Italian firm Pirola Pennuto Zei & Associati has joined Praxity, the world’s largest alliance of independent accountancy firms, Praxity announced on February 17. Based in Milan, Pirola has offices . . .
The OECD on February 10 released public comments to three discussion drafts that propose to modify OECD transfer pricing guidelines in response to the OECD/G-20 base erosion profit shifting (BEPS) plan. Eight-three public comments were released . . .
The US IRS on December 30 announced, via a notice sent through its FATCA News and Information update service, that qualified intermediaries (QI), withholding foreign partnerships (WP), and withholding foreign trusts (WT) will be granted an extension of time to apply requirements of the joint account option under the QI agreement, WP agreement, or WT agreement. . .
Japan and Qatar have agreed in principle to the terms of a tax treaty, the Japanese government announced on December 17. Under the agreement, taxation in the source country on dividends is reduced to 5 percent for corporate shareholders . . .
The “Lux Leaks” documents confirm that PwC marketed tax avoidance schemes and reveal that statements made by PwC’s UK head of tax at a parliamentary hearing were “lies,” UK lawmakers charged at a House of Commons Public Accounts Committee (PAC) hearing on the role of accounting firms in multinational tax avoidance. PwC’s Kevin Nicholson was recalled before PAC MPs on December 8 to explain . . .
A UN subcommittee is seeking stakeholder comment on a package of draft recommendations designed to assist developing countries formulate policy, craft tax laws, and negotiate tax treaties to meet objectives in taxing the extractive industry. In a November 18 notice . . .
“Facebook pays no UK corporation tax for a second year,” by Mark Sweney, The Guardian
Switzerland’s Federal Council on October 15 adopted a dispatch on the double taxation agreement with Argentina and submitted the agreement to parliament for approval. Release.
Taiwan’s tax authority has announced that if a foreigner stays in Taiwan for more than 90 days during a taxable year, remuneration received outside Taiwan for services rendered within Taiwan is deemed . . .
The OECD on Sept. 16 published its first set of deliverables under the OECD/G20 Base Erosion and Profit Shifting (BEPS) action plan along with an official Explanatory Statement
. . .
Taiwan’s National Taxation Bureau of Central Area (NTBCA), in a Sept. 10 press release, said that it denied a company a deduction for a capital loss arising from the company’s ownership of a non-operating overseas holding company which held a lower tier investee company that had operating losses. . . .
The US Treasury Department has updated its FATCA website, reporting that Lithuania has signed a Model 1 intergovernmental agreement (IGA) with the United States as of August 26. Agreement
Nigeria’s Federal Inland Revenue Service (FRIS) has notified nonresident companies that they must include audited financial statements and tax computations of actual profits . . .
The VietNamNet Bridge, in a June 24 report, quotes Bui Van Nam, General Director of Vietnam’s General Department of Taxation (GDT), as stating that the GDT intends to investigate the transfer pricing practices of automobile manufacturers as well as the behavior of international accounting firms . . .
UK businesses that supply digital services, including broadcasting, telecoms and e-services
. . .
The US IRS, on May 13, posted a new frequently asked question (FAQ) and answers to the FATCA website explaining the procedure trustees should use to register trustee-documented trusts. FAQ
Israel became the 91st signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on November 24, the OECD . . .
The Obama administration on November 19 issued another package of tax measures designed to make it more difficult and less profitable for US companies to invert. The guidance, Notice 2015-79 supplements measures . . .
The G20 leaders at their summit in Antalya on November 15-16 endorsed the 13 final reports developed under the G20/OECD base erosion and profit shifting (BEPS) project and . . .
Switzerland’s Federal Council on October 28 announced it has approved a new tax treaty with Liechtenstein and a tax treaty protocol with Norway . . .
The Mauritius Revenue Authority on October 13 updated its website to indicate . . .
Consensus is emerging among EU finance ministers that the EU Commission’s proposal for automatic exchange of private tax ruling information should be adopted with modifications providing for more limited disclosures and a shorter period of retroactive. . .
The US IRS has published proposed section 367 regulations that eliminate rules that allowed intangibles, including foreign goodwill and going concern value, to be transferred by a US person to a foreign corporation without gain recognition. The Service also released related . . .
The Thai Board of Investment has upgraded its program of tax concessions to encourage businesses to establish their headquarters in Thailand, writes KPMG in a September 9 tax alert. See: KPMG
Draft South Korean legislation would require taxpayers to submit a master file and a local file consistent with OECD rules, but not a country-by-country report, notes KPMG in an August 20 report. See: KPMG
Notes exchanged between Japan and Hong Kong confirming the understanding that information concerning additional . . .
The US and Vietnam signed a tax treaty on July 7, the US government has . . .
Irish Revenue on June 25 announced that, in response to industry request, it has extended the FATCA filing deadline for financial . . .
Mauritius on June 23 signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the OECD has announced. The country is the 87th signatory to the . . .
Walmart has stashed billions in 78 subsidiaries and branches located in 15 overseas tax havens, employing well-known international tax strategies to avoid paying foreign taxes in countries where it has retail operations and US taxes on foreign earnings, writes Americans for Tax Fairness in a . . .
Indonesia intends to gradually lower its corporate tax rate from 25 percent to 17.8 or 17.5 percent to compete with Singapore, reports Bloomberg Business in a May 10 article, quoting Luhut Panjaitan, the president’s chief of staff. See, Indonesia to Cut Taxes to Near Singapore Level in Profits Battle – Bloomberg Business.
The EU VAT Expert Group has released an opinion welcoming the extension of an EU pilot program on cross border VAT rulings and suggesting that the rulings be made public. Under the . . .
The Seychelles Revenue Commission has released draft transfer pricing guidance, Public Ruling 2015-3, on the application of arms length principle. The guidance, which . . .
The Mauritius Revenue Authority on March 19 released on guidance notes for implementing FATCA. See, Guidance Notes.
The OECD on March 2 reported on the outcome of regional meetings held with Latin American and Caribbean nations and with Francophone nations designed to incorporate the views of non-OECD nations into OECD base erosion and profit shifting (BEPS) project output.The OECD said that tax officials from 14 Latin America and Caribbean nations gathered at a February 26-27 meeting in Lima, Peru, along with representatives . . .
US IRS on February 10 published final regulations on foreign tax credit splitting events, clarifying aspects of the proposed and temporary regulations’ definitions of splitter arrangements and clarifying mechanical rules for tracking split taxes and related income. The government said it will address more mechanical issues associated with tracking related . . .
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