More News

Digital Economy

EU consults on adapting VAT rules to digital age

January 21, 2022

The European Commission on January 21 announced the launch of a consultation on how the value-added tax (VAT) system can be updated to adapt to the digital economy and new business models while also reducing burdens and costs for businesses; the consultation is being held in advance of . . .

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 . . .

Europe

Finnish R&D study supports use of tax incentives to spur growth

January 14, 2022

Finland’s Ministry of Finance on January 13 announced the results from a research report reviewing the effectiveness of subsidies for research and development (R&D) activity, stating that the results support the use of R&D tax incentives as “proper policy” in Finland; however, while the report found that open-use R&D subsidies like tax incentives are . . .

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 . . .