United States–MNE Tax

Americas

The applicability of the Spanish GAAR to conduit structures after the CJEU Danish cases

February 23, 2022

Aitor Navarro, Carlos III University, discusses the Spanish tax authorities’ December 16, 2021 publication of a panel report on the applicability of the domestic GAAR to a conduit arrangement aimed at benefiting from an exemption at source on the payment of interest income to EU residents.

Accounting

Income tax provision: what’s the rush about?: Cavanaugh / CrossBorder Solutions→

February 23, 2022

Americas

USTR prods Canada to scrap digital services tax: Office of the US Trade Representative→

February 23, 2022

Americas

Largest MNEs can’t comply with requirements to track their transactions under OECD tax deal’s draft revenue sourcing rules, USCIB says: McDonald and Minor / USCIB→

February 18, 2022

Americas

US Senate Finance Committee Republicans write US Treasury Secretary with `alarming’ concerns over OECD tax plans: Crapo / US Senate Committee on Finance→

February 17, 2022

Accounting

All about deferreds: Cavanaugh / CrossBorder Solutions→

February 16, 2022

Americas

IRS answers research credit claims (section 41) on amended returns: Internal Revenue Service→

February 11, 2022

Accounting

Bridging the gap between tax and accounting rules: Cavanaugh / CrossBorder Solutions→

February 9, 2022

Americas

US House passes chips funding bill, could provide US $52 billion in R&D, production funding for semiconductor companies in US: Secard / Industry Week→

February 7, 2022

Americas

Build Back Never?

February 3, 2022

It was an end-of 2021 cliffhanger: Throughout the fall, Build Back Better was gaining momentum, making headlines, and finally, in November, passing through the House in a 220-213 vote. It had just one more hurdle: to pass through the Senate. Now that is looking increasingly unlikely.

Accounting

What do you need to know about the valuation allowance? Telson / CrossBorder Solutions→

January 28, 2022

More News

The IRS’s new R&D documentation demands: CrossBorder Solutions→

January 26, 2022

Americas

US Senate Finance Chair looking into pharma international tax abuse

January 19, 2022

Pharmaceutical industry tax practices involving the use of offshore subsidiaries to avoid paying US taxes are the target of an investigation by US Senate Finance Committee Chair Ron Wyden (D-Ore.), who requested information from Bristol Myers Squibb on January 18; this latest information request follows a similar letter sent to . . .

Americas

Poland transfer pricing laws under review to strengthen system against tax evasive behavior

January 14, 2022

Dr. Monika Laskowska, Warsaw School of Economics, discusses the Polish Ministry of Finance’s participation since November in a project coordinated by the European Commission to reform Polish transfer pricing regulations; the project is planned to . . .

Americas

Switzerland will implement global minimum tax by constitutional amendment

January 13, 2022

The Swiss Federal Council on January 12 decided that it will implement the 15% global minimum tax agreed by the OECD Inclusive Framework through a constitutional amendment with an aim to ensure the measure comes into force as of January 1, 2024; the approach is intended to . . .

Africa

EU tax transparency directive: When turkeys vote for Christmas

January 10, 2022

Cédric Maheo, CWA Morocco, discusses how the EU directive on public country-by-country reporting for large multinationals, published in the Official Journal of the European Union on December 1, will give tax authorities in the developing world new data on multinationals operating in . . .

Accounting

OECD’s ‘complex’ minimum tax rules have ‘major policy issues,’ BIAC says

January 7, 2022

In a January 6 letter to the OECD, business advisory group Business at OECD (BIAC) criticizes “significant policy inconsistencies” in the OECD’s global minimum tax model rules that it considers “potentially fatal” to their operation; moreover, it contends efforts must be made to . . .

Americas

US IRS extends time to fix R&D tax credit claims under new requirements

January 6, 2022

The Internal Revenue Service will give taxpayers a little more time to “perfect” research and development (R&D) tax credit claims that fall short of new information requirements, according to a January 5 IRS update . . .

Americas

US IRS explains tax rules for dividends received deduction for foreign income

January 4, 2022

A US Internal Revenue Service “practice unit” released January 4 offers an overview of the rules relating to the dividends received deduction for certain foreign income of US corporations under Internal Revenue Code section 245A . . .

Accounting

US finalizes tax rules for transition from interbank offered rates

January 3, 2022

The US Internal Revenue Service released final regulations on December 30 that provide that certain changes to debt instruments, derivative contracts, and other contracts to change the reference rate due to the discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank offered rates will not result in a tax . . .

Americas

US failure to adopt tax changes included in stalled budget bill to align with OECD minimum tax would result in significant shift in tax revenue from US to foreign countries and increased double taxation: Reuven Avi-Yonah / LinkedIn→

December 30, 2021

Americas

US final foreign tax credit regulations address outstanding issues

December 29, 2021

On December 28, the US Internal Revenue Service released the latest round of final regulations on the foreign tax credit, further amending the rules in response to the 2017 Tax Cuts and Jobs Act and other issues; the final regulations adopt with some changes proposed regulations published on . . .

GloBE model rules: a peek into key provisions

December 20, 2021

International tax researchers Noopur Trivedi and Jitesh Golani discuss key highlights of the OECD’s much-awaited global anti-base erosion (GloBE) model rules, released on December 20, along with a commitment by the OECD to finalize the commentary and safe harbors in . . .

Americas

US tax bill stumbles as OECD rolls out global minimum tax rules

December 20, 2021

The path toward US implementation of the internationally agreed global minimum tax hit a roadblock on December 19, as a key US Senator announced he will not support the President’s bill that would adopt the tax changes; the news came just one day before the OECD’s release of . . .

Accounting

US IRS tax overviews cover BEAT, deferred tax liability, and other topics

December 16, 2021

The US Internal Revenue Service on December 14 published five “practice units” describing the rules applicable to the base erosion and anti-abuse tax (BEAT) and other international tax topics, interest on deferred tax liability, and . . .

Americas

Canada advances digital services tax bill despite OECD pact, US objections

December 15, 2021

Canada introduced draft legislation on December 14 to implement its planned digital services tax – with a built-in delay and contingency deferring to implementation of the OECD multilateral agreement; however, if the OECD agreement under Pillar 1 is not timely implemented . . .

Denmark

Danish beneficial ownership cases on interest – High Court rules in favor of tax administration

December 15, 2021

Susi Baerentzen, Carlsberg Foundation Postdoctoral Fellow, discusses the November 25 High Court of Eastern Denmark ruling in two of the famous beneficial ownership cases, both of which are on interest; the cases are part of a group of six such cases that the CJEU made world-famous when . . .

Accounting

US Senate draft of budget bill tweaks corporate tax provisions

December 13, 2021

US Senate Finance Committee Chairman Ron Wyden (D-Ore.) on December 11 unveiled his version of the House’s approved budget bill for consideration in the Senate, revising some corporate tax provisions adopted in the House version, including the corporate minimum tax and . . .

Americas

US beneficial ownership reporting rules target shell companies, tax evasion

December 8, 2021

The US Treasury Financial Crimes Enforcement Network (FinCEN) on December 7 issued proposed rules to implement beneficial ownership reporting requirements to “impede malign actors from abusing legal entities, like shell companies, to conceal . . .

Americas

Whirlpool profits routed through foreign subsidiary subject to US tax, court holds

December 7, 2021

The US Court of Appeals for the Sixth Circuit in a December 6 decision held that Whirlpool must pay taxes on more than USD 45 million in profits for which the appliance manufacturer had evaded paying taxes by shuffling the income through a Luxembourg subsidiary with a . . .

Americas

US corporations seek more exemptions from proposed minimum corporate ‘book tax,’ including for pension plans, depreciation – to supplement planned carve-outs for R&D, other investments: Laura Weiss / Roll Call→

December 7, 2021

Americas

OECD countries’ tax revenues fell in 2020, but less than their GDPs

December 6, 2021

The ratio of tax revenues to GDP in OECD countries rose slightly in 2020 amid the Covid-19 pandemic, as nominal tax revenues generally fell but did so at a lower rate than countries’ GDPs, according to the OECD’s 2021 annual revenue statistics released December 6; corporate income tax revenues . . .

Americas

US proposed ‘163(n)’ interest limitation must stay in budget bill – despite lobbying attempts to strip it – to discourage MNE excessive, base-eroding interest deductions against US taxable income: FACT Coalition→

December 3, 2021

Americas

Coca-Cola denied reconsideration in transfer pricing dispute due to ‘futile’ arguments

December 2, 2021

The US Tax Court will not reconsider its 2020 transfer pricing decision that increased Coca-Cola’s US taxable income by about USD 9 billion in a case involving the pricing of cross-border intercompany royalties; in an order dated October 26, the court denied Coca-Cola’s motion, stating it would be “futile” . . .

Americas

US-Turkey competent authority agreement on exchange of country-by-country reports signed on November 24: US Internal Revenue Service→

December 1, 2021

Accounting

FASB proposes amended disclosures relating to credit losses

November 29, 2021

The US Financial Accounting Standards Board (FASB) aims to expand information on certain loan refinancings, restructurings, and write-offs through a proposed Accounting Standard Update released on November 23 . . .

Americas

Tax dispute resolution via mutual agreement procedure works, mostly, but is still slow

November 23, 2021

Around 75% of mutual agreement procedure (MAP) cases concluded worldwide in 2020 – both for transfer pricing and other tax cases – resulted in full resolution of the issue, according to the OECD’s 2020 MAP statistics released November 22, with only . . .

Asia-Pacific

Turkey and US agree on phase-out of digital tax

November 23, 2021

The US Treasury announced on November 22 that it has reached an agreement with the Turkish government on Turkey’s transition from its digital services tax to the new taxing rules under the . . .

Americas

US Congress should cap value of corporate tax incentives – if concern is excessive use of such incentives to avoid tax – rather than creating new, problematic tax on book income: Howard Gleckman / Tax Policy Center→

November 23, 2021

Khaled Al Zaabi on Spanish government proposes digital services tax: “We are seeking assistance with Digital Assets and International Tax Consulting to help Abu Dhabi UAE Oil Company navigate the…” October 24 ,2024

Emma Hinson Sims on The Pillar One blueprint — the potential future of international taxation and transfer pricing: “HAPPY BIRTHDAY TO A VERY SMART, BEAUTIFUL, YOUNG LADY ON JANUARY 13TH.” January 6 ,2024

David Valdez on US Tax Court resolves Whirlpool tax dispute involving Mexican maquiladora structure: “Greetings Whirlpool Mexico, I’m trying to contact someone involved with the decision making for transportation from all of your Mexican…” October 20 ,2023

Jose Dominguez on The new US international tax rules: what you need to know about GILTI, FDII, BEAT etc.: “Very informative article. Question. Do you have a software to compute these US International Calcs to make them in house?” April 12 ,2023

Ciro César Soriano de Oliveira on Danish High Court rules on beneficial ownership of dividends for tax purposes: “Dear Ms Susi, This article is immensely clarifying. I’d like to know whether Danish Supreme Court has already granted its…” March 24 ,2023

May 19 – 20	Tax Council Policy Institute Conference	Washington, D.C.
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