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IRS’s “no rule” list updated to allow private tax rulings on distributions of stock of controlled corporations
The US IRS today updated its “no rule” list of topics that the agency will not ordinarily address in private letter rulings or determination letters, taking two issues off the list that relate to distributions of stock of controlled corporations under . . .
Australian taxation office consults on new public disclosure requirement for large businesses
The Australian Taxation Office (ATO ) has today launched a consultation on rules to implement a new law that will significantly increase public disclosures required by many large businesses operating in Australia, particularly . . .
US has agreed to country-by-country tax info exchange with 11 countries, OECD says
The United States has so far put in place 11 bilateral competent authority arrangements for the automatic exchange of country-by-country reports, the OECD reported a June 22 release. The US now has . . .
Australia publishes tax bills of large domestic and foreign businesses
The Australian government on December 9 released its latest corporate tax transparency report, making public the 2014–15 tax details of 1,904 large . . .
Australia proposes new debt-equity tax rules
The Australian government has released draft legislation for public comment that would amend the country’s debt-equity tax . . .
UK corporate tax rate will be 17 percent by 2020, Hammond confirms
UK Chancellor of the Exchequer Philip Hammond today confirmed that the government will stick to its plan to lower the UK corporate tax rate from 20 percent . . .
UK to extend country-by-country tax reporting to partnerships
The UK’s HM Revenue and Customs today announced that it will propose amendments to existing country-by-country reporting regulations applicable to large multinational enterprises to add . . .
Australian guidance details procedure when transfer pricing adjustments affect customs values
The Australian government has released details on the how the tax office (ATO) will respond to taxpayer requests for help determining customs duty values following a . . .
Luxembourg tax guidance addresses intragroup financing, updates ruling procedure
The Luxembourg government on December 27 published new tax guidance for intragroup financing transactions. The guidance . . .
Business reacts to OECD group ratio rule for multinational corp interest deductions
The OECD on August 25 released 23 comment letters from business groups responding to its request for feedback on a discussion draft on the design of a group ratio rule. The group ratio rule would supplement OECD recommendations on how countries . . .
Hong Kong joins BEPS project fight against multinational corp tax avoidance
Hong Kong will join countries involved in the next stage of the OECD/G20 base erosion profit shifting (BEPS) plan as an associate, adopting the BEPS minimum standards and participating in the . . .