To close a bipartisan infrastructure deal, President Biden suggested to a key Republican negotiator that he would consider forgoing his proposed corporate tax rate increase if Republicans would agree to a new . . .
US Senate Finance Committee Chair Ron Wyden, D-Ore., on June 2 began an investigation into AbbVie’s international tax strategies and accused the biopharmaceutical company of . . .
The US Trade Representative on June 2 announced and then immediately delayed implementation of new tariffs on goods from six countries – Austria, India, Italy, Spain, Turkey, and the UK – in response to . . .
The Republic of Korea signaled its intention to heavily boost its semiconductor industry with an announcement on May 13 that it will offer up to 50 percent tax credits on research and development (R&D) investment and up to 20 percent . . .
The US Treasury’s Green Book, released today alongside President Biden’s FY 2022 Budget, outlines the specific tax provisions that the Administration seeks to enact this year, including significant proposals for overhauling . . .
Hernán Ubertazzi, 3D Asesores, discusses the Argentina tax agency’s announcement on April 30 on transfer pricing documentation deadlines and recommendations regarding the treatment of controlled transactions that took place during the pandemic . . .
Pharmaceutical spending on research and development (R&D) in the US has increased substantially in recent decades, with changes driven by numerous factors, including R&D tax incentives; however, how the US’s 2017 tax reform will affect R&D investment is uncertain . . .
US Senator Mike Crapo (R-Idaho) sent Treasury Secretary Janet Yellen a letter on May 24 outlining potential terms that he would consider acceptable in a global tax deal . . .
The OECD officially welcomed Costa Rica as its 38th member country on May 25 after it completed the process for ratification of the OECD convention and deposited its instrument of accession . . .
The US Senate Finance Committee is set on May 26 to consider the Clean Energy For America Act, sponsored by Chairman Ron Wyden (D-OR), which would eliminate a number of temporary tax credits and replace them with emissions-based, technology-neutral credits . . .
The Private Company Council of the Financial Accounting Standards Board met on April 20 to address various technical matters, including its proposal for an accounting standards update for stock compensation . . .
Depository institutions in consolidated groups would be required to enter into “tax allocation agreements” with other members of their group that join in the filing of a consolidated tax return under a proposed rule published May 10 . . .
New York City Economist Dr. J. Harold McClure examines why the EU Commission’s objections to Amazon’s transfer pricing approach resulted in Amazon’s win . . .
The US, which has been leading the push for a global agreement on a minimum corporate tax, has proposed a minimum tax rate of 15% – a concession from the 21% rate that the Biden Administration previously . . .
The Financial Accounting Standards Board on May 3 issued an updated standard clarifying an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options . . .
In unofficial advice, the IRS Office of Chief Counsel advised on circumstances when a taxpayer may not need to include any royalties in its five-year projection for a US subsidiary . . .
Fernando Barros and Tomás Kovacevic, Barros y Errázuriz Abogados, Santiago, discuss the Chilean tax agency’s April 21 issuance of regulations on the application of value-added tax (VAT) to digitalized services provided from abroad . . .
The Financial Accounting Standards Board (FASB), on May 5, issued a proposed accounting standards update to enhance the transparency of hedging activities for investors and analysts . . .
Sportswear manufacturer Under Armour Inc. has agreed to pay $9 million to settle a May 3 charge from the Securities and Exchange Commission that it misled investors . . .
The American Institute of CPAs (AICPA) urged US Congress on May 7 to correct and clarify current international tax provisions in the Internal Revenue Code . . .
The Canada Revenue Agency reduced the average time to complete a bilateral advance pricing arrangement (APA) by more than one year in 2020, according to the CRA’s 2020 APA program report, released April 27 . . .