The ITPF News Blog is managed by the students at the University of Florida Levin College of Law International Tax LLM Program.
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By Isabel Gottlieb
Countries are far from doing enough to tax carbon emissions, especially outside of road transport, the OECD said.
By FT Analyst
Proposals from the OECD, a forum for research and debate among mostly rich countries, provide a promising basis for a new model. They would give governments a “tax right” over the profits of consumer-facing businesses depending on the share of sales within their territory.
By Josh White
The OECD has put forward a proposal to apply a new formula to residual profits in its digital tax report. The organisation hopes this compromise will resolve the impasse, but companies don’t expect radical change.
By Matt Thompson
European Union leaders confirmed Thursday that Switzerland would be coming off the bloc’s “gray list” after passing tax reforms to bring it into line with international standards in May. The United Arab Emirates will be coming off the black list, and the Marshall Islands has been moved from the black to the gray list, ministers confirmed at a meeting of the EU’s economic and financial affairs council. Albania and Serbia, which are both in the formal process of joining the EU, have also both dropped off the gray list, along with Costa Rica and Mauritius.
By Amy Lee Rosen
The splitting of a cryptocurrency blockchain under a "hard fork" does not create taxable income if no new cryptocurrency is received, but taxable income is generated by "airdrops" that deliver new cryptocurrency, the IRS said in guidance released Wednesday. The guidance came in the form of a revenue procedure and set of frequently asked questions addressing how virtual currency holders must report cryptocurrency transactions to the Internal Revenue Service and the calculation of gains and losses and tax basis in cryptocurrencies. The guidance also addressed the tax treatment of cryptocurrency received for services.
By Jim Tankersley
Digital tax dodgers, take heed: International leaders have advanced a plan to prevent large multinational companies like Apple, Facebook and Amazon from avoiding taxes by shifting profits between countries. It’s an effort to de-escalate a global battle over how to tax the digital economy. The framework proposal, released Wednesday by the Organization for Economic Cooperation and Development, would allow countries to tax large multinationals even if they did not operate inside their borders.
By The Associated Press
EU Competition Commissioner Margrethe Vestager says the bloc should agree on a tax to ensure global digital companies pay "their fair share" in Europe. Vestager, who has been designated to continue her work in the new European commission, said during her confirmation hearing by EU lawmakers that "we want these taxation rules to be based on a global agreement. But if that's not possible by the end of 2020, then we are prepared to act."
Italy plans to renew corporate tax breaks to support investments in innovation and widen the measures to include spending on environmentally friendly projects, Economy Minister Roberto Gualtieri said on Monday. Italy's new government, made up of the anti-establishment 5-Star Movement and the centre-left Democratic Party, has promised an expansionary 2020 budget to try to revive chronically stagnant growth in the euro zone's third largest economy.
By Michael P. Donohoe (Illinois), Gary A. McGill (Florida) and Edmund Outslay (Michigan State)
The authors provide a method to estimate the GILTI tax from a U.S. MNC’s financial statements when such information is not publicly disclosed and illustrate the ETR and GILTI tax effects for a small sample of public firms after the TCJA, and discuss some likely changes in international tax planning going forward.
By Lilian V. Faulhaber
The article introduces the larger context of the controversy over digital taxes, and considers the likelihood of countries reaching an international solution. It acknowledges that an effective international solution, where countries agree to the necessary technical details and not just to high-level principles, is unlikely given that many countries now benefit from the current system and concludes that, if countries cannot agree to real international reform, the international tax system will face many more years of countries imposing a cascade of inconsistent and overlapping digital tax measures on tech companies.
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