Category: Rand Paul

FATCA repeal on agenda of US Republicans

Washington’s Foreign Accounts Tax Compliance Act, known as FATCA, will be assailed afresh as lawyers and lobbyists renew efforts to repeal the law as part of President Donald Trump’s tax reform. Washington-based Jim Jatras, a Republican and co-leader of the Campaign to Repeal FATCA, says “lots is happening,” and his...

Rate Competition Is New International Tax Planning Reality

Lower corporate tax rates around the world are expected to play an important part in multinational companies’ tax planning in 2017, with a rate as low as 15 percent on the table in the U.S. and countries such as the U.K. planning to maintain or lower their current rates. A...

Trump’s Corporate Tax Reforms: What CFOs Need to Know

While Trump wants to close loopholes, many of them stem from public policy concerns — not “special interests.” After a dramatic upset victory in one of the most bitterly contested presidential races in recent history, Donald Trump now has some serious work to do. His corporate tax policies—which are vital...

«Delaware» Crackdown: All Bark and No Bite?

The U.S. has used judicial might to successfully pursue offshore tax cheats all over the world. A little-noticed new rule introduced by Barack Obama’s administration gets tough on U.S. states such as Delaware and Nevada, which are notorious for murky shelters often used for illicit purposes. But there is a...

US Court Dismisses Case Against FATCA Disclosures

The US District Court for the Southern District of Ohio has dismissed a case brought by Senator Rand Paul (R – Kentucky) and a group of individuals, who attempted to make several challenges to the Foreign Account Tax Compliance Act (FATCA) and the Report of Foreign Bank and Financial Accounts...

Previewing US Tax Reform

The latest Tax Reform Business Barometer survey, issued by The Tax Council and Ernst & Young, found that tax professionals expect Congress to approve tax reform legislation no earlier than 2017, with most congressional leaders having all but given up hope that tax reform is achievable in the remainder of...

Switzerland & Luxembourg among DTA approvals sent for US Senate vote

Eight tax treaties and protocols were passed forward for a ratification vote by the full US Senate at a business hearing of the Committee on Foreign Relations on November 10, reports Tax News. The Committee approved the new US double taxation agreements (DTAs) with Chile and Hungary, and protocols to...

SENATE FOREIGN RELATIONS APPROVES TREATIES FOR SECOND TIME

The Senate Foreign Relations Committee has approved, for a second time, the following income tax treaties and Protocols. 12 November 2015 Switzerland: A Protocol to amend the income tax treaty with Switzerland—the Protocol was signed in 2009. Luxembourg: A Protocol to amend the income tax treaty with Luxembourg—the Protocol was...

US Senate Foreign Relations Committee approves eight long-pending tax treaties, Rand Paul not present for the vote

In a surprising development, the US Senate Committee on Foreign Relations on November 10 approved without amendment eight pending US tax treaties and protocols. Proposed income tax treaties with Chile, Hungary, and Poland; proposed tax protocols with Japan, Luxembourg, Spain, and Switzerland; and a proposed protocol amending the multilateral mutual...

US Administration Pushes For Swiss DTA Update Ratification

Robert Stack, US Treasury Deputy Assistant Secretary (International Tax Affairs), initiated a further push for ratification of the pending protocol to the US tax treaty with Switzerland at a hearing of the Senate Committee on Foreign Relations on October 29. Tax treaties and protocols with Switzerland, Luxembourg, Hungary, Chile, Spain,...

U.S. lawmakers promise to push for long-delayed tax treaties

Republican and Democratic lawmakers vowed on Thursday to push for the ratification of eight tax treaties which have been held up for years because of one Republican senator’s objections, despite support from companies that want consistency in rules for how to do international business. U.S. Senator Rand Paul of Kentucky...

Judge Denies Injunctive Relief on Rand Paul’s FATCA Claim

Federal judge in Ohio says Republican presidential candidate Sen. Rand Paul and others don’t have standing to challenge a law requiring banks to report on foreign accounts of U.S. taxpayers, and they aren’t likely to succeed on merits of case, Bloomberg BNA’s Alison Bennett reports. U.S. District Judge Thomas Rose...