2016

Belgium and France are under scrutiny by the European Commission (EC) for offering corporate tax exemptions that distort competition.

The Brazilian Internal Revenue Service (IRS) has issued Normative Instruction (NI) No. 1.634with the purpose of updating the main regulatory provisions regarding the Corporate Taxpayer Registry (CNPJ).

The European Commission's proposed VAT Action Plan is an ambitious attempt to reform the flailing regime. Joe Stanley-Smith picks through the details to look at the impact it could have on companies.

This paper examines the main distortions of the U.S. corporate income tax (CIT), focusing on its international aspects, and proposes a set of reforms to alleviate them. A bold reform to replace the CITwith a corporate-level rent tax could induce efficiency-enhancing reform of the international tax system. Since fundamental reform is politically difficult, this paper also proposes an incremental reform thatwould reduce tax expenditures, reduce the CIT rate to 25-28 percent, and impose a minimum rent tax on foreign earnings. Finally, this paper analyzes empirically the likely impact of the incremental on corporate revenues outside the U.S.

Parliament's recommendations for making corporate taxation fairer and clearerwere voted onwednesday. MEPs call for an EU register of beneficial owners of companies, a tax havens blacklist, sanctions against non-cooperative tax jurisdictions, action against abuse of "patent box" regimes, a code of conduct for banks and tax advisors, tax good governance rules in EU trade agreements, a common consolidated corporate tax base (CCCTB) and awithholding tax on profits leaving the EU.

by Amelia Schwanke

Investors in India have been given room to breathe as the Central Board of Direct Taxes (CBDT) amends the effective date of the General Anti-Avoidance Rule (GAAR).

Paying taxes can be complicated, but so can the vocabulary that goeswith it. Tax avoidance is legal, but tax evasion isn't and justwhat exactly is base erosion? As the Parliament's second special committee is having its final recommendations debated and voted on during thisweek's plenary,we take a closer look at the jargon. Read on for an explanation of the terms used.

The United Kingdom is unlikely to try to lure international investment by becoming a tax haven after it leaves the European Union, according to an internal memo prepared by the body responsible for the drafting international tax rules.

The Brazilian Internal Revenue Service (IRS) has issued Normative Instruction (NI) No. 1.634with the purpose of updating the main regulatory provisions regarding the Corporate Taxpayer Registry (CNPJ).

G20 Finance Ministers, in their communique of February 2016, called upon the IMF, OECD, UN andworld Bank Group to "recommend mechanisms to help ensure effective implementation of technical assistance programmes, and recommend how countries can contribute funding for tax projects and direct technical assistance, and report backwith recommendations" at their July meeting. The four organisations,working jointly as the members of the new Platform for Collaboration on Tax – drawing on their individual experiences in delivering technical advice and their interactionswith other TA providers, development partners, and especially country governments – have developed a series of recommendations and enabling actions in response to this request,which are laid out in this discussion draft.

Representatives of more than 80 countries and jurisdictions have gathered in Kyoto, Japan to push forward ongoing efforts to update international tax rules for the 21st century, the latest step in the OECD/G20 Project to tackle Base Erosion and Profit Shifting (BEPS).

It is hard to overstate the magnitude of the shockwave emanating from the United Kingdom in thewake of voters' decision to exit the EU.The surprising victory of the Leave campaignwill almost certainly prompt introspection on the part of EU leaders and force the next U.K. prime minister to confront the serious possibility of a major recession and tangled trade policy.Where the Brexit vote might have a more subtle impact is on the U.K. tax regime.While the United Kingdom might gradually opt to diverge from the EU's VAT rules andwill be spared a potential state aid investigation, the effectswill be small and likelywon't be truly felt for years.

Interested parties are invited to review the conforming changes to Chapter IX of the OECD Transfer Pricing Guidelines, "Transfer Pricing Aspects of Business Restructurings."

Public comments are invited on the following discussion drafts:

• Attribution of Profits to Permanent Establishments,which dealswithwork in relation to Action 7 ("Preventing the Artificial Avoidance of Permanent Establishment Status") of the BEPS Action Plan;
• Revised Guidance on Profit Splits,which dealswithwork in relation to Actions 8-10 ("Assure that transfer pricing outcomes are in linewith value creation") of the BEPS Action Plan.

For the OECD release, go here.

Chancellor of the Exchequer George Osborne has said he plans to slash the UK's corporation tax rate to below 15% to attract businesses and investment post-Brexit.

The hastily adopted EU Anti-Avoidance Directive ("Directive") requires European Union (EU) member states to introduce or amend their existing Controlled Foreign Companies ("CFC") legislation.