Int'l Tax News
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Great tax race: Irelands policies aid business more than public
A fewweeks before Ireland unveiled its 2012 budget,which heaped $3.5bn in tax rises and spending cuts on an austerity-weary public, Ireland's top civil servants sat down privatelywith senior bankers to discuss the industry'swish list.
Itwas the morning of November 24 2011, a year after Dublinwas forced into an international bailout due to reckless speculation by its banks and chronicallyweak regulation. They met under the auspices of theClearing House, a secretive group of financial industry executives, accountants and public servants formed in 1987 to promote Dublin as a financial hub.
For the story, go here.
Itwas the morning of November 24 2011, a year after Dublinwas forced into an international bailout due to reckless speculation by its banks and chronicallyweak regulation. They met under the auspices of theClearing House, a secretive group of financial industry executives, accountants and public servants formed in 1987 to promote Dublin as a financial hub.
For the story, go here.
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OECD Document: "Draft Handbook on Transfer Pricing Risk Assessment"
In November 2011, the Steering Committee of the OECD Global Forum on Transfer Pricing undertook a project on transfer pricing risk assessment. The objective of this projectwas to produce a practical handbook that provides clear and detailed steps countries can take to assess the transfer pricing risk presented by an individual taxpayer's operations. The handbook is intended to be sufficiently detailed that it can serve as a manual for both developing and developed countries to use in conducting transfer pricing risk assessments.
The new Draft Handbook on Transfer Pricing Risk Assessment, produced by the Steering Committee of the OECD Global Forum on Transfer Pricing, is a detailed, practical resource that countries can follow in developing their own risk assessment approaches.
For the draft handbook, go here.
The new Draft Handbook on Transfer Pricing Risk Assessment, produced by the Steering Committee of the OECD Global Forum on Transfer Pricing, is a detailed, practical resource that countries can follow in developing their own risk assessment approaches.
For the draft handbook, go here.
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Zambias tax losses: Africans should join forces to combat transfer pricing
Zambia's government estimates that it is losing $2bn annually as a result of tax avoidance and transfer pricing by foreign companies on its turf equivalent to 10 per cent of gross domestic product. It is not surprising that it is taking action to staunch such losses.
For the story, go here.
For the story, go here.
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OECD International VAT/GST Guidelines (Draft Consolidated Version)
The OECD's Committee on Fiscal Affairs invites public comments on four new draft elements of the OECD International VAT/GST Guidelines (the Guidelines). These four interim drafts relate to (i) a preface to the Guidelines; (ii) the core features of VAT systems towhich the Guidelines are intended to apply, (iii) place of taxation for cross-border supplies of services and intangibles to businesses that have establishments in more than one jurisdiction, (iv) implementation of specific rules for determining the place of taxation for cross border business to business supplies of services and intangibles.
For the draft guidelines, go here.
For the draft guidelines, go here.
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PPL: Exposing the Flaws of the Foreign Tax Credit
Alan D. Viard is a resident scholar at the American Enterprise Institute. He thanks Alex Brill, Matt Jensen, Veronika Polakova, and Michael Strain for helpful comments. The views expressed in this article are solely the author's and do not reflect those of any other person or institution.
In this article, Viard explains that PPL Corp. v. Commissioner highlights the lack of a sound policy reason for the foreign tax credit's favorable treatment of foreign income taxes relative to other foreign taxes and nontax costs of earning foreign income. He argues that relief from excessive taxation of cross border investment is better achieved by eliminating corporate-level taxes on overseas income and the remaining source-based taxes on portfolio income.
For the article, go here. (Subscription required.)
In this article, Viard explains that PPL Corp. v. Commissioner highlights the lack of a sound policy reason for the foreign tax credit's favorable treatment of foreign income taxes relative to other foreign taxes and nontax costs of earning foreign income. He argues that relief from excessive taxation of cross border investment is better achieved by eliminating corporate-level taxes on overseas income and the remaining source-based taxes on portfolio income.
For the article, go here. (Subscription required.)
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Back to the Future
Stewart Karlinsky is the executive director of the Pacific Rim Tax Institute and the Greater Zurich Area tax seminar. He lectures andwrites on the alternative minimum tax system.
In this article, Karlinsky suggests going back to the future by using a concept similar to the book untaxed reported profits adjustment to the AMT. He offers a proposal that could simplify the tax law for domestic and international transactions, significantly lower tax rates, enable repeal of the corporate AMT, and eliminate the need for subpart F and complicated transfer pricing rules.
For the article, go here. (Subscription required.)
In this article, Karlinsky suggests going back to the future by using a concept similar to the book untaxed reported profits adjustment to the AMT. He offers a proposal that could simplify the tax law for domestic and international transactions, significantly lower tax rates, enable repeal of the corporate AMT, and eliminate the need for subpart F and complicated transfer pricing rules.
For the article, go here. (Subscription required.)
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Ordering Rules Important in Applying Outbound Asset Regs
In complex reorganizations, taxpayers must consider how gain recognition rules are ordered before applying the section 367(a)(5) outbound asset transfer regulations, a Treasury official said April 30.
Speaking at a Bloomberg BNA Tax Management luncheon inwashington sponsored by Buchanan Ingersoll & Rooney PC, Brenda Zent, attorney-adviser, Treasury Office of International Tax Counsel, said a U.S. target must first consider all of the other rules underwhich it might recognize gain before applying section 367(a)(5). If gain remains after application of those rules, taxpayers should consider how an election under section 367(a)(5) might apply, she said.
For the article, go here. (Subscription required.)
Speaking at a Bloomberg BNA Tax Management luncheon inwashington sponsored by Buchanan Ingersoll & Rooney PC, Brenda Zent, attorney-adviser, Treasury Office of International Tax Counsel, said a U.S. target must first consider all of the other rules underwhich it might recognize gain before applying section 367(a)(5). If gain remains after application of those rules, taxpayers should consider how an election under section 367(a)(5) might apply, she said.
For the article, go here. (Subscription required.)
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Corporate Reorganizations: Government Trying to Stop Highly Structured Repatriation Deals in Section 367 Rules
The governmentwas trying to stop new versions of highly structured transactions it views as designed to bring cash back into the United States tax-free under final and temporary regulations (T.D. 9615) unveiled in March, officials said April 30.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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The Role of Tax Treaties in Facilitating Development and Protecting the Tax Base
The amount of taxes paid by multinational enterprises (MNEs) in host and home countries continues to make headline news; corporate tax regimes, particularly those in many Organization for Economic Cooperation and Development countries, have never been more complex and the competition to attract and retain foreign direct investment (FDI) has perhaps never been so great.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Fiscal rivalry and corporate taxes
Austerity has sharpened public anger against multinational companies that seek to exploit cracks and loopholes in the international tax system. In Britain, groups such as Google and Starbucks have been the focus of voluble campaigns, and parliament has taken to browbeating corporate bosses to pay afair share.
But this cannot be the solution. Companieswill always seek to minimise their outlay so long as there are different fiscal systems and tax avoidance is not against the law. Plugging the gapswill require co-operation between countries. However, agreement on this as a new FT series on tax competition shows is sorely absent.
For the editorial, go here.
But this cannot be the solution. Companieswill always seek to minimise their outlay so long as there are different fiscal systems and tax avoidance is not against the law. Plugging the gapswill require co-operation between countries. However, agreement on this as a new FT series on tax competition shows is sorely absent.
For the editorial, go here.
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International Tax Reform Proponents Ignore Sourcing Rule Deficiencies, Critics Say
A mix of economists, accountants, and tax lawyers debated the future of international tax reform at an April 26 symposium,with critics saying that reform efforts are doomed to fail absent a serious reconstruction of the sourcing rules in the U.S. tax system.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Why Canada Should Adopt anInnovation Box Approach to Promote Innovation
Canada should consider adopting anInnovation Box approach to encourage business investment in innovative processes that improve productivity, growth, and incomes, according to a new report released from the C.D. Howe Institute. InImproving the Tax Treatment of Intellectual Property Income in Canada, authors Nick Pantaleo, Finn Poschmann and Scottwilkie say federal tax policy should complement tax-based support for research and development (R&D) spending by encouraging the adoption, commercialization and use of innovative ideas in short, a pull, aswell as a push, into R&D activity.
For the paper, go here.
For the paper, go here.
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PM letter to the EU on tax evasion and aggressive avoidance
The UK Prime Minister haswritten to Herman Van Rompuy, President of the European Council, setting out the case for radical global action to tackle tax evasion and aggressive tax avoidance.
For the letter, go here.
For the letter, go here.
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PM seeks global action to tackle tax avoiders
David Cameron has launched an international drive to rewrite global tax rules and force multinational companies to pay their dues. He is calling on Europe's leaders to support a four-pronged assault on the billions of pounds a year lost to exchequers.
For the story, go here. (Subscription required.)
For the story, go here. (Subscription required.)
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Waiting for Obama
The Obama administration recently signaled to the business community that it could countenance some version of a territorial tax system for income earned abroad by U.S. businesses. Tax reform enthusiasts have seized on this perhaps a little too desperately, as evidence that reformwill occur this year. It's a thin reed, however: If any tax reform does pass Congress itwill happen in spite of, and not because of, this administration.
For the article, go here.
For the article, go here.
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Submissions to the Ways and Means Committees Working Groups on Tax Reform: International
A cut in the corporate tax rate and shift to territorialwould keep the U.S. competitive on the international stage.
The U.S. corporate code needs an overhaul. Over the last 30 years the U.S. has fallen behind internationally, as countries from around the globe have cut rates and shifted to a territorial system of taxation. Since 2006, there have been 133 major corporate tax cuts, leaving the U.S.with the highest rate in the OECD. Furthermore, 28 of the 34 OECD countries now operate under a territorial system. In an increasingly globalizedworld, the inaction of the U.S. in the face of corporate tax reform around the globe has put U.S. companies on an uneven playing field. A rate cut and shift to territorialwould lay the framework to make the United States competitive again.
For the submission, go here.
The U.S. corporate code needs an overhaul. Over the last 30 years the U.S. has fallen behind internationally, as countries from around the globe have cut rates and shifted to a territorial system of taxation. Since 2006, there have been 133 major corporate tax cuts, leaving the U.S.with the highest rate in the OECD. Furthermore, 28 of the 34 OECD countries now operate under a territorial system. In an increasingly globalizedworld, the inaction of the U.S. in the face of corporate tax reform around the globe has put U.S. companies on an uneven playing field. A rate cut and shift to territorialwould lay the framework to make the United States competitive again.
For the submission, go here.
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Emerging Countries and the Taxation of Offshore Accounts
A new international regime inwhich financial institutions function as cross-border tax intermediaries is emerging. The contours of that regimewill be established during a narrowwindow of opportunity over the span of the next few years. The resulting regimewill have especially important consequences for emerging countries. A uniform, multilateral automatic information exchange systemwould improve both these jurisdictions ability to tax the offshore accounts of their residents and their capacity to tax certain domestic-source income from capital.
For the paper, go here.
For the paper, go here.
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Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures for 2011
The US Bureau of Economic Analysis (BEA) has released 2011 advance and 2010 revised summary estimates of the employment, capital expenditures, and sales activity of U.S. multinational companies (comprising both their U.S. and foreign operations) and the corresponding activity of foreign multinational companies in the United States. Preliminary 2011 and revised 2010 statistics based on more complete source data and including country and industry detailwill be released later this year.
For the BEA release, go here.
For the BEA release, go here.
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IRS Official and Practitioners Explore the Edges of International Joint Venture Guidance
Practitioners on April 24 questioned an IRS official on aspects of international transactions involving domestic and foreign partnerships forwhich guidance has not been issued.
Speaking at a District of Columbia Bar Taxation Section luncheon, David Bailey, branch 4 senior technical reviewer, IRS Office of Associate Chief Counsel (International), offered his view of the transactions discussed by the practitioners, but he pointed out that many of the questions did not have official answers.
For the story, go here. (Subscription required.)
Speaking at a District of Columbia Bar Taxation Section luncheon, David Bailey, branch 4 senior technical reviewer, IRS Office of Associate Chief Counsel (International), offered his view of the transactions discussed by the practitioners, but he pointed out that many of the questions did not have official answers.
For the story, go here. (Subscription required.)
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Tobin tax will only benefit shady fixers
US financial institutions are already preparingworkarounds for the European financial transactions tax,writes John Dizard.
For the commentary, go here.
For the commentary, go here.
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Starbucks seeks fresh US tax breaks
Starbucks has launched a fightback in the US to protect and expand tax breaks on foreign profits just months after its tax structure provoked a political backlash and public relations crisis in the UK.
For the story, go here.
For the story, go here.
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Treasury uses tax levels to woo US groups
The UK Treasury has stepped up its marketing of Britain as arespectable low tax country in a series of high level meetingswith US businesses that played down the recent political row over avoidance.
For the story, go here.
For the story, go here.
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CTJ: "Bernie Sanders Is Right and the Tax Foundation Is Wrong: The U.S. Has Very Low Corporate Income Taxes"
Senator Bernie Sanders of Vermont recently appeared on Real Timewith Bill Maher and disputed the claim by the Tax Foundation that the U.S. has the highest corporate tax in theworld. Senator Sanders is right, the Tax Foundation iswrong.
For the report, go here.
For the report, go here.
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European Union: EC Says Financial Transactions Tax Plans Will Not Be Delayed by U.K. Legal Challenge
The European Commission insisted April 22 that plans to conclude a financial transactions tax in 11 European Union member stateswould not be delayed by legal action taken by the United Kingdom to stop the controversial levy on stock and bond trades aswell as derivatives.
For the story, go here. (Subscription required.)
For the story, go here. (Subscription required.)
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European Union: European Commission Assembles Tax Expert Group to Monitor Plans to Tackle Tax Abuse
The European Commission set up a new platform April 23 made up of government and nongovernment tax expertswho are to ensure proper implementation of pending recommendations to crack down on tax havens and close corporate tax breaks.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Corporate Taxes: Untangling a Multi-Jurisdictional Transaction: Be Prepared!
A seasoned team of legal and tax professionals can help a client navigate the perils and pitfalls of multi-jurisdictional, cross-border transactions in order to arrive at a transaction structure that is mutually beneficial to all parties.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Passthrough Entities Budget Proposal on Dispositions by Foreign Partners Offers Ruling Teeth, Official Says
President Obama's budget proposal to codify a controversial ruling on the tax treatment of dispositions by foreign partners is intended to remind taxpayers of the government's views on the issue and to provide awithholding mechanismwithteeth, an Internal Revenue Service official said April 24.
For the story, go here. (Subscription required.)
For the story, go here. (Subscription required.)
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The "Silver Blaze" Search for Inflation
Twice a year, the International Monetary Fund and theworld Bank convene meetings inwashington to discuss current issues facing the global economy. The spring meetings occurred lastweek, and one of the important questions addressedwas,Where is inflation in theworld today amidst all theworld's monetary stimulus?
For the article, go here.
For the article, go here.
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Why Is Treasury Protecting Tax Havens for Multinationals?
Martin Lobel argues that the United States needs to change its
transfer-pricing-based international tax system because it is broken.
For the viewpoint, go here. (Subscription required.)
For the viewpoint, go here. (Subscription required.)
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News Analysis: The Digital Economy and Permanent Establishment
In news analysis, Lee A. Sheppard considers a recent American Bar
Association/International Fiscal Association meeting's discussion on
permanent establishment and the digital economy.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Economic Analysis: Designing Anti-Base-Erosion Rules
In economic analysis, Martin A. Sullivan discusses various
anti-base-erosion proposals in tax reform plans offered by President
Obama, Houseways and Means Committee Chair Dave Camp, R-Mich., and
others.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Transfer Pricing: OECD to Deliver Base Erosion Action Plan To Top Finance Ministers in July, Official Says
The Organization for Economic Cooperation and Development
will deliver its action plan to address base erosion and profit
shifting by July, its top tax official confirmed April 18.
Pascal Saint-Amans, head of the OECD's Center for Tax Policy and Administration, said the BEPS project is on track. The OECD is actively working to develop an action plan, to be delivered to Group of 20 finance ministers in July, setting out a road map and process for furtherwork.
For the story, go here. (Subscription required.)
Pascal Saint-Amans, head of the OECD's Center for Tax Policy and Administration, said the BEPS project is on track. The OECD is actively working to develop an action plan, to be delivered to Group of 20 finance ministers in July, setting out a road map and process for furtherwork.
For the story, go here. (Subscription required.)
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Tax Reform: Rep. Brady Sees a Chance to Agree On Shift to Territorial Tax on Foreign Income
Settling the debate over shifting from aworldwide to a territorial tax system could be closer than it appears, according to Rep. Kevin Brady (R-Texas), and observers suggest could bodewell for broader corporate tax reform.
For the story, go here. (Subscription required.)
For the story, go here. (Subscription required.)
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Summary Estimates for Multinational Companies, 2011
Worldwide employment by U.S. multinational companies (MNCs) increased 1.5 percent in 2011 to 34.5 millionworkers,with the increase primarily reflecting increases abroad. In the United States, employment by U.S. parent companies increased 0.1 percent to 22.9 millionworkers, comparedwith a 1.8 percent increase in total private-industry employment in the United States.
For the news release, go here.
For the news release, go here.
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News Analysis: Offshored Intangibles and the OECD Base Erosion Project
In news analysis, Lee A. Sheppard reports on remarks by Danielle Rolfes, Treasury's international tax counsel, that suggest that the United States is offering little support for the base erosion and profit-shiftingwork being done by the OECD.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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U.S. Officials Active on OECD Project As G-20 Deadline Nears, Rolfes Reports
U.S. officials areworkingwith other countries toward a June deadline for a comprehensive action plan to address issues raised by the Organization for Economic Cooperation and Development's base erosion and profit shifting (BEPS) project, a Treasury Department official said April 18.
For the story, go here. (Subscription required.)
For the story, go here. (Subscription required.)
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House Democrat Tries Again With New Bill Taxing Financial Transactions at Tiered Rates
Thewhite House has been cool to a new tax on financial transactions, but a Democratic lawmaker proposing to introduce one has not given up on the Obama administration.
For the story, go here. (Subscription required.)
For the story, go here. (Subscription required.)
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Markets Insight: High price of ignoring EUs tax on trades
A bungled bail-out of Cyprus?wewill get over it. Political stalemate in Italy?whatever. Global financial markets are in a forgiving moodwhen it comes to European political missteps. The prevalent view is that the European Central Bankwill avert catastrophes and the eurozone has moved towards a recovery phase.
Such a frame of mind explainswhy markets have paid so little attention as yet to Brussels plans for a financial transactions tax that, if implemented, could drive up costs significantly, slash volumes and reshape the financial industry across Europe. The assumption is that such far-reaching proposalswill never actually be implemented.
For the story, go here.
Such a frame of mind explainswhy markets have paid so little attention as yet to Brussels plans for a financial transactions tax that, if implemented, could drive up costs significantly, slash volumes and reshape the financial industry across Europe. The assumption is that such far-reaching proposalswill never actually be implemented.
For the story, go here.
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Tax Plan May Provide Boost
Despite the austerity mood inwashington, President Obama's proposed budgetwould provide tax relief to some foreign investors, a move the U.S. real-estate industry has been seeking for years.
As part of a larger push to spur private investment in U.S. infrastructure, Mr. Obama has proposed changes to a 1980s tax policy called the Foreign Investment in Real Property Tax Act, or Firpta, thatwould exempt foreign pension funds from paying taxes on gains from real-estate sales.
For the story, go here.
As part of a larger push to spur private investment in U.S. infrastructure, Mr. Obama has proposed changes to a 1980s tax policy called the Foreign Investment in Real Property Tax Act, or Firpta, thatwould exempt foreign pension funds from paying taxes on gains from real-estate sales.
For the story, go here.
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Tax Court Holds Corporation Received Dividends From CFC
The Tax Court, sustaining accuracy-related penalties, held that funds a corporation received through a purported reinvestment plan from a controlled foreign corporationwere in substance dividend payments and taxable under section 301 and that the value of property transferred to the corporationwas includable in its income.
For the opinion, go here. (Subscription required.)
For the opinion, go here. (Subscription required.)
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U.S. Tax Reform: Full-Inclusion Over Territorial System Compelling
Jeffery M. Kadet argues that rather than implementing a territorial system or continuingwith the current deferral system, the United States should implement aworldwide full-inclusion system.
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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We tried a Tobin tax and it didnt work
Europe is making a mistake. In February, the European Commission published a proposal for a financial transaction tax also called a Tobin orRobin Hood tax in the EU. Eleven states have been granted the right to impose a minimum 0.1 per cent tax on equity and debt transactions and a minimum 0.01 per cent charge on derivatives transactions. If the experience of Sweden's use of such a tax is anything to go by, this move is extremely unwise.
For the article, go here.
For the article, go here.
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UK Shadow Business Secretary Chuka Umunna would not back an FTT without New York
The opposition Labour member of Parliament said itwould belunacy for the UK to unilaterally adopt a financial transaction tax (FTT).
For the article, go here. (Subscription required.)
For the article, go here. (Subscription required.)
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Levin: Corporations should pay fair share
In a USA Today op-ed piece, Sen. Sander Levin (D-MI), argues that loopholes allow some companies to pay no taxes, putting added burden on Americans.
For the article, go here.
For the article, go here.
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Fairness in International Taxation Act Would Limit Treaty Benefits for Some Corporations
The Fairness in International Taxation Act, introduced by Houseways and Means Committee member Lloyd Doggett, D-Texas,would limit treaty benefits for corporations attempting to avoid U.S. taxes.
For the bill, go here.
For the bill, go here.
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Doggett Bill Would Introduce Measures Against International Corporate Tax Avoidance
The International Tax Competitiveness Act of 2013, introduced by Houseways and Means Committee member Lloyd Doggett, D-Texas,would modify the treatment of foreign corporations managed as U.S. domestic corporations and change the tax treatment of royalties received from controlled foreign corporations.
For the bill, go here.
For the bill, go here.
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Stop Tax Haven Abuse Act Would Restrict Use of Offshore Tax Havens
The Stop Tax Haven Abuse Act, introduced by Houseways and Means Committee member Lloyd Doggett, D-Texas,would implement various measures intended to reduce tax evasion through offshore tax havens, including expanded information reporting and increased penalties against tax shelter promoters.
For the bill, go here.
For the bill, go here.
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Doggett Announces Legislation to Combat Tax Haven Abuse
The Stop Tax Haven Abuse Act, the International Tax Competitiveness Act, and the Fairness in International Taxation Actwould each provide measures to crack down on corporations' use of tax havens to avoid U.S. taxes, according to an April 15 release from Houseways and Means Committee member Lloyd Doggett, D-Texas.
For the article, go here.
For the article, go here.
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On Tax Day, Complexity Trumps Competitiveness
Today is tax day in the United States, the deadline for filing income tax returns and making any outstanding tax payments for the previous calendar year. Youwould be hard-pressed to find any U.S. taxpayerwho loves (or even likes) Americas current tax system.what American citizens and companies alike find especially troubling is the systems complexity that increasingly penalizes America in the global economy.
For article, go here.Posted on
CTJ: "The U.S. Continues to Be One of the Least Taxed of the Developed Countries "
The U.S.was the third least taxed country in the Organization for Economic Cooperation and Development (OECD) in 2010, the most recent year forwhich OECD has complete data.
Of all the OECD countries,which are essentially the countries the U.S. tradeswith and competeswith, only Chile and Mexico collect less taxes as a percentage of their overall economy (as a percentage of gross domestic product, or GDP).
For the CTJ report, go here.
Of all the OECD countries,which are essentially the countries the U.S. tradeswith and competeswith, only Chile and Mexico collect less taxes as a percentage of their overall economy (as a percentage of gross domestic product, or GDP).
For the CTJ report, go here.
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