Latest

The UK HM Revenue & Customs launched a consultation on March 23 on the proposed requirement for large businesses to notify HMRC when they . . .

More News

US Senate committee advances bill to overhaul clean energy tax incentives

The Senate Finance Committee on May 26 advanced a comprehensive clean energy bill that would overhaul the current system of energy-related tax . . .

More News

24+ US business groups launch offensive against Biden tax hikes

More than two dozen groups representing US companies have joined together to fight US President Joe Biden’s tax hikes on companies and . . .

Africa

Israel, United Arab Emirates sign tax treaty: Reuters→

Asia-Pacific

South Korea expands R&D tax breaks to bolster semiconductor industry

The Republic of Korea signaled its intention to heavily boost its semiconductor industry with an announcement on May 13 that it will offer up to 50 percent tax credits on research and development (R&D) investment and up to 20 percent . . .

Accounting

Australia’s AASB proposes accounting rules for non-exchangeable currencies

The Australian Accounting Standards Board (AASB) on May 13 proposed to amend AASB 121 “The Effects of Changes in Foreign Exchange Rates” to provide companies guidance on accounting requirements that apply . . .

Belgium

EU Tax Observatory’s first report predicts amounts to be collected under a minimum tax

The European Commission on June 1 announced the launch of the European Tax Observatory, an independent, EU-financed research laboratory to study and advise . . .

Africa

Kenya tax bill alters permanent establishment definition, increases transfer pricing reporting requirements

Ian Mota, Rödl & Partner, discusses Kenya’s Finance Bill 2021, which includes a new “permanent establishment” definition, country-by-country reporting requirement, and new rules for determining “control” among related entities . . .

United States

US employers group says Biden Administration’s plan to increase GILTI rate will kill jobs: PACE Coalition→

June 1, 2021

Americas

US Treasury ‘Green Book’ details Biden’s international tax plans

May 28, 2021

The US Treasury’s Green Book, released today alongside President Biden’s FY 2022 Budget, outlines the specific tax provisions that the Administration seeks to enact this year, including significant proposals for overhauling . . .

Americas

Argentina issues pandemic-related transfer pricing relief, guidance

Hernán Ubertazzi, 3D Asesores, discusses the Argentina tax agency’s announcement on April 30 on transfer pricing documentation deadlines and recommendations regarding the treatment of controlled transactions that took place during the pandemic . . .

Europe

Russian law denounces tax treaty with Netherlands

Russian President Vladimir Putin on May 26 signed a law denouncing the treaty for the avoidance of double taxation between Russia and the Netherlands that was signed in Moscow in 1996 . . .

Accounting

India to launch e-filing taxpayer portal on June 7

The Indian government is planning to launch its new e-filing taxpayer portal on June 7, the Finance Ministry announced . . .

Digital Economy

Self-assessment of Spain’s digital services tax postponed until July

Alma Delia Virto Aguilar, Postdoctoral researcher at the University of Valencia and Professor, International Taxation LLM, UNIR, discusses the status of Spain’s digital services tax . . .

Americas

US pharmaceutical R&D driven partly by tax incentives, CBO report concludes

Pharmaceutical spending on research and development (R&D) in the US has increased substantially in recent decades, with changes driven by numerous factors, including R&D tax incentives; however, how the US’s 2017 tax reform will affect R&D investment is uncertain . . .

India

India disputes media claims regarding actions it allegedly took to avoid payment of arbitration award in Cairn Energy tax dispute, reasserts legal challenges to arbitral decision: Government of India→

Africa

Hungary, Ireland, UK reiterate resistance to global minimum tax while Germany remains optimistic

Hungary, Ireland, and UK officials have again warned that their countries will not accept the global minimum . . .

Americas

Key US Republican draws lines for global tax deal

US Senator Mike Crapo (R-Idaho) sent Treasury Secretary Janet Yellen a letter on May 24 outlining potential terms that he would consider acceptable in a global tax deal . . .

Asia-Pacific

Australia launches R&D tax incentive customer portal

The Australian Tax Office has launched a new customer portal to make it easier for companies to apply for the country’s R&D tax incentive . . .

Americas

Costa Rica joins OECD

The OECD officially welcomed Costa Rica as its 38th member country on May 25 after it completed the process for ratification of the OECD convention and deposited its instrument of accession . . .

Europe

UK R&D tax incentives need overhaul to improve effectiveness, study concludes

The UK’s research and development (R&D) tax incentive policies have generated a poor return in terms of increased R&D investments, but there are ways to make the incentives more effective while saving taxpayer money, according to a study . . .

Asia-Pacific

Taiwan imposes late filing penalties on foreign businesses selling electronic services

Foreign businesses selling cross-border electronic services to individuals in the Republic of China (Taiwan) that fail to timely file required income tax returns for 2020 by June 30 will be subject to . . .

Asia-Pacific

Malaysia tax authority announces changes to country-by-country reporting

The Malaysian government announced on May 25 on its website that taxpayers can now file their country-by-country reporting information using . . .

Asia-Pacific

Australia’s High Court lets Glencore’s transfer pricing win stand

In a significant win for the taxpayer, the High Court of Australia on May 21 refused to hear an appeal of the lower court’s decision in a transfer pricing dispute between Glencore and Australia’s tax authority . . .

Asia-Pacific

Japan enacts corporate, income, inheritance tax reforms

Takato Masuda of Nishimura & Asahi discusses Japanese corporate, income, and inheritance tax reforms enacted March 26 . . .

Estonia

Greece, Hungary, Iceland fall short of tax dispute resolution goals, OECD review finds

Iceland has no bilateral advance pricing agreement (APA) program in place, and Greece, Hungary, and the Slovak Republic are failing to timely resolve mutual agreement procedure (MAP) cases, according . . .

Americas

US Senate Finance Committee to consider overhauling energy tax code

The US Senate Finance Committee is set on May 26 to consider the Clean Energy For America Act, sponsored by Chairman Ron Wyden (D-OR), which would eliminate a number of temporary tax credits and replace them with emissions-based, technology-neutral credits . . .

Asia-Pacific

Saudi Arabia merges tax and customs authorities into single agency: Asharq Al-Awsat→

Europe

Poland provides details on coming R&D, innovation tax incentives

The Polish Ministry of Finance on May 24 announced details of its tax plan for boosting innovation in Poland, including enhancements to the research and development (R&D) credit and increased deductions . . .

Americas

Global tax deal should forbid DSTs, equalization levies, and DPTs and should define a broad, uniform tax base for the global minimum tax: Daniel Bunn / Tax Foundation→

Africa

South Africa guidance addresses taxation of foreign dividends other than dividends paid by a headquarters company: South Africa Revenue Service→

Accounting

India government extends tax filing deadlines because of pandemic: Central Board of Direct Taxes→

Europe

EU consults on measures to combat use of shell companies to avoid taxes

A new European Commission initiative launched May 20 is exploring ways to fight the continued use of shell companies, i.e., entities with little or no economic substance, in cross-border arrangements . . .

Americas

G7 reportedly close to deal on new rules for taxing multinationals

The G7 group of leading economies is getting close to an agreement to shake up the global rules on the taxation of multinational businesses . . .

Carbon Tax

European Commission to propose green taxes in July

The European Commission plans to propose tax changes, including a carbon border adjustment mechanism, in July to support a European “Green Deal,” . . .

Accounting

FASB’s Private Company Council meets to discuss current and future priority projects

The Private Company Council of the Financial Accounting Standards Board met on April 20 to address various technical matters, including its proposal for an accounting standards update for stock compensation . . .

United Kingdom

UK Labour Party to force vote on US global minimum tax proposal to push government to support plan: Reuters→

Europe

EU Parliament approves Fiscalis programme to provide EUR 269 million over seven years to help EU tax administrations build capacity to share information and better enforce EU tax law: European Parliament→

Americas

US CRS publishes updated report summarizing US corporate tax trends and proposals: Congressional Research Services→