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EU finance ministers adjust tax haven blacklist, approve tax transparency scheme for intermediaries
Davide Anghileri of the University of Lausanne discusses today’s proceedings at the European Union’s Economic and Financial Affairs Council, where the EU’s blacklist of non-cooperative jurisdictions in taxation matters was updated and the ministers voted to approve a Commission proposal requiring mandatory reporting by intermediaries involved with potentially aggressive tax planning schemes . . .
Israel’s new deemed distribution rules – a trap for the unwary multinational taxpayer
Yuval Navot and Ronen Avner of Herzog Fox & Neeman, Tel Aviv, analyze a tax department circular, published August 23, which interprets new Israeli deemed distribution rules in a draconian manner, making it required reading for multinational taxpayers operating in Israel that extend intercompany loans or guarantees . . .
Thailand becomes 98th country to join ‘Inclusive Framework on BEPS’ to combat multinational tax avoidance
The OECD today announced that Thailand has joined countries that have pledged to implement the OECD/G20 base erosion profit shifting (BEPS) plan minimum . . .
US lawmakers stake out position on border adjustment tax
Sam Olchyk and Arthur Norman of Venable LLP, Washington. discuss a May 24 US House Ways and Means Committee hearing on tax reform where lawmakers addressed the border adjustment tax, business deductions, and passthroughs . . .
EU “hybrid mismatch” tax proposal advances
The European Parliament on April 27 adopted a legislative resolution on a proposal for a Council directive . . .
Australia: draft tax ruling addresses central management and control test for tax residency
The Australian Taxation Office (ATO) has released a draft taxation ruling setting out the ATO’s view on when a foreign incorporated company is considered an Australian tax resident under the central management and control test, writes Davide Anghileri. . . .
Switzerland kicks off “Tax Proposal 17” initiative to overhaul corporate tax code
Switzerland’s Federal Department of Finance today announced its new “Tax Proposal 17” initiative to reform the Swiss corporate tax code, writes Davide Anghileri of the University of Lausanne . . .
Singapore, Uruguay tax treaty to enter into force
Singapore’s Inland Revenue Authority (IRAS) has announced that a new treaty signed with Uruguay will enter into force on March 14. The tax treaty, signed January 15, 2015, clarifies . . .
US IRS releases updated foreign partnership, trust withholding agreements
The US IRS on January 20 released an updated withholding foreign partnership agreement (WP agreement) and withholding foreign trust agreement (WT agreement). The agreements, in . . .
Mark Mazur named director of Tax Policy Center
Mark Mazur, Assistant Secretary for Tax Policy at the Department of the US Treasury, has been appointed as director of the Tax Policy . . . .
EU proposal to halt multinational tax avoidance through third-country hybrid mismatches stalls
EU finance ministers, during an ECOFIN meeting of the Council of the EU held December 6, were unable to reach agreement on new hybrid mismatch rules designed to prevent multinationals from avoiding tax by exploiting differences between the tax systems of EU and non-EU countries. The ministers disagreed with a Dutch proposal to extend the effective date of the rules and a UK proposal. . .
India, US resolve 108 more cross-border tax disputes, agree to first bilateral APA
India and US tax officials have resolved 108 mutual agreement procedure (MAP) tax disputes and have reached agreement on the their first bilateral advance pricing agreement (APA), India’s Central Board of Direct . . .
Shri Sushil Chandra is new chair of India’s Central Board of Direct Taxes
Shri Sushil Chandra on November 1 took over the role of chair of India’s Central Board of Direct Taxes (CBDT), the Indian government has announced. He replaces former. . .
Italy: budget 2017 cuts corporate tax rate, offers business tax incentives
Davide Anghileri, a PhD researcher and lecturer at the University of Lausanne, discusses Italy’s budget 2017, approved by Prime Minister Matteo Renzi’s government October 15, which would lower Italy’s corporate tax rate and add provisions favorable to business . . .