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Archives: October 2018Subscribe
By Megan Howard
House Ways and Means Committee Chairman Kevin Brady (R-Texas) called the U.K.’s new cross-border digital services tax troublesome, saying it would prompt the U.S. to review its own tax and regulatory approaches in global markets.
By Michelle Johnson, Midori Nakamura, Jesal Patel & Salim Vagh
As companies close their first tax year following the TCJA, many multinational firms are planning around new provisions that will impact their intercompany transactions. One area that is attracting significant attention is the new BEAT provision and how the identification and classification of intercompany expenses can minimize its potential effects. This article will summarize the BEAT provision and discuss tax and transfer pricing considerations when determining the appropriate allocation of intercompany expenses.
By Benjamin Parkin
IT giant Cognizant Technology Solutions Corp. faces continued troubles over a tax dispute with Indian authorities that has tied up $405 million. India’s tax authority is seeking the equivalent of $455 million in taxes originating from a disputed 2016 share buyback.
European Union finance ministers will discuss next week a watered down proposal on an EU-wide digital tax trying to persuade reticent governments to agree on the plan by the end of the year.
By Jabeen BhattiA BlackRock Inc. board chairman could usher in sweeping tax reform to Germany following the shocking announcement that Angela Merkel, the country’s chancellor, will step down as party head and not run in 2021.
By Nate Lanxon, Natalia Drozdiak & Jeremy KahnThe U.K. just joined a growing array of countries telling Big Tech it’s time to pay up. Facebook Inc., Alphabet Inc.’s Google and even Amazon.com Inc. can afford the hit. What they may struggle to absorb is the onslaught of new digital taxes from well beyond the U.K. Nations, regulators and cities are getting bolder about asking tech companies to hand over a portion of profits.
By Paul Hannon and Nina Trentmann
The U.K. said it will move ahead with plans to introduce a first-of-its-kind tax on locally generated revenue by large technology firms—the most concrete attempt yet by an industrialized nation to rewrite the world’s tax code for the digital era.
Colombia will seek to raise income tax on high earners and lower duties on businesses, among other tax measures, to raise 14 trillion pesos ($4.4 billion) to finance next year’s budget, the head of the DIAN tax agency said on Monday.
By ReutersTo read more go here
Ever since the Tax Cuts and Jobs Act introduced the term “foreign-derived intangible income” (FDII) into the popular tax lexicon, there’s been some disagreement about how to pronounce the acronym — so much so that even the national media took note.
By Stephanie Soong Johnston
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