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The ITPF News Blog is managed by the students at the University of Florida Levin College of Law International Tax LLM Program.
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Netflix, Spotify Signal Agreement With U.S. Digital Tax Pitch
By Isabel Gottlieb
Netflix Inc., Spotify Technology SA, and Snap Inc. endorsed a recent U.S. proposal to refocus a plan to rewrite global tax rules on the 100 largest, highly profitable companies. The U.S. pitch could bring much-needed simplifications to an OECD-led plan, the companies said in a letter to Treasury released Tuesday under the Freedom of Information Act. The OECD is trying to get nearly 140 countries to agree to overhaul decades of tax rules and agreements to better tax the digital economy.
To read more go here Subscription RequiredAxing Levies on Tech Giants Central to U.S. Global Tax Pitch
By Isabel Gottlieb and Hamza Ali
The Biden administration wants countries working on an OECD-led effort to overhaul global tax rules to agree to shut down digital levies aimed at U.S. tech giants. The U.S.'s plan last week sparked new optimism for nearly 140 counties to reach agreement on a plan this summer. But the administration’s call to end unilateral measures in countries like France, the U.K., Italy, and India could meet resistance as negotiators try to define the types of taxes to roll back, observers say.
To read more go here Subscription RequiredSenator Tells Biden GOP Won’t Back Tax Hike: Stimulus Update
By Christopher Anstey, Josh Wingrove, Laura Litvan, and Erik Wasson
President Joe Biden was told by a Republican senator at a White House meeting that the tax hike he’s proposed wouldn’t be approved by the GOP. Biden suggested some flexibility toward a smaller package than his $2.25 trillion infrastructure-focused economic plan, another meeting participant said.
To read more go here Subscription RequiredU.S. OECD Pitch Puts Down Opening Bid to Roll Back Digital Taxes
By Isabel Gottlieb and Hamza Ali
The Biden administration wants countries working on an OECD-led effort to overhaul global tax rules to agree to shut down digital levies aimed at U.S. tech giants. The U.S.'s plan last week sparked new optimism for nearly 140 counties to reach agreement on a plan this summer. But the administration’s call to end unilateral measures in countries like France, the U.K., Italy, and India could meet resistance as negotiators try to define the types of taxes to roll back, observers say.
To read more go here Subscription RequiredThe Biden Administration’s Corporate Tax Statistic Is Misleading
By Kyle Pomerleau and Donald Schneider
President Biden recently introduced a $2.7 trillion spending package designed to be partially offset by an array of corporate tax increases. Those tax changes are justified by the assertion that the U.S. corporate tax burden is less than the OECD average. Authors of the article counter that the figure is misleading and show how the proposed package would bring the U.S. corporate tax burden above the OECD average.
To read more go here Subscription RequiredBiden 21% Minimum Tax Undercuts Global Talks, EU Lawmakers Say
By Stephen Gardner
President Joe Biden’s desire for a 21% global minimum corporate tax risks further complicating global tax reform discussions, some European Union lawmakers said Tuesday. Nearly 140 countries are deep in discussions facilitated by the Organization for Economic Cooperation and Development to change international tax rules to better reflect where value is created and reduce opportunities for legal tax avoidance.
To read more go here Subscription RequiredWhat CEOs, CFOs Are Saying About the Prospects of Higher Taxes
By Nina Trentman
Executives at American companies are bracing for higher taxes following the unveiling of President Biden’s $2.3 trillion infrastructure plan, which is proposing to raise the corporate tax rate to 28% from 21%, and increase taxes on companies’ foreign earnings. The proposed tax changes would overhaul or replace much of the international tax structure that came with the 2017 Tax Cuts and Jobs Act. Companies are also weighing potential implications of the global minimum tax for multinational corporations that Treasury Secretary Janet Yellen floated earlier this month.
To read more go here Subscription RequiredBig Oil’s Influence Shrinks as Tax Perks Face Axe in Biden Plan
By Jinjoo Lee
President Biden’s tax plan proposes to extend tax credits for renewable energy while ending tax benefits for fossil fuels. Oil-and-gas lobbyists could soon find themselves in the awkward position of denying that any special treatment for those companies exists, while digging in their heels to protect that treatment. And while the impact on actual hydrocarbon production could be limited, such a move would mark the end of an era for an industry that has held much influence over the past century. The U.S. Treasury said last week the tax plan would “end long-entrenched subsidies to fossil fuels,” which it estimates would increase government tax receipts by more than $35 billion over the next 10 years.
To read more go here Subscription RequiredEU Plans New Transparency Initiative for Corporate Taxation
By: Sarah Paez
The EU is planning a measure to increase tax transparency in its further delayed communication on business taxation for the 21st century, according to a top EU tax official. Benjamin Angel, director of direct taxation at the European Commission’s Directorate General for Taxation and Customs Union, said the commission welcomes the progress in discussions between the European Parliament and the EU Council on a public country-by-country reporting proposal and hopes to build on that momentum by adding another initiative to increase tax transparency.
To read more go here Subscription RequiredOECD’s Latest MAP Peer Reviews Report Uneven Progress
By: Ryan Finley
The OECD reported improvement in all eight jurisdictions covered in its latest peer reviews on implementation of the inclusive framework’s dispute resolution minimum standards, but it said some countries have made more progress than others.
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