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A new era of corporate transparency is dawning

  • By Martin Sandbu

G7 tax deal and EU breakthrough on disclosure highlights shift in the openness democratic societies expect.

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G7 strikes historic agreement on taxing multinationals

  • By Chris Giles

The G7 advanced economies have struckwhat they have termed a "historic agreement" on taxing multinationals in a bid to create unstoppable momentum for a global deal.

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EU seals pact on forcing multinationals to report profits and tax

  • By Mehreen Khan

EU negotiators have agreed rules to force large multinational companies to disclose publiclywhere they book profits and pay tax in the bloc as part of Europe's drive to clamp down on corporate tax avoidance.

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Funding Infrastructure: Reading the Map to Find Alternate Routes

  • By Mindy Herzfeld

The Biden Administration is seeking to fund its tax proposals through various means, including raising the corporate tax rate andchanging the base erosion and anti-abuse tax to the stopping harmful inversions and ending low-tax developments (SHIELD) regime.

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New OECD Boss Foresees Sensible Consensus on Global Tax Reform

  • By Stephanie Soong Johnston

Positive signals from OECD ministers about a package of proposals to modernize the international corporate tax system could lead to an accord among the countries negotiating the plan, the OECD's new secretary-general said.

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EU Institutions Agree on Public CbC Reporting

  • By Jean Comte

Representatives of the European Parliament and EU member states on June 1 agreed on a draft directive requiring multinational companies to publicly disclose details about their economic activities in each country.

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QMV Should Be Paired With EU Minimum Tax, Report Says

  • By Sarah Paez

To best combat harmful tax practices, qualified majority voting (QMV) should be accompanied by enhanced state aid enforcement and the inclusion of a minimum effective tax rate in the EU Code of Conduct for Business Taxation.

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U.S. Defers More DST Tariffs Pending Global Tax Reform Deal

  • By Stephanie Soong Johnston

The United Stateswill hold off on retaliatory trade actions against six trading partners over their digital services taxes to give more time for countries to conclude multilateral negotiations on a global tax reform agreement.

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Wyden Accuses AbbVie of Exploiting TCJA Offshoring Incentives

  • By Jad Chamseddine

Senate Finance Committee Chair Ronwyden, D-Ore.,wants more information on the tax practices of AbbVie Inc. after accusing the pharmaceutical giant of sharply reducing its effective tax rate by shifting profits overseas since passage of the 2017 tax law.

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Worries Emerge Over Reach of Green Book Inversion Provision

  • By Andrew Velarde

Questions are arising overwhether one of the U.S. Treasury's green book proposals designed to strengthen anti-inversion rules may be interpreted so that it reaches beyond inversion transactions and applies much more broadly.

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BEAT's Under- and Over-inclusiveness Led to Treasury Rebuff

  • By Andrew Velarde

Treasury's spurning of the base erosion and anti-abuse tax in favor of the stopping harmful inversions and ending low-tax developments (SHIELD) proposalwas a result of the BEAT's failures of being both overinclusive and underinclusive.

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Wyden, Neal See Bright Prospects for Global Tax Reform Deal

  • By Stephanie Soong Johnston

After meetingwith Treasury Secretary Janet Yellen and Treasury staff, Senate Finance Committee Chair Ronwyden, D-Ore., and Houseways and Means Committee Chair Richard E. Neal, D-Mass., said in a joint statement they"are optimistic that a strong multilateral agreement can be reached to harmonize our international tax rules, end the race to the bottom, and put a stop to digital services taxes," they said.

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Green Book Silence on GILTI Losses Doesnt Reflect Intransigence

  • By Andrew Velarde

Practitioners should not equate silence on some issues in Treasury's proposal modifying the global intangible low-taxed income provisionwith an unwillingness to revisit elements thatwould become more burdensome to taxpayers following a country-by-country shift.

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What you need to know about the international tax talks

  • By Naomi Jagoda

The administration sees an agreement on a minimum tax as away to prevent companies from making decisions aboutwhere to locate based on corporate tax rates. Administration officials also see an agreement as away to prevent U.S. multinational corporations from becoming less competitive if the U.S. raises its corporate taxes. Treasury Secretary Janet Yellen said at a House hearing on Thursday that the U.S. is attempting to reach an agreement on a global minimum tax "thatwould stopwhat's been essentially a race to the bottom, so that it's competitive attractions of different countries that influence location decisions, and not tax competition."

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G-7 to commit to 'high level of ambition' on global minimum tax rate

  • By Naomi Jagoda

Group of Seven (G-7) finance ministers thisweek are expected to pledge to be ambitious about the rate for a global minimum tax as international tax negotiators are seeking to reach a deal in July, Reuters reports. The Biden administration has floated a global minimum tax rate of at least 15 percent. The administration views a deal on a global minimum tax as away to help ensure that U.S. companies are internationally competitive if the U.S. raises its corporate tax rate, as Biden has proposed. The G-20 is hoping to reach a political agreement on a global minimum tax at its meeting next month.

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Biden Tax Plan Forecast to Bring in $3.6 Trillion in Decade

  • By Allyson Versprille
  • By Michael Rapoport

President Joe Biden's proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said Friday, a key funding source for the $4 trillion he hopes to spend remaking the American economy and social safety net. The figure, representing the sum of all tax increases if enacted by Congress, came as is part of the "Greenbook" report that accompanies thewhite House's $6 trillion 2022 budget request, also released on Friday. It effectively serves as the revenue side of the ledger, against Biden's spending priorities in the budget.

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Japan Tempers Expectations for Tax Breakthrough at G-7 Talks

  • By William Horobin and Yuko Takeo

A Group of Seven meeting thisweek is unlikely to settle on a rate for a global minimum corporate tax, Japan's Finance Minister Taro Aso said, sounding a note of caution before he and his counterparts gather in London. Expectations of a preliminary deal between theworld's richest economies have risen after the Joe Biden administration made proposals on both a minimum rate and rules to reallocate tax revenues of the biggest multinational firms. France's Finance Minister Bruno Le Maire said lastweek that the June 4-5 meeting must give momentum to clinching a global accord in mid-July.

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U.S. Proposal on 15% Minimum Tax is Good Compromise: Le Maire

  • By William Horobin

French Finance Minister says U.S. proposal for a global minimum tax on corporations of 15% is a "good compromise," but the key question is clearly to have a compromise and agreement about the two pillars: digital taxation and minimum taxation." Le Maire says there must be a political agreement on both elements of international tax negotiations by the G-20 meeting in July at the latest.

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OECD Global Tax Plan Must Protect U.S. Companies, Senator Says

  • By Isabel Gottlieb

The Organization for Economic Cooperation and Development's two-part planwould see more corporate profits attributed to the countrieswhere companies make sales, known as "Pillar One," and establish a global minimum corporate tax rate, known as "Pillar Two." The U.S. in April pitched a proposal thatwould narrow the OECD plan and target 100 of the largest and most profitable companies. Crapo called for Treasury to report to Congress on how many U.S. companieswould be among the roughly 100 firms thatwould see their profits reallocated under the U.S. Pillar One proposal, and how the planwould affect U.S. tax revenue.

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EU Digital Levy Will Hit Thousands of Mostly EU-Based Companies

  • By Hamza Ali

The EU's digital levywill be broadly based so as not to discriminate against U.S. tech firms, a top European Commission tax official said Tuesday. The governments of France, Spain, and Italy, among others, have unilaterally acted to create their own digital services taxes. That drew the ire of the Trump administration,which argued that they unfairly targeted U.S. tech firms because of their high thresholds for earnings. It opened trade investigations to determinewhether they justified the imposition of retaliatory tariffs. Angel said that the EU's taxwould show that concerns that the new digital levywould be similar to these taxes are misplaced.

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Germany, France Say Global Tax Deal Could Be Reached in Weeks

  • By Birgit Jennen and William Horobin

Germany and France said discussions on a global agreement on corporate tax rateswere entering the home stretch and that a deal could be reachedwithinweeks. French Finance Minister Bruno Le Maire indicated support for a U.S. proposal to set the minimum rate at 15%, calling it an "interesting and solid basis" for discussion.

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Global Deal on Tax Nears First Stage as G-7 Seeks Common Ground

  • By Tim Ross

A global agreement that could reshape the tax landscape for the biggest corporations is approaching a crucial first stage as the Group of Seven nations hone in on an accord that might feature both a minimum rate and encompass digital giants. If finance ministers due to meet virtually on Friday and in person nextweek can find enough common ground, that could pave theway for awider consensus to formwithin the Group of 20, building a foundation for theworldwide agreement that is in negotiators' sights.

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France Puts Onus on G-7 to Lead the Way in Global Tax Revamp

  • By William Horobin

European governments are increasingly optimistic that the G-7 could mark a breakthrough after U.S. President Joe Biden's administration made proposals on the two pillars of the talks:where to tax firms in the digital era, and a minimum rate. Le Maire said thatwhile the U.S. proposal for a 15% floorwould feature in the London talks, the key issue for France remains new rules on how to divide up rights to tax multinationals -- the so-called pillar one of international negotiations. Onwednesday, he said that, subsequent to a recent U.S. proposal to limit rules to the 100 biggest firms, there is progress toward ensuring digital giants are covered.

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Taxing Multinationals in Europe


A paper published by the IMF argues that the joint adoption of the European Commission's common consolidated corporate tax base proposal and a global minimum tax rate may help address distortions caused by tax competition.

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Biden Banks on $3.6 Trillion Tax Hike on the Rich and Corporations

  • By Alan Rappeport

President Biden on Friday unveiled $3.6 trillion in tax increases onwealthy Americans and big corporations to pay for his plans to combat climate change, reduce income inequality and significantly expand the nation's social safety net.

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G7 is close to deal on taxation of worlds largest companies

  • By Chris Giles and James Politi

The Group of Seven top advanced economies are close to an accord on the corporate taxation of multinationals, paving theway for a global deal later in the year to create new rules for the imposition of levies on theworld's largest companies.

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EU Member States Move to Close Public CbC Reporting Deal

  • By Jean Comte

Representatives of the 27 EU member states agreed on May 26 to amend their position on public country-by-country reporting, according to three diplomatic sources.

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G-7 Economies Can Pave Way for Global Tax Deal, Le Maire Says

  • By Stephanie Soong Johnston

If the G-7 members can reach agreement on a two-pillar global tax reform plan, then theywill send a powerful message to other countries ÔøΩ even resistant ones ÔøΩ to get on board, France's finance minister said.

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Ireland Should Not Worry Over U.S. Minimum Tax Push, Neal Says

  • By Stephanie Soong Johnston

The United States' proposed corporate minimum tax rate floor of 15 percent amid OECD global tax reform talks should not detract from Irish-U.S. relations, the Houseways and Means Committee chair said.

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Engie: EU General Court Discovers Groupwide Analysis

  • By Lee A. Sheppard

Lee Sheppard analyzes the General Court of the European Union (GCEU)'s recent decision inEngie,which she argues treated an affiliated group as a single taxpayer, and applied the step transaction doctrine on the basis of substance rather than form.

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Crapo Wants Treasury Answers to OECD Global Tax Reform Questions

  • By Stephanie Soong Johnston

The Senate's top Republican taxwriter,Senate Finance Committee ranking member Mike Crapo, R-Idaho, has asked Treasury for further analysis about its position in OECD-led tax reform negotiations ÔøΩ and for a promise that any deal emerging from those talkswon't discriminate against American companies.

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White House Proposal on Book Income Minimum Tax Evokes Angst

  • By Emily L. Foster

Green book provides more detail on Biden administration's minimum book tax proposal.

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SHIELD Details, GILTI Changes Headline Green Book Proposals

  • By Andrew Velarde

Green book provides more detail on Biden administration's GILTI and SHIELD proposals.

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African Countries Propose OECD Digital Tax Measure Simplification

  • By Hamza Ali

The African Tax Administrators Forum is urging an OECD-led effort to overhaul global tax rules to target companieswith revenue over 250 million euros ($302 million). The group released a plan thatwould simplify part of the OECD plan aimed at reallocating the profits of multinationals to countrieswhere they have users and customers but a limited physical presence.

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Planning For Post-Pandemic Economy: Multinational Group Outlook and Tax Strategies

  • By Mimi Song

The improving macroeconomic climatewill open opportunities for more global expansion and growth, aswell as for diversification of supply chains. In addition, governments looking to boost the economic recovery may roll out new tax incentives.Many countries, including the U.S. and the U.K., are reviewing their research and development (R&D) tax incentiveswith a goal to further encourage investment to invigorate the economy. China has recently renewed a slew of tax incentives available to businesses and has significantly enhanced the R&D "super deduction" available to manufacturing enterprises.

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U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

  • By Alan Rappeport

The Biden administration proposed a global tax on multinational corporations of at least 15 percent in the latest round of international tax negotiations, Treasury Department officials said on Thursday, as the U.S. looks to reach a dealwith countries that fear hiking their rateswill deter investment.

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US proposes global corporate tax rate of at least 15% in international talks

  • By Aime Williams
  • By James Politi

The Biden administration has signaled itwill accept a 15 per cent global minimum tax on large multinational companies, in international talks aimed at increasing revenues from corporations that operate across borders.US officials have been meeting negotiators from countries taking part in OECD talks thisweek to discusswhat that minimum tax rate should be. The Biden administration had previously proposed 21 per cent, according to the US Treasury.

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How to Pay for Infrastructure: Not by Taxing Carbon

  • By Mindy Herzfeld

Biden's Made in America Tax Plan seeks to promote nascent green technologies via targeted tax incentives; encourage adoption of electric vehicles; support further deployment of alternative energy sources, such as solar andwind power; and endwhat it characterizes as long-entrenched subsidies for fossil fuels.

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The IMFs Big Ideas for the Future Of Corporate Taxation

  • By Nana Ama Sarfo

Where does the IMF see things heading? Increasingly toward destination-based taxation, although it believes it's too early for a destination-based cash flow tax or formulary apportionmentwith a sales factor. In the meantime, the institution believes thatwewill continue to see greater adoption of consumption taxes at the expense of corporate and labor taxes, because they achieve similar effects and are alreadywell used.

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MEPs Call for Qualified Majority Voting on New CCCTB Proposal

  • By Sarah Paez

Members of the European Parliament (MEPs) and tax observers cast doubt onwhether the European Commission's reworked common consolidated corporate tax base proposal, expected in 2023, can become lawwithout qualified majority voting on tax matters.

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Amazon May Force the EU Commission to Change Its Approach

  • By Ryan Finley

The rejection in the Amazon judgment of the European Commission's arguments regarding the proper application of the transactional net margin method (TNMM) raises doubts about the viability ofwhat has become a recurring argument in state aid cases.

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OECD Digital Tax Talks Should Be EU's Priority, France Says

  • By Elodie Lamer

The European Commission must explain how a digital levywould alignwith an agreement on the pillars of the OECD tax reform project, and priority should be given to the latter, French sources said.

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U.S. Opens With 15 Percent Minimum Tax Rate in OECD Reform Talks

  • By Stephanie Soong Johnston

The United States has proposed a 15 percent rate as a starting point for OECD-led negotiations on a global minimum corporate tax regime as part of a sweeping plan to modernize the international tax system. According to a May 20 Treasury readout, "discussions on the global corporate minimum tax rate began in earnest" during two days of meetingswith the steering group of the OECD inclusive framework on base erosion and profit shifting.

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EU Eyes New Tax Framework Going Beyond Current Global Plans

  • By William Horobin

The European Union presented plans for a new corporate taxation framework for the bloc thatwould go further than a global deal under negotiation to change rules on how much andwhere multinational firms should pay levies. The EU's supplementary measure -- dubbed Business in Europe: Framework for Income Taxation, or BEFIT --would create a single corporate tax rulebook and reallocate profits between member states.

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Title: U.K.s Sunak Isnt Convinced on Bidens Global Business Tax Plan

  • By Tim Ross

British officials aren't convinced by President Joe Biden's plan for a global minimum business tax rate of 21%. Sunak is concerned that the ratemay be too high over the long term, even though the U.K. intends to raise its corporation tax to 25% in 2023 to repair public finances after the pandemic.Britainwants the U.S. and other nations to focus on measures to make big multinational companies -- especially digital giants like Amazon.com Inc. -- pay more of their tax in countrieswhere they operate.

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A Whole New Ballgame: The Global Tax Policy Negotiations on Pillars One and Two

  • By Jefferson Vander Wolk

Since April 8, 2021, the OECD/G20 Inclusive Framework on BEPS has been focused on a new set of proposals advanced by the U.S. to move the negotiations forward. The author looks at the changed landscape and discusses possible outcomes.

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EU-Wide Tax Plan Risks Misalignment With OECD Global Rewrite

  • By Isabel Gottlieb and Hamza Ali

The European Commission's plan for a unified tax system across the EU may not sitwell alongside international plans for a global tax overhaul. Key questions the Commission,which is the EU's executive arm, must grapplewith as it designs the new system include how to treat companies that fall under both sets of rules, and how to change treaties between EU and non-EU countries.

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U.S. Floats 15% Global Minimum Tax, Less Than for Domestic Firms

  • By Saleha Mohsin and Laura Davison

The U.S. called for a global minimum corporate tax of at least 15%, less than the 21% rate it has proposed for the overseas earnings of U.S. businesses -- a level that some nations had arguedwas excessive. The contrast between the new proposal, released by the Treasury Department Thursday, and the higher rate the Biden administration is seeking to be applied to American companies underscores the difficulty of international talks being led by the Organization for Economic Cooperation and Development. Countries including Ireland have used low business taxes as a key economic development strategy. Negotiators are aiming for a deal this summer.

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EU Wants to Make Companies Say How Much Tax They Really Pay

  • By Stephen Gardner

The European Commissionwill propose later this year a rule requiring large multinational companies to publish the rate of corporate tax they actually pay, according to plans it announced Tuesday. Countries in the European Union have headline corporate tax rates ranging from 9% to 30%, but few multinationals really pay those rates, as they legally reduce their bills through tax breaks designed to boost investment, or, more controversially, through profit shifting to achieve far lower effective tax rates.

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European Commission Mulls One System for Taxing Multinationals

  • By Isabel Gottlieb
  • By Hamza Ali

Previous efforts to create a common European tax base have foundered, lacking unanimous support from member states. The Commission's new plan, called BEFITÔøΩBusiness in Europe: Framework for Income TaxationÔøΩwould replace proposals for a common European tax base that have been pending for years, known as the Common Consolidated Corporate Tax Base.

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