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US final, temporary tax regs on foreign currency gains and losses released
The US Treasury Department, on December 7, issued final, temporary, and proposed regulations relating to the taxation of foreign currency gains . . .
Asia-Pacific
New Zealand details new law extending goods and services tax to cross-border services
New Zealand’s Inland Revenue Department on May 17 published a special report providing information on a new law that will impose the goods and services tax (GST). . .
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Starbucks files suit challenging Commission’s decision on State aid in tax case
The European Court of Justice has today confirmed that Starbucks filed a suit in September challenging the European Commission’s decision of October 21, 2015, which concluded that an advance pricing agreement . . .
Asia-Pacific
Australian guidance defines “Australian consumer” for cross-border VAT rules
The Australian Taxation Office, on December 22, published a draft goods and services ruling (GSTR 2016/D1) discussing the meaning of “Australian Consumer” for purposes of rules that . . .
Americas
China, India, Canada, Iceland, Israel, New Zealand agree to exchange of country-by-country transfer pricing reports
Officials from six countries today signed a multilateral agreement that sets out the parameters for the automatic exchange of country-by-country reports on large multinational corporations. China, India, Canada, Iceland, Israel, and New Zealand joined 33 other countries that have . . .
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OECD releases electronic format for exchange of BEPS country-by-country tax reports
The OECD on Tuesday released a standardized electronic format for the exchange between tax administrations of country-by-country (CbC) reports about multinational . . .
Americas
Following Validus, US IRS concludes excise tax inapplicable to wholly foreign insurance transactions
The US IRS, in Rev. Rule 2016-3 issued on January 19, has announced that it will no longer apply the one-percent excise tax under section 4371(3) to premiums . . .
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Taiwan adopts VAT on cross-border electronic services
Taiwan’s Ministry of Finance (MOF) has announced that on December 9 the Legislative Yuan passed a law imposing VAT on supplies of cross-border electronic services made to . . .
Europe
Commission refers France to the EU court over dividend tax credit
The European Commission on December 8 has asked France to comply fully with the ruling in Accor Case (C-310/09) of the Court of Justice of the European Union, writes Davide Anghileri of the University of Lausanne . . .
Asia-Pacific
Taiwan law imposing VAT on foreign online sales to consumers passes legislative hurdle
Taiwan’s Ministry of Finance (MOF) has announced that on September 22 the executive branch, or Executive Yuan, has passed a proposed law imposing VAT on supplies of cross-border electronic . . .
Europe
UK considers adding secondary adjustment rule to transfer pricing legislation
The United Kingdom’s HM Revenue and Customs on May 26 opened a consultation on a proposal to add a secondary adjustment mechanism . . .
Americas
Canada updates procedures for obtaining tax rulings and technical interpretations
The Canada Revenue Agency on April 22 released a new circular describing procedures to obtain an advance income tax ruling . . .
Asia-Pacific
India announces resolution of 180 double taxation cases
India’s Central Board of Direct Taxes (CBDT) has announced that India has resolved 180 double taxation disputes since April 1, 2014. The cases, worth a combined Rs 5000 crore (USD 730 million), were settled . . .
Americas
US IRS releases guidance on foreign tax refunds received by RICs
The US IRS on January 11 released Notice 2016-10, describing regulations Treasury intends to release relating to the treatment under sections 853 and 905(c) of foreign tax refunds . . .
Europe
UK solicits businesses’ views on VAT grouping following ECJ decisions in Larentia + Minerva and Marenave and Skandia
The UK’s HM Revenue & Customs on January 14 advised that it is seeking feedback from business on how to respond to European Court of Justice decisions in Larentia + Minerva and Marenave and Skandia . . .
Asia-Pacific
Taiwan advises foreign profit seeking enterprises to pay tax on Taiwan source income
Taiwan’s National Taxation Bureau of Taipei, Ministry of Finance (NTBT), in a notice dated December 28, reminded foreign business entities that they must pay the profit-seeking enterprise income tax according . . .
Asia-Pacific
China to complete switch from business tax to VAT in 2016
China will complete its plan to replace the business tax with a value-added tax (VAT) for the services sector in 2016, the official state news agency Xinhua reported Monday. VAT reform will be implemented . . .
