What We&#8217;re Reading

Americas

Professor advocates sharply progressive US corporate rates to curtail power of the largest corporations, which are monopolies and drive their competitors out of business: Reuven S. Avi-Yonah / SSRN→

Americas

US Congresswoman Tlaib calls for financial transactions tax so Wall Street wealth reaches communities: Rashida Tlaib→

Asia-Pacific

Japan considers new carbon tax on emissions: Jiji Press→

Morocco notes its removal from EU’s grey list of noncooperative countries: Morocco Ministry of Finance→

Europe

Finland proposal would remove VAT exemption for small imported online purchases imported outside the EU: Ministry of Finance→

Asia-Pacific

Taiwan to impose new taxes on ecommerce

Offshore e-commerce suppliers that sell cross-border electronic services to individuals in the Republic of China (Taiwan) and have annual sales . . .

G20

OECD releases secretary-general tax report to G20 finance ministers and central bank governors: OECD→

Multinational

OECD reports on strategies to crack down on professionals who enable tax and white collar crimes: OECD→

Americas

US think tank evaluates economic impact of Biden corporate rate hike, minimum tax: Garrett Watson & William McBride / Tax Foundation→

Asia-Pacific

Malaysia publishes tax guide for foreign digital services providers: Royal Malaysian Customs Department→

Europe

ActionAid, Christian Aid Ireland, Oxfam call on Ireland to drop opposition to public country-by-country reporting: Naomi O’Leary / The Irish Times→

G20

Biden Deputy Treasury nominee seeks higher corporate tax rates, level playing field for American companies, ending global corporate tax ‘race to the bottom’: Reuters→

Asia-Pacific

Hong Kong 2021–22 budget includes one-off reductions in profits tax, salaries tax, and tax under personal assessment: Inland Revenue Department→

Europe

In a call with EU Commission’s Valdis Dombrovskis, US treasury secretary commits to re-engage in OECD-led global tax discussion: US Department of the Treasury→

February 23, 2021

Americas

Canada’s Supreme Court dismisses tax authority’s appeal in Cameco transfer pricing dispute: Cameco / GlobeNewswire→

Americas

Illinois budget proposes to cap NOLs to 100K per year, tax dividends from foreign sources like those from domestic sources, add back 168k bonus depreciation: State of Illinois→

Africa

Seychelles government describes tax reform efforts aimed at ensuring its removal from the EU tax blacklist: Ministry of Finance, Economic Planning and Trade, Republic of Seychelles→

Americas

Proposals advocating an increase in the GILTI tax rate or a shift to a country-by-country approach would harm US company competitiveness: Caroline L. Harris / US Chamber of Commerce→

Africa

Proposed UN model treaty article on automated digital services is simpler than OECD/G20 Inclusive Framework proposal and preserves taxing rights of developing countries, IMF subcommittee says: International Monetary Fund→

February 19, 2021

Transfer Pricing

South Africa extends country-by-country reporting deadlines: South Africa Revenue Service →

February 19, 2021

Americas

Report estimates effective tax rates on investment in the EU member states, North Macedonia, Turkey, UK, Norway, Switzerland, Canada, Japan, and US: EU Commission→

February 19, 2021

Europe

EU Commission launches public consultation on VAT rules for financial and insurance services: EU Commission→

February 18, 2021

Africa

Analysis of MNE data in 34 countries shows that thin capitalization rules, by raising the cost of capital, can significantly affect real investment: International Monetary Fund→

February 17, 2021

Africa

UN model treaty draft article 12B allows developing countries to use more straightforward domestic rules to tax the digital economy, WBG staff writes: World Bank Group→

February 17, 2021

Digital Economy

Is the EU (unintentionally) undermining ongoing OECD work on digital taxation?

February 17, 2021

Oliver Treidler, TP&C GmbH, discusses the January 14 European Commission inception impact assessment and request for public feedback on the design of an EU digital levy . . .

Asia-Pacific

EU expected to again delay Turkey’s tax blacklisting, grant more time for compliance with tax information exchange standard: WION→

Americas

Maryland becomes first US state tax to digital advertising revenue: Celine Castronuovo / The Hill→

Europe

UK asks for public input on tax and regulatory changes needed to improve its investment funds regime: HM Treasury→

Americas

US Tax Court upholds IRS disallowance of section 38 and 41(a) research credit for activities undertaken by taxpayer’s subsidiary: US Tax Court→

Europe

Ireland updates tax guidance on controlled foreign company rules to reflect Finance Act 2020 changes: Irish Tax and Customs→