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Uruguay moves toward CbC reporting, Master File documentation, and the availability of bilateral and multilateral APAsby PwCThe 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.
by Kevin A. BellAn 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.
- by Allyson VersprilleThe 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.
by PwCA 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.
- by Ryan FinleyThe 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.
- by Josh Bivens & Hunter BlairWhat 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.
- by Alexander LewisThe 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.
- by European News ParliamentOnly 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.
- by Alan D. Viard & Eric ToderThe 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.
ECD releases discussion draft on approaches to address BEPS involving interest in the banking and insurance sectorsby OECDInterested 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.