The ITPF News Blog is managed by the students at the University of Florida Levin College of Law International Tax LLM Program.
By Joe Stanley-Smith and Sam Edwards
Austria, Spain, and the U.K. will not shelve their digital tax rollouts in response to U.S. assertions that they are discriminatory. The U.S. said Thursday it will add the trio to a list of countries it says are discriminating against American companies by taxing the local revenue of internet giants like Google and Amazon. Spain’s digital tax begins on Saturday, while the U.K. and Austrian taxes are already in effect.
By Hamza Ali
The OECD is trying to get nearly 140 countries to agree to an overhaul of global tax by mid-2021. If that effort fails, a growing number of countries are preparing to launch unilateral measures aimed at tech giants like Facebook Inc. and Amazon.com Inc.
By: Anshu Khanna
In the wake of the global financial crisis of 2007-2008, tax havens became a controversial topic as political leaders zeroed in on low-tax jurisdictions as a source of fiscal instability that aggravated the crisis.
By Amie Ahanchian, Donald Hok, Philippe Stephanny, and Elizabeth Shingler
The digital economy is equivalent to 15.5% of global GDP and is growing two and a half times faster than global GDP over the past 15 years, according to the World Bank. This rapid expansion has sparked global debates in many legal and regulatory realms. In the field of international taxation, the debate focuses on whether the current rules are appropriate in the modern global economy, especially regarding the allocation of income and profits among countries for tax purposes or purposes of being potentially subject to tax.
By Phil Serafino
France is open to all signs of “de-escalation” from incoming Biden administration in U.S. on trade disputes over aircraft makers and a digital tax, French Trade Minister Franck Riester says in interview on BFM Business television.
By: Richard Rubin
Democratic control of the Senate gives President-elect Joe Biden a much stronger chance of raising taxes on corporations and high-income households. Until this week’s Georgia runoff elections, Mr. Biden’s plans for tax increases were running into solid opposition from the Republican-controlled Senate. But now, Democrats will hold the White House, Senate and House simultaneously for the first time in more than a decade, and they are poised to use that power.
By Anthony M. Diercks, Daniel Soques, and William Waller
Conventional wisdom suggests that the promise of tax legislation played an important and positive role in the 25% increase in the stock market that began on November 9, 2016 and continued through December 22, 2017 (the day TCJA was signed into law). Our comprehensive and exhaustive forensic analysis confirms its positive effect. With that said, we find that its net impact is relatively modest. To come to this conclusion, we first construct a novel daily human-based attribution by carefully reading the news on each of the 283 days. This exercise shows the 52 days in which tax-related news was important make up less than 1% of the total observed return. We attribute large gains to tax-related news immediately after the election as well as the build-up to passage in late 2017.
By: Emma Agyemang
The UK tax authority has opened multiple criminal investigations after probing whether large companies are wrongly paying less UK tax as a result of their cross-border financial arrangements.
By: Aime Williams
The US will delay imposing tariffs on $1.3bn of French goods in response to the country’s digital services tax, heading off an escalation in transatlantic trade tensions just ahead of Joe Biden’s inauguration.
By: Stephanie Soong Johnston
The Office of the U.S. Trade Representative (USTR) has determined that India’s equalization levy and the digital services taxes of Italy and Turkey unfairly target U.S. business interests, but has no immediate plans to act on those conclusions.
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