By: Marcia Klein (Bloomberg BNA)
South Africa's tax authority is inviting comment on draft guidance for rules that would deny a tax deduction on the royalties or expenses a company pays to a connected party for the use of intellectual property. The budget stated that the law was aimed at preventing erosion of the tax base, but as it “may affect legitimate commercial transactions and discourage the use of South African-based group infrastructure to further develop offshore intellectual property,” relaxation would be considered.
By: Alistair Gray (Financial Times)
US corporate tax cuts have already given a boost to Wells Fargo’s profits even though the reforms were signed into law only three weeks ago – but results from the bank on Friday also showed how it is still struggling to move on from its mis-selling scandal.
By: Peter Hill (Bloomberg BNA)
Publicly traded Australian multinationals with business in the U.S. have begun issuing formal statements to the Australian Stock Exchange on how the passage of tax reform in the U.S. impacts their U.S. tax positions.