Mexican 2020 Tax Reform: key international tax proposals
Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
Category: Tax Reform
United States: Senators Introduce Bill To Require Reporting Of Beneficial Ownership Information
A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing ("AML/CFT"). ... - Continue reading
Argentina issues burdensome draft transfer pricing guidance for public comment
Argentina’s tax authority on October 2 launched a public consultation on proposed guidance that includes significant and burdensome changes to the transfer pricing requirements that local taxpayers must comply with. ... - Continue reading
EU to remove UAE and Switzerland from tax blacklist
The United Arab Emirates and Switzerland are set to be removed from a European Union blacklist of countries deemed to be tax havens, according to a Reuters report citing an official document. Switzerland has delivered on its commitments, the document said, acknowledging that a tax reform passed last year –… – Continue reading
Draft “toolkit” aims to help developing countries with transfer pricing documentation
The Platform for Collaboration on Tax – a joint initiative of the International Monetary Fund, OECD, United Nations, and World Bank Group – on September 27 released a draft “toolkit” aimed at helping developing nations design transfer pricing documentation rules. ... - Continue reading
Uganda: Don’t Make Up Losses To Avoid Tax
Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading
EU ready to act alone on digital tax if no global deal in 2020
Ramping up pressure on multinationals accused of paying too little. ... - Continue reading
CITIRA set to replace outdated tax scheme
Finally, the outdated and “dysfunctional” tax regime based on gross income earned is now about to end with the expected enactment into law of the new Corporate Income Tax and Incentives Rationalization Act (CITIRA), which the House recently passed with a vote of 170 versus eight against and six abstentions. … – Continue reading
Mexico 2020 tax reform: big changes proposed for foreign companies doing business in Mexico
On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading
Apple to challenge EU over record $14 billion tax dodging case
A panel of judges in Luxembourg on Tuesday will begin hearing arguments concerning the US tech giant Apple and the world’s biggest tax case. The EU General Court (EGC) will begin hearing the appeals lodged by Ireland and Apple against the EU tax ruling. It has to weigh up whether… – Continue reading
FATCA blamed for one in five US expats planning to give up passport
One in five US citizens living abroad are on the verge of giving up their passports according to a survey published by US tax consultants Greenback. The Greenback survey – which was conducted by more than 3,000 US expats – studies the expat community’s opinions on taxation, citizenship renunciation, and… – Continue reading
The 2020 Dutch budget and tax plan: key takeaways for multinational enterprises
The Dutch government on September 17 presented the 2020 Dutch budget and tax plan, proposing modifications to the taxation of multinational firms. ... - Continue reading
Ireland will be the ‘big loser’ if OECD tax reform fails, Saint-Amans warns
OECD tax director also criticises State’s slow move to phase out ‘double Irish’ loophole ... - Continue reading
EU Commission’s tax policy 2019 – 2024: What can we expect?
The start of a new European Commission also means setting new political priorities in the EU tax field. ... - Continue reading
Dominguez orders BIR to shut down tax-dodging POGOs
'Those who don't pay or respond to your assessments, clamp them down,' says Finance Secretary Carlos Dominguez III ... - Continue reading
Saint Amans provides update on digital tax reform effort
The preliminary results of an impact assessment reveal that proposals advanced in an OECD-led effort to update the global rules for taxing digital businesses would not create large changes to countries’ existing taxing rights, Pascal Saint-Amans, OECD Director of the Centre for Tax Policy and Administration, said September 11. ... - Continue reading
Brian Jenn joins McDermott Will & Emery’s Chicago tax practice
Brian Jenn, former US Treasury Deputy International Tax Counsel, has joined McDermott Will & Emery’s tax practice as a partner, the firm announced today. Jenn will be based in McDermott’s Chicago office. ... - Continue reading
Mexico proposes new rules to tax highly digitalized businesses
A bill was introduced to the Mexican Congress on August 21 to tax digital platforms. ... - Continue reading
OECD’s minimum tax to apply by jurisdiction
The Organisation for Economic Co-operation and Development is going to propose a global minimum tax that would apply country by country before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC. G7 leaders announced at their Biarritz summit meeting this week a… – Continue reading
Tax payments made easy
HAVING trouble paying taxes? Fret no more, as paying taxes will be as easy as ordering your favorite brown sugar milk tea online. But before we dive into the details, a brief background is in order: The Bangko Sentral ng Pilipinas (BSP) has adopted the National Retail Payment System (NRPS)… – Continue reading
European Union: EU Directive On Administrative Cooperation In Field Of Taxation Amended
The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. ... - Continue reading
CIAT’s transfer pricing “Cocktail” provides solutions for transactional net margin method overuse
In recent years there has been a major public outcry for governments to take action to force multinational groups to pay a fair share of tax in the jurisdictions where their economic activities take place and to stop shifting profits to offshore tax havens. ... - Continue reading
Lower corporate tax means more jobs – Cayetano
SEN. Pilar Juliana “Pia” Cayetano is batting for lower corporate income tax and rationalized fiscal incentives, saying these would lead to more jobs and sustained economic growth. “I do believe that the time is right to study the rationalization of our corporate holidays and various incentives so that we can… – Continue reading
Namibia joins international taxation initiative
This was revealed by the Organisation for Economic Cooperation and Development (OECD) last Friday in an announcement made on its website. ... - Continue reading
Tax reform: Could Ukraine do it like Costa Rica?
In 2016, Costa Rica’s economy grew at a good 4.2% of GDP, but this year this figure is comparable to Ukrainian tortoise runs (we have 2.7% they have 2.9%). The success recipes of highly developed countries are in many cases not applicable to low-income countries such as Ukraine. Therefore, it… – Continue reading
Bulgaria: Bulgaria Amends VAT Legislation; Changes Affect A Wide Range Of Sectors
The VAT rate in Bulgaria has remained unchanged at 20% for many consecutive years. Recently, there has been a lot of debates on the future possibility of amending the VAT rate for certain food products as well as medicines and books to a rate somewhere in the range between 3% and 5%. ... - Continue reading
Minister’s proposal of corporate tax reforms causes strong reaction from Cyprus business community
NICOSIA, Aug. 7 (Xinhua) — Cypriot Finance Minister Harris Georgiades’ proposal of a major reform of corporate taxation has triggered strong objections from entrepreneurs, who fear that it would lead to an increase of their total tax burden. Georgiades said on Wednesday that his proposal, which included taxation on offshore… – Continue reading
First 18 months crucial for tax reforms — Dominguez
On the sidelines of the Bureau of Internal Revenue’s anniversary celebration, Finance Secretary Carlos G. Dominguez III emphasized that the first 18 months of the current Congress is crucial for the Duterte administration’s comprehensive tax reform program (CTRP). According to Dominguez, lawmakers traditionally have the tendency to focus “on something… – Continue reading
MLI amendments to Singapore-Luxembourg tax treaty enter into effect
The government of Singapore has announced that amendments made to the Singapore-Luxembourg tax treaty as a result of the two countries’ ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into effect on August 1. ... - Continue reading
Union Budget 2019: key tax highlights
This article highlights some of the key tax-related amendments introduced by the budget. ... - Continue reading
South Africa: International Tax: Proposed Amendments
The latest proposed amendments will see, inter alia, some relief for taxpayers in relation to the Controlled Foreign Company ("CFC") rules and the scope of an "Affected Transaction" as defined in section 31 of the Income Tax Act 58 of 1962 ("the Act") to be extended. ... - Continue reading
Mauritius leaks: Big firms leveraging legal loopholes to save taxes can cost developing countries $100 bn every year
Proposals made by Nirmala Sitharaman at G20 Summit could alter the stasis between large corporations and tax havens. ... - Continue reading
Progress Being Made On Closing ‘Harmful’ Tax Regimes: OECD
The OECD has issued another update on jurisdictions' progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5). ... - Continue reading
Pass tax reform bills — Dominguez
The Department of Finance (DOF) has expressed the hope that President Duterte’s call in his State-of-the-Nation Address (SONA) for Congress to pass reforms in the corporate tax system along with the remaining packages of the administration’s comprehensive tax reform program (CTRP) will provide lawmakers a strong impetus to pass these… – Continue reading
Kenya, Turkey to sign tax treaty by end of 2019
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – Continue reading
M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
Japan, Argentina sign tax treaty
Japan and Argentina join hands for tax reform ... - Continue reading
Switzerland: Tax Reform Package For Swiss Companies Is Approved
As from January 2020, the corporate tax rate (combined federal and cantonal tax) for all companies in Geneva, will be 13.99%. ... - Continue reading
OECD Fleshes Out Int’l Tax Reform Plans During BEPS Webcast
Modern tax laws for the digitalised economy provided by the OECD. ... - Continue reading
‘Consider PH credit standing in okaying tax reforms’
Lawmakers should consider the country’s latest credit rating standing in approving the remaining tax reform proposals of the government, Finance Secretary Carlos Dominguez 3rd said. “I hope that, with this credit rating upgrade recently, the Senate will really consider passing these bills that will redound to the benefit of the… – Continue reading
FIRS Vows to Eliminate Multiple Taxation
Obinna Chima The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has restated the agency’s commitment to eliminating multiple taxation in the country. Fowler said this at a tax breakfast seminar with the theme: “Tax Controversy and Dispute Resolution,’ organised by KPMG Nigeria in Lagos, recently. According to… – Continue reading
Tax amnesty to regularize undeclared assets approved by Pakistan cabinet
Only a million people out of a population of more than 208 million pay income tax in Pakistan Recently signed IMF bailout plan requires government to squeeze around $5 billion in extra taxes ISLAMABAD: Pakistan’s government on Tuesday announced a new tax amnesty scheme aimed at broadening the government’s revenue… – Continue reading
EU Report Calls For Finance Authorities, AML Oversight
European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report, which is the result of a… – Continue reading
Prize bonds to be made registered instrument to broaden tax base
ISLAMABAD: The government decided to convert almost all the prize bonds into registered instruments in a move to keep record of investors and curb tax evasion and money laundering, sources said on Friday. Presently, prize bonds can be purchased from open market and used as an instrument to evade taxes…. – Continue reading
Tunisian Government Estimates Tax Evasion at USD8.3 Billion
Prime Minister’s adviser in charge of tax reform Faisal Derbal has revealed that tax evasion is estimated to reach TND25 billion (around USD8.3 billion) in Tunisia. He denied, during a press conference in the government’s headquarters, rumors circulating about the tax evasion value rising to double of the mentioned number… – Continue reading
Finance minister follows up on measures to combat tax evasion
AMMONNEWS – The weekly meeting Finance Minister Ezzedine Kanakrieh holds with heads of financial departments focused on steps adopted to crackdown on tax and customs duty evasion among other procedures, according to a statement. It said today’s meeting focused on the preparation of the final account for 2018, due to… – Continue reading
Ministry to mull over measures against profit shifting
The Ministry of Finance will scrutinize amendments to tax law policy in 2019, centred on some measures aimed at preventing base erosion and profit shifting (BEPS) and restructure tax revenue sources. The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for… – Continue reading
New EU rules on tax avoidance now effective
FIRST proposed by the European Commission (EU) in 2016, a set of new tax rules aimed at eliminating most common corporate tax avoidance practices came into force on 1 January 2019. The commission posted on its website on 30 December 2018 that the new tax rules known as Atad (anti-tax… – Continue reading
Anti-tax avoidance measures come into force
A new raft of anti-tax avoidance measures came into force across the EU yesterday, as part of an ongoing effort to combat corporate abuse of tax systems. The Anti-Tax Avoidance Directive, first proposed in 2016, features rules based on global standards laid out by the Organisation for Economic Co-operation and… – Continue reading
IRS issues guidance on excess business loss limitations and NOLs
The IRS has issued guidance on excess business loss limitations and net operating losses following changes post-reform. The Tax Cuts and Jobs Act modified existing tax law by limiting losses from all types of business for non-corporate taxpayers. An excess business loss is the amount by which the total deductions… – Continue reading
