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  • Uruguay moves toward CbC reporting, Master File documentation, and the availability of bilateral and multilateral APAs

    PwC

    by PwC
    The Uruguay Government has submitted to Congress a tax bill including adoption of the OECD’s recommendations for Country-by-Country (CbC) reporting and the Master File for transfer pricing documentation, following the scope of information to be provided under the Base Erosion and Profit Shifting (BEPS) Action 13 final report. 
    To read more go here
    By PwC, posted on Thursday July 28, 2016
  • IRS to Allow Voluntary Reporting of Global Tax, Profit

    Bloomberg

    by Kevin A. Bell

    An IRS official said the agency is continuing its work on a mechanism to allow voluntary filings of country-by-country reports for companies required to comply with both the U.S. rules and those in a foreign country with an earlier effective date.
    To read more go here Subscription Required
    By Bell, Kevin A., posted on Thursday July 28, 2016
  • Foreign Investment in U.S. Growing, Taxes Modest: IRS Data

    Bloomberg

    by Allyson Versprille
    The rest of the world is investing substantially in the U.S. but the taxes being collected are minimal, a fact that might change as Congress debates several tax overhaul proposals, an analyst told Bloomberg BNA in response to newly released IRS data.
    To read more go here Subscription Required
    By Versprille, Allyson, posted on Thursday July 28, 2016
  • OECD seeks comments on use of a group ratio to determine limit on interest deductibility

    PwC

    by PwC
    A company may be able to deduct more of its debt finance costs if discussion draft proposals published for comment 11 July 2016, by the Organisation for Economic Co-operation and Development (OECD) are finalised and adopted by the company’s residence territory.  
     
    The discussion draft considers debt finance costs in light of the company’s worldwide group position.
    To read more go here
    By PwC, posted on Friday July 29, 2016
  • Officials: CbC Regs Nonspecific Because of Local Filing Concerns

    by Ryan Finley
    The decision not to provide more detailed and explicit guidance in the final country-by-country (CbC) reporting regulations was based on a desire to give flexibility to taxpayers and avoid the risk that unintended inconsistencies with OECD standards would expose U.S. multinationals to local filing, according to Treasury and IRS officials.
    To read more go here Subscription Required
    By Finley, Ryan, posted on Friday July 29, 2016
  • A financial transaction tax would help ensure Wall Street works for Main Street

    by Josh Bivens & Hunter Blair
    What this report finds: A well-designed financial transaction tax (FTT)—a small levy placed on the sale of stocks, bonds, derivatives, and other investments—would be an efficient and progressive way to generate tax revenues. 
    To read more go here
    By Bivens, Josh & Hunter Blair, posted on Thursday July 28, 2016
  • OECD Looks at BEPS Effect on Interest in Banking, Insurance

    by Alexander Lewis
    The OECD on July 28 issued a discussion draft regarding potential approaches -- including the application of modified fixed ratio and group ratio rules under action 4 of the base erosion and profit-shifting project --to address the potential impact of BEPS on interest in the banking and insurance sectors.
    To read more go here Subscription Required
    By Lewis, Alexander, posted on Friday July 29, 2016
  • Tax fraud: 75% of Europeans want EU to do more to fight it

    by European News Parliament
    Only death and taxes are certain in life - as the cliché goes - but that doesn't mean you have to like either. In the case of taxes, it's made worse by not everyone paying their fair share. According to the latest Eurobarometer survey commissioned by the European Parliament, 75% of all Europeans believe the EU should do more to fight tax fraud. 
    To read more go here
    By European News Parliament, posted on Friday July 29, 2016
  • A Way Forward on Corporate Tax Reform

    by Alan D. Viard & Eric Toder
    The U.S. corporate income tax is broken. Our tax rate is the highest in the developed world, yet we collect less corporate tax revenue as a share of gross domestic product than many of our trading partners. The tax both discourages firms from investing in the United States and enables multinationals to avoid tax by reporting profits in low-tax countries. 
    To read more go here
    By Viard, Alan D. & Eric Toder, posted on Wednesday July 27, 2016
  • ECD releases discussion draft on approaches to address BEPS involving interest in the banking and insurance sectors

    by OECD
    Interested parties are invited to provide comments on a discussion draft which deals with approaches to address BEPS involving interest in the banking and insurance sectors under Action 4 (Interest deductions and other financial payments) of the BEPS Action Plan.
    To read more go here
    By OECD, posted on Thursday July 28, 2016