Latest

The UK’s Financial Reporting Council (FRC) on May 4 announced the appointment of 19 members to its advisory panel, established a few months prior . . .

Accounting

Under Armour Inc. pays USD 9 million SEC fine to settle disclosure failure charge

Sportswear manufacturer Under Armour Inc. has agreed to pay $9 million to settle a May 3 charge from the Securities and Exchange Commission that it misled investors . . .

Europe

Luxembourg welcomes EU court’s judgment that Amazon tax treatment did not violate state aid law, will “examine” judgment finding state-aid advantage in ENGIE case: Luxembourg Government→

Accounting

AICPA urges US Congress to clarify international tax provisions

The American Institute of CPAs (AICPA) urged US Congress on May 7 to correct and clarify current international tax provisions in the Internal Revenue Code . . .

Accounting

Australian budget includes patent box, depreciation changes

The Australian government’s 2021–2022 budget, released May 11, announces plans to encourage research through a new patent box regime and other measures and to provide broader business investment support . . .

Africa

If US and EU states can convince large emerging economies to adopt GloBE, MNEs will pay double-digit billions more tax, face increased complexity, Professor says: Joachim Englisch / SSRN→

Accounting

IFRS Foundation proposes new sustainability standards board, publishes feedback on sustainability reporting

The IFRS Foundation on April 30 published proposed amendments to its constitution to form a new sustainability standards board within the organization . . .

Accounting

IASB proposes update to the IFRS Taxonomy 2021

The International Accounting Standards Board (IASB) on April 21 published a proposed update to the IFRS Taxonomy 2021 to reflect amendments to the IFRS Standards, issued by the Board in February . . .

Europe

Perrigo in discussions to settle $1.9B Irish tax bill, dispute concerns IP sales taxed as trading income at 12.5% instead of 33%: Seeking Alpha→

Accounting

US IRS revises guidance on accounting method changes for controlled foreign corporations

The US IRS on May 11 released guidance that aims to make it easier for controlled foreign corporations to . . .

Asia-Pacific

Australia amends permanent establishment guidance to address situations where employees are forced to remain in Australia due to COVID-19: Australian Taxation Office→

Europe

The UN transfer pricing manual’s guidance on intercompany interest rates in the extractive sector

New York City Economist, Dr. J. Harold McClure, discusses several examples in the United Nations transfer pricing manual’s chapter on the extractives sector that address how to set appropriate intercompany interest rates . . .

Europe

First Look: Luxembourg and Amazon win tax-related state aid dispute, EU prevails in Engie

The General Court of the European Union on May 12 issued a judgment annulling a European Commission . . .

Europe

Proposed rules would allow EU to block acquisitions by foreign companies receiving tax benefits

On May 5, the European Commission proposed regulations that would enable it to scrutinize and potentially block acquisitions of EU-based companies by companies that benefit from certain preferential foreign tax treatments . . .

Africa

Kenyan court suspends implementation of minimum tax on revenues

The Kenyan High Court sitting in Machakos issued an order suspending the implementation of Kenya’s new minimum tax on business gross revenues on April 19 . . .

Americas

Chile’s lower house approves progressive tax on lithium, copper with rates potentially exceeding 32 percent: Andrea Hotter / Fastmarkets→

Americas

Canada improves completion time for advance pricing agreements

The Canada Revenue Agency reduced the average time to complete a bilateral advance pricing arrangement (APA) by more than one year in 2020, according to the CRA’s 2020 APA program report, released April 27 . . .

Asia-Pacific

Mongolia rejects mining company’s tax claims in international dispute, seeks damages

The government of Mongolia has filed its defense and counterclaim in a USD 155 million international arbitration tax dispute with the operator of the Oyu Tolgai mine, Oyu Tolgai LLC . . .

Europe

Finland to remove VAT exemption for imported purchases

The Finnish government plans to remove a value-added tax (VAT) exemption for small imported online purchases in July, Finland’s Ministry of Finance announced May 6 . . .

Europe

European Court of Human Rights upholds EUR 1,000 (USD 1,200) fine against ex-PricewaterhouseCoopers employees for providing tax returns to journalists in LuxLeaks scandal: Molly Quell / Courthouse News Service→

Americas

US lawmakers reintroduce public country-by-country reporting bill: Rep. Cynthia Axne→

Asia-Pacific

Taiwan offers tax “rewards” for businesses filing account documents electronically

Profit-seeking enterprises in the Republic of China (Taiwan) can receive “rewards” for providing all account books and documents electronically using the internet or multimedia, according to a May 6 announcement . . .

Americas

Argentina extends transfer pricing deadlines due to COVID-19: AFIP (in Spanish)→

Asia-Pacific

India sets thresholds for non-resident tax nexus based on economic presence

Ritu Shaktawat and Sneh Shah, Khaitan & Co, discuss May 3 Indian government guidance clarifying when a non-resident has a “significant economic presence” in India and is thus deemed to have a taxable presence . . .

Asia-Pacific

Indian court rules most favored nation clause triggered in tax treaty with Netherlands

Ritu Shaktawat and Rahul Jain, Khaitan & Co., discuss the High Court of Delhi’s April 22 ruling in a landmark judgment concerning the interpretation of the India-Netherlands tax treaty’s most favored nation clause . . .

Europe

ECJ to this week hear Luxembourg’s appeal of the General Court’s decision in Fiat which approved the Commission’s use of the arm’s length principle to determine if a tax ruling gives rise to State aid: Seán McCárthaigh / Irish Times→

Americas

Durbin, Reed, Doggett introduce bill to stop corporate inversions: Dick Durbin→

Americas

US IRS private letter ruling addresses tax consequences of multinational’s restructuring of US entities: Internal Revenue Service→

Americas

India may oppose US proposal to tax only top 100 companies: Dilasha Seth / Business Standard→

Europe

Ireland’s top 10 companies paid more than half of corporate tax last year: Seán McCárthaigh / The Irish Times→

Americas

Global deal on MNE tax reform likely by October, Saint-Amans tells the French Senate’s finance committee: Reuters→