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International Tax News Blog

  • Stack: OECD Countries Support Limits On Companies Filing Reporting Template

    by Kevin A. Bell

    A Treasury Department official cited significant support among the countries participating in the international project on base erosion and profit shifting to require only some, rather than all, multinational companies to file the forthcoming country-by-country reporting template.

    For the story, go here. (subscription required)

    By Bell, Kevin A., posted on Thursday December 11, 2014
  • Inversions Are Often Last Stop for Avoiding U.S. Taxes

    by Jesse Drucker (Bloomberg)

    The surge in U.S. companies avoiding taxes by taking a foreign address has been condemned by President Barack Obama and stirred a policy debate in Congress. What’s often overlooked is that these “inversions” are typically a final step in a hopscotch of multinational tax dodging.

    For the story, go here.

    By Drucker, Jesse , posted on Friday December 12, 2014
  • Workshop with developing countries to plan deepened engagement in BEPS Project

    by OECD

    On 10-11 December, officials from fourteen developing countries discussed ways to maximise benefits from their recent commitment to enhanced engagement in the BEPS Project.

    For the release, go here.

    By OECD , posted on Friday December 12, 2014
  • UK's 'Diverted Profits Tax' proposes a 25% tax rate for taxpayers but leaves open questions

    by PwC

    On December 10, 2014 HM Revenue & Customs (HMRC) released the diverted profits tax (DPT) provisions within its draft Finance Bill 2015. Upon initial review, the new rules could affect many more companies than one might have anticipated.   

    The DPT is a new tax, with a 25% rate on profits that are considered to be artificially diverted from the United Kingdom.  The legislation will apply to profits arising after April 1, 2015.  Furthermore, if taxpayers potentially are within the scope of the tax, they must notify HMRC within three months of the end of the relevant accounting period.
    For the PwC Insight, go here.

    By PwC, posted on Friday December 12, 2014
  • U.K. Details Google Tax Plans

    by Nicholas Winning

    The British government detailed plans Wednesday for a new 25% tax on profits of multinational technology and other companies it says are avoiding paying tax—a move that has prompted complaints from business groups and warnings from tax specialists that it could conflict with international tax treaties.

    For the story, go here.

    By Winning, Nicholas, posted on Thursday December 18, 2014
  • IRS Focus to Remain on U.S. Law, Rules As Countries Adopt BEPS-Like Credit Limits

    by Allison Bennett

    The Internal Revenue Service must remain focused on U.S. tax laws and regulations even as other countries begin adopting provisions to limit the credibility of foreign taxes similar to those being examined under the Organization for Economic Cooperation and Development's base erosion and profit shifting project, an IRS official said.

    For the story, go here. (subscription required)

    By Bennett, Allison, posted on Thursday December 18, 2014
  • UK loses top spot in league table of company tax regimes

    by Vanessa Houlder

    The UK has lost its top slot in a league table of multinational companies’ favourite tax regimes, in spite of George Osborne’s flagship policy of cutting taxes to attract business to Britain.

    The UK’s popularity increased slightly but it was leapfrogged by Ireland, which is expected to be less affected than some rival countries by the international crackdown on tax avoidance, according to a survey by KPMG, professional services group.

    For the story, go here.

    By Houlder, Vanessa, posted on Monday December 1, 2014
  • SEC Wants Improved Foreign Tax Disclosure in Financial Filings

    by Thomas Jaworski

    Many U.S. public companies are not providing sufficient information regarding their foreign earnings in corporate financial filings, and improved disclosures about the tax effects of those earnings is required to facilitate informed investor decision-making, SEC officials said December 9.

    For the story, go here. (subscription required)

    By Jaworski, Thomas, posted on Thursday December 11, 2014
  • EU Finance Ministers Back New Patent Box Rules; Financial Transactions Tax Work Stalls

    by Joe Kirwin

    European Union finance ministers have backed plans requiring EU member states to begin revising their patent box tax regimes in 2015 and approved changes to EU parent-subsidiary and administrative cooperation legislation.

    “The agreement today means that virtually every EU member state with a patent box tax regime will have to change their legislation to comply,” an EU diplomat told Bloomberg BNA on Dec. 9 at the conclusion of the Council of Economic and Financial Affairs. “Those changes should begin in 2015 and be completed by 2021,” the diplomat said, speaking on the condition of anonymity.

    For the story, go here. (subscription required)

    By Kirwin, Joe, posted on Thursday December 11, 2014
  • France, Denmark Pushing Rise In Rich Country Taxation, OECD Says

    by Angeline Benoit and Mark Deen

    Taxation rose to the highest level in six years, with the governments of Denmark and France extracting the most from their economies, a report by the Organization for Economic Cooperation and Development showed.

    For the story, go here. (subscription required)

    By Benoit, Angeline and Mark Deen, posted on Thursday December 11, 2014