The US IRS in Notice 2015-54 released August 6 announced that the government will issue regulations overriding section 721(c) nonrecognition treatment in cases where property is transferred by a US person to a partnership that has foreign partners related . . .
The European Court of Justice in an April 22 ruling, Drukarnia Multipress sp. z o.o. v Minister Finansów, (C‑357/13) has concluded that a Polish partnership limited by shares (‘PLS’) is a capital company within the meaning of Article 2(1)(b) and (c) of Council Directive 2008/7/EC concerning indirect taxes on the raising of capital, even though only . . .
The European Court of Justice on April 16 ruled, in European Commission v. Federal Republic of Germany, that Germany violated freedom of establishment principles through its tax scheme which allows deferral of taxation of the capital gains realized on the sale of a capital asset forming part of the assets of a permanent establishment . . .
The Australian Tax Office’s (ATO) tax compliance efforts targeting international business and public groups focuses on specific tax risks, such as losses and profit shifting, and on specific events in the business life cycle, such as private equity investments and mergers and acquisitions, the agency said in a March 2. . .
The United States Court of Appeals for the Second Circuit on November 5 upheld the US Tax Court’s decision in Barnes v. Comm., stating that the IRS properly applied the step transaction doctrine to disregard. . .
Russian President Vladimir Putin on November 3 signed a law ratifying the Convention on Mutual Administrative Assistance in Tax Matters, Russian news . . .
The Swiss Federal Counsel on October 22 launched a consultation on a proposed law that would . . .
The U.S. Tax Court, in Amazon.com, Inc. & Subsidiaries v. Commissioner, has denied Amazon’s motion for partial summary judgement, concluding that there are genuine disputes of material fact necessary to determine to whether IRS abused its discretion in adjusting amounts under a cost sharing agreement . . .
Portugal’s Corporate Income Tax Reform and State Budget Law for 2012 includes a few changes to transfer pricing laws. See, report by KPMG.
Australia’s Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent on December 11, giving effect to measures announced . . .
The Australian Taxation Office (ATO) on September 8 published the results of a consultation on rules implementing a new law that requires the ATO to publicly disclose tax information of companies that have income of $100 million or more and . . .
The Australian government, on July 14, published the terms of reference for a Board of Taxation consultation on implementing anti-hybrid rules developed. . .
The UK government on July 15 published the Summer Finance Bill 2015 to tax implement tax changes announced in last week’s budget and earlier proposals. The bill implements a proposed . . .
US Senate Finance Committee Chairman Orrin Hatch (R-UT) and House Ways and Means Chairman Paul Ryan (R-WI) today sent a letter to Treasury Secretary Jack Lew raising concerns about transfer pricing documentation requirements in the OECD/G20 base erosion and profit shifting (BEPS) plan and calling on the administration to consult . . .
The UK’s HM Revenue and Customs on March 26 confirmed that it has joined with tax authorities of five other nations to share information about how digital multinationals might be shifting profits to tax havens. HMRC said that information gleaned from the collaboration will assist in applying the new UK diverted profits . . .
European Parliament leaders on February 5 failed to endorse the establishment of a committee of inquiry to investigate EU states’ private tax ruling practices, announcing instead that a vote will be taken in the next full house to set up a more limited special committee to handle the . . .
The European Commission will challenge Spanish laws governing the taxation of dividends distributed by a non-resident companies to Spanish companies in the European Court of Justice, the Commission announced November 26. The Commission said that Spain . . .
The International Centre for Tax and Development (ICTD) has announced that it has established a research project to assist developing nations with OECD and IMF international tax reform initiatives.
The project will produce a series of briefing papers that will evaluate OECD and IMF proposals and devise specific recommendations for tax laws, regulations, and administrative practices. Project leaders are . . .
The Australian government, on May 8, announced a consultation on proposals to tighten the country’s thin capitalization rules. On November 6, 2013, the government said it would proceed with the reforms, which were included in the May 2013 Australian budget. The proposed amendments include a tightening the debt limit settings of Australia’s thin capitalization regime. Consultation, New For analysis see, Pitcher Partners
India’s Authority for Advance Rulings (AAR) has concluded that it does not have jurisdiction unless there has been a transaction or a proposed transaction entered by the applicant with Indian companies, according to a report by KPMG
The OECD has published in one document all the executive summaries of all the final base erosion profit shifting plan reports. See: OECD.
Australia’s Treasurer on October 7 released an exposure draft of legislation that would extend the GST to digital products . . .
The Australian Taxation Office (ATO) on July 8 announced that it is developing a practical guide to help taxpayers self-assess their transfer-pricing activity in respect to related party offshore marketing hubs. The hubs provide marketing and sales functions for goods . . .
G7 finance ministers and central bank governors agreed at a meeting in Dresden held May 27–29 that the mechanisms used to settle tax disputes between nations need to be improved, German Finance Minister Wolfgang Schaeuble said. Schaeuble told a press conference following . . .
Mauritius was removed from Italy’s tax blacklist with the entry into force of the Italian Stability Law 2015, the Mauritius government announced April 15. The development follows efforts undertaken by Mauritius . . .
Australian Greens Leader Christine Milne has announced that her party will introduce on October 28 the Corporations Amendment (Publish What You Pay) Bill 2014, which will require reporting of payments made by Australian-based extractive companies to foreign governments on a country-by-country and . . .
The US IRS, on Sept. 10, announced that it will amend reg. sec. 1.1298-1T of the passive foreign investment company (PFIC) regulations to provide that, generally, a US person that holds PFIC stock that is marked-to-market under a non-section 1296 mark-to-market regime, such as under section 475(f), will not be subject to the reporting . . .
Bitcoin is not foreign currency but is an asset subject to capital gains tax, so transacting in bitcoin is similar to bartering, the Australian tax office (ATO) concluded in a package of draft guidance released on August 20.
The ATO said that businesses receiving bitcoin as payment for goods or . . .
The OECD has published 77 comments received in response to its draft on preventing treaty abuse, which is Action 6 of the base erosion profit shifting initiative. Comments (PDF 6.59 MB)
The South African Revenue Service on December 15 issued draft rules requiring companies that have consolidated South African turnover of R1 billion and above to keep . . .
US House Ways and Means Committee members Charles Boustany, Jr., (R-La.) and Richard Neal (D-Mass.) on July 29 released draft innovation box legislation that would lower the tax rate on income from intellectual property to about 10 percent, arguing that the proposal is needed to keep research . . .
Countries failed to agree to a proposal to upgrade the UN Committee of Experts on International Cooperation in Tax Matters to a more powerful UN intergovernmental body during the United Nations Third International . . .
Bermuda is seeking immediate removal the European Commission’s list of non-cooperative jurisdictions as both Latvia and Poland have now confirmed that they have taken Bermuda off their national tax blacklists. Poland and Latvia have contacted the European Commission to confirm Bermuda’s. . .
The Indian government on May 21 released draft transfer pricing rules that would introduce the concept of a range for determining arm’s length price as well as allow the use of multiple year data for comparability purposes. The rules . . .
New Zealand’s government on May 7 released a white paper which makes a variety of recommendations on ways to close loopholes in the 10 percent non-resident withholding tax on related party debt . . .
Australia’s Treasury on April 28 released an exposure draft of tax legislation designed to plug loopholes in the consolidation regime. According to a release accompanying . . .
The Isle of Man was dropped from Italy’s tax blacklist regarding deductibility of costs as of April 1, the Isle of Man government announced on April 17. The change was made on account of a new Italian law which provides that jurisdictions that have exchange of information arrangements . . .
France’s 2015 Finance Act and the Rectificative Finance Act for 2014 have entered into force, reports CMS Bureau Francis Lefebvre in a January 9 tax alert. Among the new tax law changes is a broadening of the scope of tax consolidation to include . . .
Fearghus Carruthers, head of tax at Shire Pharmaceuticals, has been added to the list of witnesses scheduled to testify at a December 8 UK House of Commons Public Accounts Committee hearing on the role of large accounting firms in multinational tax avoidance. Carruthers will join . . .
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