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International Tax News - Edition 42
by PwC
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:
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U.S. Chamber of Commerce Files Suit Challenging Inversion Regs
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Pfizer Split Not a Quick Tax Fix, Says CEO
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India Unveils Road Map for Epic Tax Overhaul by April 2017
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India Passes Landmark Tax Reform in Modis Biggest Win Yet
India's upper house of parliament onwednesday unanimously approved the creation of a national sales tax a decade after the movewas first proposed, the biggest legislative victory for Prime Minister Narendra Modi since he took office in 2014.
The constitutional amendment, one of India's most significant reforms since the 1990s, now has to be endorsed by the Modi-controlled lower house and then ratified by at least half of all states, a process projected to be concluded before the year ends.
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Reform Corporate Taxes; Don't Stop Corporate Inversions
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Q&A: What's the Big Deal About India Goods and Services Tax?
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In a Victory for Modi, India Overhauls Its Tangled Tax System
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India Tax-Overhaul Bill Moves Forward
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Cash Pooling Exception Underway for Treasury Debt-Equity Rules
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Debt-Equity Loan Recast Rule Shaped by Complexity: Treasury
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No Definitive Time Frame for Debt-Equity Rule Finalization
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Segmented Foreign-Owned Corporate Record Maintenance
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Opinion Backs EU Commission in Crucial State Aid' Tax Cases
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OECD: Countries' Risks Should Dictate Approach to Interest
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EU harmonises VAT rules on vouchers
On June 27 2016, the European Union Council adopted the Voucher Directive,which is aimed at clarifying and harmonising the relevant VAT rules. The directivewill apply from January 1 2019.
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With U.K. Out, Renewed Push for Common EU Tax Base
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Economic Analysis: Conservatives Challenging Long-Standing Tax Orthodoxy
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U.S. Tax Review (1) (1)
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Ireland clarifies VAT exemption for fund management
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News Analysis: Change in Chengdu: The G-20's New Tax Pillar
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OECD and EU to Align Listing Criteria, Tax Chief Says
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News Analysis: Your Summer Reading: Subpart F Treatment of Inbound Loans
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Financial Transactions Tax Idea Creates Buzz Among Democrats
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Status Changes of Corporations Owning PFIC Shares
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News Analysis: Will the OECD's 'Pragmatic Fudge' Save Transfer Pricing?
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Tax fraud: 75% of Europeans want EU to do more to fight it
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OECD Looks at BEPS Effect on Interest in Banking, Insurance
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A financial transaction tax would help ensure Wall Street works for Main Street
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Officials: CbC Regs Nonspecific Because of Local Filing Concerns
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OECD seeks comments on use of a group ratio to determine limit on interest deductibility
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Foreign Investment in U.S. Growing, Taxes Modest: IRS Data
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IRS to Allow Voluntary Reporting of Global Tax, Profit
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Uruguay moves toward CbC reporting, Master File documentation, and the availability of bilateral and multilateral APAs
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Brisal ECJ case examiners Portuguese withholding tax on interest payments
by Tiago Cassiano Neves
Tiago Cassiano Neves of Garrigues, Taxand Portugal, examine the effect the Brisal case has on applying Portuguesewithholding tax to interest payments. @
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Austria told to amend tax rules
by Anjana Haines
Non-resident taxpayers operating in Austria may benefit from tax changes the country must make to complywith EU rules. @
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UK expedites EU corporate tax race to the bottom
The OECDwill unveil its tax blacklist in 2017, but loopholes in the criteria could allow the US, Germany and Switzerland escape sanctions.
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International community continues movement towards greater tax transparency
The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) published today 10 new peer review reports demonstrating continuing progress toward implementation of the international standard for exchange of information on request. The reports allocated ratings for compliancewith the individual elements of the international standard, aswell as an overall rating for each of the eight jurisdiction undergoing a Phase 2 review.
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Bringing International Tax Policy Into the 21st Century
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UK expedites EU corporate tax race to the bottom (1)
Businesses must assess their next moves after the UK's Brexit vote triggered plans in the UK to cut the corporation tax rate,which may have started a race to the bottom on rates among European countries.
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Tax-Advantaged Manufacturers Nearly Double Exports: IRS Data
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Domestic Partners Must Report Transfers to Foreign Corporations
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SAT issues new China transfer pricing compliance requirements
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OECD releases discussion draft on approaches to address BEPS involving interest in the banking and insurance sectors
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A Way Forward on Corporate Tax Reform
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Israel 1, OECD 0
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Debt-Equity Challenges Must Get Associate Office Review
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OECD R&D Suggestion Out-of-Date but More Start-Up Help Possible
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Managing Global Tax Controversy: A Primer for the U.S. Multinational
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IRS Expands Scrutiny of Debt-Equity Cases Under Section 385