: a two-tier profit tax system and super tax deductions of 200 percent for research and development. Lamwill take office July 1.
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EU to Propose VAT Overhaul to Combat $63 Billion Fraud
The European Commissionwill propose a major overhaul of the European Union's value-added tax rules in September in an effort to fight fraud associatedwith the tax, costing governments as much 60 billion euros ($63 billion) a year.
"The European Commission has today proposed that the fight against cross-border VAT fraud be taken up as an EU priority to combat serious and organized crime," said European Taxation Commissioner Pierre Moscovici in an April 12 statement. "It is no longer acceptable to put our heads in the sand, pretending that this problem does not exist."
"The European Commission has today proposed that the fight against cross-border VAT fraud be taken up as an EU priority to combat serious and organized crime," said European Taxation Commissioner Pierre Moscovici in an April 12 statement. "It is no longer acceptable to put our heads in the sand, pretending that this problem does not exist."
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Strong Tax Administration Roots Out Evaders and Boosts Productivity, IMF Says
Strong tax administration can reduce the prevalence of tax-cheating by underperforming firms, leading those firms to go out of business and make room for tax-compliant firms to gain more market share and increase productivity, according to a new report from the IMF.
The IMF's April 2017 Fiscal Monitor, released on April 13, focuses on how policymakers can upgrade the tax system to boost productivity, primarily through removing barriers that give rise to "resource misallocation," or the poor use of existing domestic resources in a country,which can reduce the total output from existing capital and labor. Those barriers can block productive firms from growing and allow unproductive companies to survive.
The IMF's April 2017 Fiscal Monitor, released on April 13, focuses on how policymakers can upgrade the tax system to boost productivity, primarily through removing barriers that give rise to "resource misallocation," or the poor use of existing domestic resources in a country,which can reduce the total output from existing capital and labor. Those barriers can block productive firms from growing and allow unproductive companies to survive.
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OECD Challenges Include BEPS Implementation, Beneficial Ownership, Saint-Amans Says
After successfully organizing the OECD's base erosion and profit-shifting project and common reporting standard (CRS), Pascal Saint-Amans said recently that two of the most important challenges facing the international tax community are fully implementing BEPS and bringing more transparency to the issue of beneficial ownership.
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A Tax Systems Perspective on Recent Global Tax Initiatives
Two major global tax initiatives by the G-20 and the OECD use tax systems instruments to reduce personal tax evasion and corporate tax avoidance. Those initiatives, the automatic exchange of information (AEOI) and the base erosion and profit-shifting project, have substantial implications for the efficiency, revenue capacity, and distributional consequences of national tax systems.
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BEPS and the New International Tax Order
Nations across theworld are currently engaged in a coordinated international effort, ostensibly to curb excessive tax avoidance by theworld's biggest multinational companies. This Article contends, however, that the most likely impactwill be to entrench a monopoly held by a small number of rich countries over the policymaking processes that created the tax avoidance problem to beginwith.
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News Analysis: Britain as the World's Tax Policeman?
The British government is just not getting the joke. Herewe are, nearly 100 years after the end ofworldwar I and the end of sterling as the reserve currency, and the British still don't appreciate that they no longer have a naval empire.
In the brief guidelines that the European Union recently sent the United Kingdom for Brexit negotiations, Spain managed to get a clause about Gibraltar, a three-square-mile Iberian peninsula that has been a British overseas territory since 1713. The guidelines state that Spainwould have to consent to Gibraltar's status upon Brexit. The British read this statement as a suggestion that Spain should have joint sovereignty over Gibraltar. The Spanish government rubbed it in by stating that itwould not veto a separate application by Scotland to join the EU.
In the brief guidelines that the European Union recently sent the United Kingdom for Brexit negotiations, Spain managed to get a clause about Gibraltar, a three-square-mile Iberian peninsula that has been a British overseas territory since 1713. The guidelines state that Spainwould have to consent to Gibraltar's status upon Brexit. The British read this statement as a suggestion that Spain should have joint sovereignty over Gibraltar. The Spanish government rubbed it in by stating that itwould not veto a separate application by Scotland to join the EU.
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Rio Tinto backs Australian governments corporate tax cut plans
Rio Tinto, one of Australia's biggest companies, has urged the government to face down its political opponents and cut company taxes or risk being left behind by low-tax rivals and the US.
The intervention by one of Australia's biggest companies follows an explicit call by the government of Prime Minister Malcolm Turnbull for businesses to help sell its flagship economic reform policy to a sceptical public ahead of next month's budget.
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News Analysis: 'Design Your Own' Cross-Border Corporate Tax System
Imagine a country that has an opportunity to design its tax system from scratch. It could consider all options and then implement a system uniquely tailored to its particular economy. Itwould face none of the political obstacles that comewith changing a system already in place. Norwould it be constrained by the rules of a membership organization like the EU orwTO. The Seasteading Institute's "Floating Island Project" may present that opportunity by the end of the decade.
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Activists Urge EU to Engage With Developing Countries on Transparency
Developing countries should be allowed a greater voice in tax transparency measures through U.N. involvement and should be given more support for capacity building so they can be included in automatic exchange of information, Alvin Mosioma, founding executive director of Tax Justice Network-Africa, told a European Parliament committee.
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The search for second passports and offshore havens
For the past year or so, members of the political class around theworld have been sticking nationalist badges on to the lapels of their dark suits. The international rich and their money, though, are ever more actively looking for an additional country they can call home, or at least residence.
The search for second passports and offshore havens is beginning to take on a last-helicopter-out-of-Saigon urgency as capital controls, tax reporting and visa procedures tighten up around theworld.
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Ending Tax Haven Abuse
The focus of today's forum, Offshore Multinational Corporate Tax,was the subject of perhaps a dozen hearings of the Senate Permanent Subcommittee on Investigations (PSI),when I alongwith Tom Coburn (and later John McCain)were Chairman and Ranking members of that Subcommittee.
Intensive bipartisan investigationswhich preceded those hearings disclosed tax loopholeswith no economic justification,which allowed for tax avoidance by highly profitable corporations of hundreds of billions of dollars of taxes.
Intensive bipartisan investigationswhich preceded those hearings disclosed tax loopholeswith no economic justification,which allowed for tax avoidance by highly profitable corporations of hundreds of billions of dollars of taxes.
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Americans abroad lobby for tax changes
Advocates for U.S. citizens living abroad see a big opportunity in the GOP's push for tax reform.
A number of fiscally conservative groups are pushing for the repeal of an Obama-era offshore tax law that they say has ensnared Americans residing overseas. Some groups alsowant tax reform to include a move to residency-based taxation.
A number of fiscally conservative groups are pushing for the repeal of an Obama-era offshore tax law that they say has ensnared Americans residing overseas. Some groups alsowant tax reform to include a move to residency-based taxation.
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U.N. Committee on Tax Cooperation Proposes Changes to Model PE Article
Proposed changes to article 5 of the U.N. model tax convention relating to permanent establishments adopt significant portions of the OECD's model treaty and commentary to help address base erosion and profit shifting, according to a report released by the U.N.'s Committee of Experts on International Cooperation in Tax Matters.
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The Destination-Based Cash Flow Tax: International Considerations
The GOP blueprint released in June 2016, A Betterway: Our Vision for a Confident America, presents the most significant tax reform in the United States since the Tax Reform Act of 1986. The blueprintwould lower the corporate tax rate (from 35% to 20%), shift to a territorial tax system, and introduce a destination-based cash flow taxwith border adjustments (the "DBCFT").
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CCCTB Should Promote Competitiveness, European Commission Official Says
Although business-friendly measures are often unpopular, the common consolidated corporate tax base (CCCTB) proposals balance antiavoidance ruleswith measures that promote competitiveness in the EU, according to Uwe Ihli, the European Commission's head of section for corporate tax directives and CCCTB.
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PANA Committee Extends Investigation 6 Months
The European Parliament's Committee of Inquiry Into Money Laundering, Tax Avoidance and Tax Evasion (PANA)will have another six months to investigate the ramifications of information released a year ago by the International Consortium of Investigative Journalists on secret bank accounts in Panama.
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German related-party royalty proposal conflicts with BEPS agreement, OECD tax official says
Tax experts at a German parliamentary hearing heldwednesday expressed support for the aim of draft law thatwould deny tax deductions for some royalty payments made by multinationals to related companies. Many, including an OECD tax official, noted difficulties applying the draft law in practice, though, and suggested that the proposal be revised.
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Likely U.S., U.K. Opt-Out on BEPS Change Hints at Complications
The OECD's multilateral tax treatywas supposed to provide a smoothway for countries to rapidly implement the international BEPS project's most important changes, but speakers at a recent conference suggested some bumps may lie ahead.
The Organization for Economic Cooperation and Development is due to hold a signing ceremony in June for jurisdictions that last November adopted the text of the multilateral instrument,which it saidwill cover countries' adherence to the four minimum standards for the OECD project to combat global tax base erosion and profit shifting. Beyond that, a "flexible approach"will allow countries to select options for some individual treaty provisions.
The Organization for Economic Cooperation and Development is due to hold a signing ceremony in June for jurisdictions that last November adopted the text of the multilateral instrument,which it saidwill cover countries' adherence to the four minimum standards for the OECD project to combat global tax base erosion and profit shifting. Beyond that, a "flexible approach"will allow countries to select options for some individual treaty provisions.
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Focus BEPS Work on Practical Results, Not Participation: Stack
The OECD effort to rebuild the global tax system should focus on practicalwork that benefits the international tax community rather than trying to get as many countries as possible around the table, a former Treasury official said.
The OECD's so-called inclusive framework for implementing the four minimum standards of the international project to fight base erosion and profit shifting has brought in many countries that aren't members of the OECD,which launched the BEPS project, or even of the Group of 20 nations,which endorsed BEPS outcomes, Robert Stack, a former U.S. deputy assistant Treasury secretary for international tax policy, noted March 27. The G-20's members account for about 85 percent of the global economy, he said.
The OECD's so-called inclusive framework for implementing the four minimum standards of the international project to fight base erosion and profit shifting has brought in many countries that aren't members of the OECD,which launched the BEPS project, or even of the Group of 20 nations,which endorsed BEPS outcomes, Robert Stack, a former U.S. deputy assistant Treasury secretary for international tax policy, noted March 27. The G-20's members account for about 85 percent of the global economy, he said.
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OECD: More Transfer Pricing Drafts, Final VAT/GST Guidelines Coming
Additional drafts of revised and new transfer pricing guidancewill come out in mid-2017, and final value added tax and goods and services tax guidelineswill be published in April, according to OECD tax officials. The officials gave updates on otherwork related to the base erosion and profit-shifting project, the G-20 mandatedwork on tax certainty, and automatic information exchange.
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Brexit: Paving the Way for Greater European Tax Harmonization?
Harmonization lies at the core of many of the European Union's governing principles: could Brexit be the catalyst for greater harmonization among the remaining Member States?
This article explores recent attempts at European harmonization, assessing Franco-German drives for closer cooperation and integration on tax; analyzing the European Commission's latest re-launch of the common consolidated corporate tax base ("CCCTB"); and looking atwhether the U.K.'s decision to leave the European Union ("EU")will be a catalyst for greater EU harmonization among the remaining Member States.
This article explores recent attempts at European harmonization, assessing Franco-German drives for closer cooperation and integration on tax; analyzing the European Commission's latest re-launch of the common consolidated corporate tax base ("CCCTB"); and looking atwhether the U.K.'s decision to leave the European Union ("EU")will be a catalyst for greater EU harmonization among the remaining Member States.
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Tax Certainty Now on G-20 Radar for Follow-Up Work, OECD Tax Chief Says
G-20 finance ministers have responded favorably to the OECD and IMF's joint report on tax certainty, according to the OECD's tax chief,who added that the OECDwill engagewith countries bilaterally to discuss the results of the business survey onwhich the report is based.
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European Banks Book $27 Billion Profit in Tax Havens, Oxfam Says
Europe's largest banks routed 25 billion euros ($27 billion) through tax havens in 2015, about a quarter of their profit, amid an international crackdown on corporate tax avoidance, according to a report by Oxfam International.
The 20 biggest lenders paid no tax on 383 million euros of profit posted in seven tax havens that year,while booking 4.9 billion euros of earnings in Luxembourg, more than the U.K., Sweden and Germany combined, Oxfam and the Fair Finance Guide International said Monday. The studywas based on data released under new European Union regulations requiring banks to report earnings on a country-by-country basis.
The 20 biggest lenders paid no tax on 383 million euros of profit posted in seven tax havens that year,while booking 4.9 billion euros of earnings in Luxembourg, more than the U.K., Sweden and Germany combined, Oxfam and the Fair Finance Guide International said Monday. The studywas based on data released under new European Union regulations requiring banks to report earnings on a country-by-country basis.
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EU Panama Papers Probe Head: U.S. Tax Loopholes Must Be Closed
The European Parliament's special Panama Papers investigative committee concluded its four-day "fact-finding" visit to the U.S.with its chairman calling on the U.S. to close its tax loopholes.
In a March 24 telephone interview at the conclusion of the U.S. visit, the committee's chairman, German lawmakerwerner Langen, told Bloomberg BNA that EU members "have made appeals to the U.S. federal government and Delaware that there needs to be a clampdown on anonymity by introducing beneficial ownership registers."
In a March 24 telephone interview at the conclusion of the U.S. visit, the committee's chairman, German lawmakerwerner Langen, told Bloomberg BNA that EU members "have made appeals to the U.S. federal government and Delaware that there needs to be a clampdown on anonymity by introducing beneficial ownership registers."
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Special Tax Zones and the WTO
Since the SCM agreementwas enacted in 1995, the global leadership in the field of STZs has shifted from the OECD to thewTO.
ThewTO general agreement includes a broad set of policy goals that goes beyond trade relationships, but its legal framework has been systematically narrowed to the task of assuring market access, non-discrimination, and fairness in trade. Other relevant issues that has impacts on trade, such as for example harmful tax competition or tax base erosion, has not been sufficientlyweighted and has been treated as secondary items.
ThewTO general agreement includes a broad set of policy goals that goes beyond trade relationships, but its legal framework has been systematically narrowed to the task of assuring market access, non-discrimination, and fairness in trade. Other relevant issues that has impacts on trade, such as for example harmful tax competition or tax base erosion, has not been sufficientlyweighted and has been treated as secondary items.
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A Global Treaty Override? The New OECD Multilateral Tax Instrument and Its Limits
The new OECD Multilateral Instrument to amend tax treaties (MLI) is an important innovation in international law. Hitherto, international economic lawwas built primarily on bilateral treaties (e.g., tax treaties and BITs) or multilateral treaties (thewTO agreements). The problem is that in some areas, like tax and investment, multilateral treaties proved hard to negotiate, but only a multilateral treaty can be amended simultaneously by all its signatories.
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Analysis of tax developments worldwide - March 2017 edition
International Tax News is designed to help multinational organisations keep upwith the constant flow of international tax developmentsworldwide. Among the topics featured in this month's edition are:
- Israeli budget reduces corporate tax rates and expands corporate tax incentives
- Portugal's 2017 state budget law
- Further increase of the Austrian research premium
- The US IRS Rev. Proc. 2017-23, Process for filing form 8975, country by country report
- Israeli budget reduces corporate tax rates and expands corporate tax incentives
- Portugal's 2017 state budget law
- Further increase of the Austrian research premium
- The US IRS Rev. Proc. 2017-23, Process for filing form 8975, country by country report
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$500 Billion Lost to Profit Shifting Worldwide, TJN Says
Profit shifting by multinational companies moving funds out of higher-tax jurisdictions is taking $500 billion a year out of tax coffers globally, according to figures released by the Tax Justice Network (TJN) March 22.
The biggest dollar losses are in the United States, but multinationals' tax avoidance strategies have an especially high impact on theworld's poorest countries because their economies are smaller and the revenue lost is a much larger percentage of both the GDP and the total amount of tax revenue, according to the TJN report issued March 22.
The biggest dollar losses are in the United States, but multinationals' tax avoidance strategies have an especially high impact on theworld's poorest countries because their economies are smaller and the revenue lost is a much larger percentage of both the GDP and the total amount of tax revenue, according to the TJN report issued March 22.
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How to Create a Winning Game Plan for International Taxation
A complex matrix of treaties and multi-country agreements govern international trade. Similarly, there's no single international law governing international taxation.with no global authority to set aworldwide standard, each country is free to set its own standards. The resulting patchwork of national rules and regulations makes international tax planning and compliance more than a little complicated. Companies must carefully structure operations and define a strategy for each country in order to maximize legal tax advantages.
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EU Lawmakers Visit IRS, Delaware as Tax Haven Concerns Mount
The European Parliament's Panama Papers investigative committee is preparing for a "fact-finding" visitwith counterparts in the U.S. Congress, aswell as officials from the Treasury Department and Internal Revenue Service.
The European Union lawmakers' four-day U.S. trip,which begins March 21,will include a visit to Delaware for meetingswith representatives of the state Legislature and members of the Delaware departments of finance and state, to probe issues such as bank account maintenance and company beneficial ownership rules.
The European Union lawmakers' four-day U.S. trip,which begins March 21,will include a visit to Delaware for meetingswith representatives of the state Legislature and members of the Delaware departments of finance and state, to probe issues such as bank account maintenance and company beneficial ownership rules.
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Indonesia tax amnesty nets $330 billion - now for reform
Southeast Asia's biggest economy this month iswinding up one ofworld's most successful tax amnesties,with at least 745,000 taxpayers declaring more than $330 billion of assets so far.
President Jokowidodo has cited higher tax revenue as the key to boosting infrastructure spending and growth. But if the amnesty is to avoid being just a one-offwindfall, Indonesia needs to improve a tax collection ratiowell below many of its peers, international agencies and local officials have said.
President Jokowidodo has cited higher tax revenue as the key to boosting infrastructure spending and growth. But if the amnesty is to avoid being just a one-offwindfall, Indonesia needs to improve a tax collection ratiowell below many of its peers, international agencies and local officials have said.
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EU Council Lawyers Raise Concerns Over Reverse-Charge Mechanism Proposal
The European Commission, during a March 21 meeting of the Economic and Financial Affairs Council, advised member states to suspend technical talks on criteria to allow the application of a general reverse charge mechanism until the lawyers of the EU Council clarify some aspects of the draft plans.
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OECD/IMF report on tax certainty
This report explores the nature of tax uncertainty, its main sources and effects on business decisions and outlines a set of concrete and practical approaches to help policymakers and tax administrations shape a more certain tax environment.
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Hammond Says U.K. Spending Cuts Possible to Offset Tax U-Turn
U.K. Chancellor of the Exchequer Philip Hammond suggested he may have to make spending cuts in his autumn budget to fill the gap in public finances createdwhen hewas forced to scrap his plan to raise insurance taxes for the self-employed.
Hammond,whowas lambasted by many in his own party for seeking a tax change viewed as a breach of the Conservative manifesto, told reporters at the G-20 finance ministers meeting in Baden-Baden, Germany, that the money pledged to education reform, social care and business tax reliefwould have be found elsewhere. Taxes covered by the Tory Party's tax lockwould not be touched, he added.
Hammond,whowas lambasted by many in his own party for seeking a tax change viewed as a breach of the Conservative manifesto, told reporters at the G-20 finance ministers meeting in Baden-Baden, Germany, that the money pledged to education reform, social care and business tax reliefwould have be found elsewhere. Taxes covered by the Tory Party's tax lockwould not be touched, he added.
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Spain's Inditex Sets Retailer Trend in Brushing Off Border Tax
Whetherwith cropped jeans or cropped tops, following global fashion trends is an important part of the business model for Inditex SA, theworld's largest clothing manufacturer and retailer by market capitalization.
On tax matters, however, the Arteixo, Spain-based company has broken the trend of retailerswith U.S. operationswarning about the Republican Party's border-adjustment tax plan.
On tax matters, however, the Arteixo, Spain-based company has broken the trend of retailerswith U.S. operationswarning about the Republican Party's border-adjustment tax plan.
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Germany Pushes Back on Border-Adjustable Tax Proposal
Germany is pushing back forcefully against a House proposal for a border adjustability tax,with German Federal Finance Ministerwolfgang Schäuble arguing against the proposal.
Speakingwith reporters March 15, Schäuble contended that the U.S. could not "unilaterally" impose a border-adjustable tax. "Iwould not advise it," he said.
Speakingwith reporters March 15, Schäuble contended that the U.S. could not "unilaterally" impose a border-adjustable tax. "Iwould not advise it," he said.
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OECD Official Previews Upcoming Guidance
Grace Perez-Navarro, deputy director of the OECD Centre for Tax Policy and Administration, hinted March 9 atwhat to expect from upcoming guidance regarding the OECD's base erosion and profit-shifting project -- particularly on profit splits and profit attribution to a permanent establishment.
During a panel discussion of BEPS actions 7-10 at the Pacific Rim Tax Institute in Redwood City, California, Perez-Navarro said thatwhile she doesn't expect dramatic changes in the upcoming draft on profit splits, therewill be further clarification onwhen they are the most appropriate method, and more examples. The new draftwill describe not onlywhen profit splits should be applied, but also how they should be applied, Perez-Navarro said.
During a panel discussion of BEPS actions 7-10 at the Pacific Rim Tax Institute in Redwood City, California, Perez-Navarro said thatwhile she doesn't expect dramatic changes in the upcoming draft on profit splits, therewill be further clarification onwhen they are the most appropriate method, and more examples. The new draftwill describe not onlywhen profit splits should be applied, but also how they should be applied, Perez-Navarro said.
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U.S. tax reform plan could have currency spillover effect: IMF's Obstfeld
A proposal to overhaul the U.S. tax code that favors exports over imports could have spillover effects to other economies as itwould strengthen the dollar, International Monetary Fund (IMF) chief economist Maurice Obstfeld said on Monday.
"There are significant spill-over effects thatwe are looking into," Obstfeld said, adding that G20 finance ministers and central bankerswill discuss the issue later thisweek at their meeting in Baden-Baden, Germany.
"There are significant spill-over effects thatwe are looking into," Obstfeld said, adding that G20 finance ministers and central bankerswill discuss the issue later thisweek at their meeting in Baden-Baden, Germany.
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News Analysis: The All-Purpose U.K. Anti-Hybrid Rules
What happenswhen a player puts an elbow in an opponent's face?
Referees' responses to the Argentine elbow, as it is often called, varywith the league. In France, it's no big deal. French matches are so physical -- to use the English euphemism -- that theywould endwith five on a side if every foulwere called. In Italy, an elbow has recently become a yellow card. In England, it's a red card. In America, it's a red card and an inquest. In Spain, there's no need to elbow anyone because players fall downwithout contact.
Referees' responses to the Argentine elbow, as it is often called, varywith the league. In France, it's no big deal. French matches are so physical -- to use the English euphemism -- that theywould endwith five on a side if every foulwere called. In Italy, an elbow has recently become a yellow card. In England, it's a red card. In America, it's a red card and an inquest. In Spain, there's no need to elbow anyone because players fall downwithout contact.
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U.S. Tax Changes May Spark Retaliation, Merkel to Tell Trump
German Chancellor Angela Merkelwillwarn U.S. President Donald Trump that a proposed tax overhaul could spark retaliatory measures, including higher tariffs for American companies, according to Der Spiegel magazine.
The German government is reviewing its responses to a border-adjustment tax,whichwould only tax U.S. corporations' imports and not their exports. Documents for Merkel's upcoming meetingwith Trump cited by Spiegel label the measure a "protective tariff" and say it violatesworld Trade Organization rules.
The German government is reviewing its responses to a border-adjustment tax,whichwould only tax U.S. corporations' imports and not their exports. Documents for Merkel's upcoming meetingwith Trump cited by Spiegel label the measure a "protective tariff" and say it violatesworld Trade Organization rules.
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Italy, Switzerland agree to exchange more tax information to fight evasion
Italian and Swiss tax authorities have signed an accord to improve the exchange of information to fight tax evasion, the Italian economy ministry said on Tuesday.
The agreement took effect at the start of this month and aims to further enhance transparency following a previous accordwhichwas introduced last summer, the ministry said in a statement.
It said the latest agreementwill help Italy obtain revenues from a tax amnesty aimed at raising 1.6 billion euros ($1.70 billion) this year, following 4 billion euros cashed in through the measure in 2016.
The agreement took effect at the start of this month and aims to further enhance transparency following a previous accordwhichwas introduced last summer, the ministry said in a statement.
It said the latest agreementwill help Italy obtain revenues from a tax amnesty aimed at raising 1.6 billion euros ($1.70 billion) this year, following 4 billion euros cashed in through the measure in 2016.
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Sixty Countries Expected to Sign Tax Agreement: OECD Official
The OECD expects at least 60 nations to sign an agreement implementing changes in the global tax system, according to an officialwith the organization.
Grace Perez-Navarro, deputy director for taxes at the Organization for Economic Cooperation and Development, said the total number of participants in the "multilateral instrument"wouldn't be clear until a signing ceremony planned for June 7. The agreementwould adopt several items from the OECD's Action Plan on Base Erosion and Profit Shifting (BEPS)ÔøΩits comprehensive rewrite of the global tax rulesÔøΩby changing aspects of existing double tax treaties. Those changes include new language for preventing abuse of treaties and a new definition for permanent establishments, or the taxable presence of a foreign entity not registered in a jurisdiction.
Grace Perez-Navarro, deputy director for taxes at the Organization for Economic Cooperation and Development, said the total number of participants in the "multilateral instrument"wouldn't be clear until a signing ceremony planned for June 7. The agreementwould adopt several items from the OECD's Action Plan on Base Erosion and Profit Shifting (BEPS)ÔøΩits comprehensive rewrite of the global tax rulesÔøΩby changing aspects of existing double tax treaties. Those changes include new language for preventing abuse of treaties and a new definition for permanent establishments, or the taxable presence of a foreign entity not registered in a jurisdiction.
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EU to Seek Clarity on U.S. Tax Plans at G-20 Summit
The EU has grown increasinglyworried about the tax reform that the new U.S. administration is preparing behind the scenes.
Experts from France, Germany, and the European Commission met in Brussels on February 28 to define a common line ahead of the G-20 meeting to be held March 17 and 18 in Baden-Baden, Germany.
Experts from France, Germany, and the European Commission met in Brussels on February 28 to define a common line ahead of the G-20 meeting to be held March 17 and 18 in Baden-Baden, Germany.
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U.K. Tax Rebellion Reminds May Brexit Allies Remain a Threat
The growing revolt over tax increases in the U.K. budget is a reminder for Theresa May that difficult members of her Conservative Party haven't gone away.
Just as she seemed to have tamed party rebels over Brexit, May found herself fighting a mutiny over taxes. And barely a day after the new policywas announced, she signaled there may be room for concessions.
Just as she seemed to have tamed party rebels over Brexit, May found herself fighting a mutiny over taxes. And barely a day after the new policywas announced, she signaled there may be room for concessions.
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IRS, Business, and OECD Representatives Weigh In on BEPS Progress
Progress on implementation of the OECD's base erosion and profit-shifting project has surpassed expectations, said Theodore Setzer, IRS assistant deputy commissioner (international),who recalled that a year ago, the challenges of the project seemed to loom larger than the opportunities.
Setzer listed reasons for his measured optimism during a panel discussion on the challenges of BEPS at the Pacific Rim Tax Institute in Redwood City, California, on March 9. He citedwork to finalize regulations for country-by-country reporting (T.D. 9773) development of draft instructions,work on a model bilateral CbC competent authority agreement, and progress on terms of reference and methods for the mutual agreement procedure forum.
Setzer listed reasons for his measured optimism during a panel discussion on the challenges of BEPS at the Pacific Rim Tax Institute in Redwood City, California, on March 9. He citedwork to finalize regulations for country-by-country reporting (T.D. 9773) development of draft instructions,work on a model bilateral CbC competent authority agreement, and progress on terms of reference and methods for the mutual agreement procedure forum.
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OECD To Hold Fourth Meeting On International VAT Reform In April
The OECD has announced the agenda and date for the fourth meeting of the OECD Global Forum on value-added tax (VAT), to be held on April 12-14, 2017.
The fourth meeting of the OECD Global Forum on VATwill focus in particular on the policy and operational challenges faced by tax authorities in the era of digital globalization, and on the efficient and the effective implementation of the standards and mechanisms for addressing these challenges recommended by the International VAT/GST Guidelines.
The fourth meeting of the OECD Global Forum on VATwill focus in particular on the policy and operational challenges faced by tax authorities in the era of digital globalization, and on the efficient and the effective implementation of the standards and mechanisms for addressing these challenges recommended by the International VAT/GST Guidelines.
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U.S. Emerging as Leading Tax, Secrecy Haven, EU Report Says
The U.S. is emerging as a "leading tax and secrecy haven for rich foreigners" because of its resistance to global tax disclosure standards and the array of tax-free facilities available for non-residents, according to a European Parliament report.
Released March 7ÔøΩtwoweeks before European Union lawmakers visitwashington D.C. and Delaware to probe money laundering and tax evasion issuesÔøΩ the report says U.S. states such as Nevada,wyoming, South Dakota and Delaware are attracting money flows from around theworld because of laws that permit beneficial owners of companies to remain anonymous.
Released March 7ÔøΩtwoweeks before European Union lawmakers visitwashington D.C. and Delaware to probe money laundering and tax evasion issuesÔøΩ the report says U.S. states such as Nevada,wyoming, South Dakota and Delaware are attracting money flows from around theworld because of laws that permit beneficial owners of companies to remain anonymous.
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The OECD's Multilateral Treaty Instrument and Its Impact on Dispute Resolution
On July 1, 2016, Latvia deposited its instrument of accession to the OECD Convention, thereby becoming the 35th member of the Organization for Economic Cooperation and Development. That modest expansion of membership, however, is dwarfed by the number of countries now participating in the OECD's taxwork "on an equal footing," thereby being treated as full memberswith the right to veto any proposals or reportswithwhich they disagree. More than 60 countrieswere directly involved in the formulation of the final Base Erosion and Profit Shifting reportswhich received approval from the G20 leaders in November 2015. But the BEPS project did not endwith the publication of those reports; soon thereafter, the OECD established an "inclusive framework" on implementation and monitoring of the BEPS measures. Details onwhat that involves are scarce, although the OECD has promised some form of monitoring of compliancewith the four BEPS "minimum standards," aswell as a peer review of implementation of the BEPS measures around theworld to ensure that no country gains an "unfair competitive advantage."
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