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Americas

Professor advocates sharply progressive US corporate rates to curtail power of the largest corporations, which are monopolies and drive their competitors out of business: Reuven S. Avi-Yonah / SSRN→

Americas

US Congresswoman Tlaib calls for financial transactions tax so Wall Street wealth reaches communities: Rashida Tlaib→

Europe

Ireland updates DAC-6 rules on mandatory disclosure of cross-border arrangements

Irish Tax and Customs on March 1 updated its Tax and Duty manual section Part 33-03-03 providing guidance on reportable cross-border arrangements. The updated guidance removes the practice of allowing an intermediary not to disclose information about a person to whom they made

Asia-Pacific

Japan considers new carbon tax on emissions: Jiji Press→

Morocco notes its removal from EU’s grey list of noncooperative countries: Morocco Ministry of Finance→

Europe

Finland proposal would remove VAT exemption for small imported online purchases imported outside the EU: Ministry of Finance→

Asia-Pacific

Taiwan to impose new taxes on ecommerce

Offshore e-commerce suppliers that sell cross-border electronic services to individuals in the Republic of China (Taiwan) and have annual sales . . .

G20

OECD releases secretary-general tax report to G20 finance ministers and central bank governors: OECD→

Africa

US drops demand that “pillar one” global tax compromise be a safe harbor

The US will no longer require that any coordinated “Pillar One” update to the international tax and transfer pricing rules be drafted as a “safe harbor.” The announcement . . .

Multinational

OECD reports on strategies to crack down on professionals who enable tax and white collar crimes: OECD→

Americas

US think tank evaluates economic impact of Biden corporate rate hike, minimum tax: Garrett Watson & William McBride / Tax Foundation→

Europe

Luxembourg’s 2021 budget law

Jan Neugebauer and Henner Heßlau, Arendt & Medernach S.A., Luxembourg discuss Luxembourg’s 2021 budget law . . .

Europe

EU court rejects Swedish rules limiting deductions for cross-border interest payments

Emiliha Ferrão, a transfer pricing specialist at Thorning Koponen Consulting in Stockholm, Sweden, discusses the implications of a European Court of Justice ruling, issued January 20, on Swedish tax rules that limit deductions for some cross-border interest payments . . .

Asia-Pacific

Malaysia publishes tax guide for foreign digital services providers: Royal Malaysian Customs Department→

Europe

ActionAid, Christian Aid Ireland, Oxfam call on Ireland to drop opposition to public country-by-country reporting: Naomi O’Leary / The Irish Times→

G20

Biden Deputy Treasury nominee seeks higher corporate tax rates, level playing field for American companies, ending global corporate tax ‘race to the bottom’: Reuters→

Asia-Pacific

Hong Kong 2021–22 budget includes one-off reductions in profits tax, salaries tax, and tax under personal assessment: Inland Revenue Department→

Americas

Laurence H. Tribe will represent Coca-Cola in transfer pricing dispute with the US IRS: The Coca Cola Company→

Africa

Latest updates to EU list of non-cooperative jurisdictions

Francesca Amaddeo, a Lecturer-Researcher at the Tax Law Competence Centre (SUPSI), Manno, Switzerland, discusses the February 22 update to the EU’s list of non-cooperative jurisdictions for tax purposes . . .

Europe

Spain to scrutinize taxpayers’ transfer pricing positions in 2021

Pilar Barriguete and Edland Graci, Duff & Phelps, Spain, discuss the Spanish government’s priorities for tax enforcement, set out in a January 19 announcement . . .

Asia-Pacific

Thailand requires transfer pricing disclosures to be filed online

February 23, 2021

Paul Ashburn and Rohit Sharma of HLB Advisory (Thailand) Ltd. discuss new Thailand transfer pricing guidance making it mandatory for companies to submit their transfer pricing disclosure forms online . . .

G7 leaders reaffirm commitment to reach international tax agreement

February 23, 2021

G7 leaders reaffirmed their commitment on February 19 to reach an agreement by mid-2021 on new international tax rules. During a first leaders’ meeting under the UK’s G7 presidency, the Group of Seven resolved to . . .

Europe

In a call with EU Commission’s Valdis Dombrovskis, US treasury secretary commits to re-engage in OECD-led global tax discussion: US Department of the Treasury→

February 23, 2021

Africa

Countries agree to new rules for private tax ruling transparency

An OECD-led coalition of 139 countries working together on cross-border tax issues known as the “Inclusive Framework on BEPS” has agreed to a new method for assessing whether countries meet global minimum standards for private tax ruling . . .

Americas

Canada’s Supreme Court dismisses tax authority’s appeal in Cameco transfer pricing dispute: Cameco / GlobeNewswire→

Austria

Trade groups sue over Maryland’s controversial tax on digital advertising

Four organizations have joined in a lawsuit challenging a new Maryland state law levying a tax on digital ad revenue – the latest twist in an ongoing dispute with international implications. The US Chamber of Commerce, the . . .

Americas

Illinois budget proposes to cap NOLs to 100K per year, tax dividends from foreign sources like those from domestic sources, add back 168k bonus depreciation: State of Illinois→

Africa

Seychelles government describes tax reform efforts aimed at ensuring its removal from the EU tax blacklist: Ministry of Finance, Economic Planning and Trade, Republic of Seychelles→

Americas

Proposals advocating an increase in the GILTI tax rate or a shift to a country-by-country approach would harm US company competitiveness: Caroline L. Harris / US Chamber of Commerce→

Africa

Proposed UN model treaty article on automated digital services is simpler than OECD/G20 Inclusive Framework proposal and preserves taxing rights of developing countries, IMF subcommittee says: International Monetary Fund→

Transfer Pricing

South Africa extends country-by-country reporting deadlines: South Africa Revenue Service →

Croatia

Croatia, Malaysia finalize multilateral tax treaty

Croatia and Malaysia have deposited their instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), the . . .

Americas

Report estimates effective tax rates on investment in the EU member states, North Macedonia, Turkey, UK, Norway, Switzerland, Canada, Japan, and US: EU Commission→

Asia-Pacific

Japan-Spain tax treaty to enter into force in May