International Tax News
More than 110 countries and jurisdictions have agreed to review two key concepts of the international tax system, as part of the OECD's response to a mandate from the G20 Finance Ministers to work on the implications of digitalization for taxation.
Members of the European Parliament (MEPs) have backed plans to tax companies where they earn their profits under a harmonized EU corporate tax system.
The South African Revenue Service has announced that it will temporarily permit taxpayers to report information on controlled foreign corporations under the old filing rules, which were replaced in February.
The World Bank has released a new report that recommends how India can simplify and improve the efficiency of its new goods and services tax regime, which was introduced in July 2017.
The EU expects to be excluded from the scope of the US's new tariffs on imports of steel and aluminum, according to the bloc's Vice-President for Jobs.
HM Revenue and Customs, the UK tax agency, has lauded a ruling in its favor secured before the courts that will save the UK exchequer tens of millions of pounds in related tax-avoidance cases.
The governments of Liechtenstein and the United States have recently discussed the possibility of beginning negotiations for a bilateral double tax avoidance treaty.
The EU is to require intermediaries that design and/or promote tax planning schemes to report schemes that are considered potentially aggressive.
The Internal Revenue Service has issued additional information to help taxpayers to meet their filing and payment obligations for the newly introduced Section 965 transition tax.
In an interview with UK state news agency BBC's Newsnight, David Davis, the UK's Brexit negotiator, said the UK would "live with" the December 2020 transition deal being offered by the European Union as part of Brexit, even though the UK had sought the later date of March 2021.
In its preliminary first quarter results for this year, published on March 13, 2018, Cairn Energy provided an update on the ongoing tax dispute with authorities in India, being heard in international arbitration under the UK-India Bilateral Investment Treaty.
Serbia has become the latest country to join the Global Forum on Transparency and Exchange of Information for Tax Purposes, the OECD has announced.
The deadline for multinationals to submit a master file and CbC report in India is March 31, 2018, in respect of the 2016-17 financial year.
The Internal Revenue Service has announced plans to close the 2014 Offshore Voluntary Disclosure Program (OVDP) from September 28, 2018.
Denmark was found to have the heaviest burden of taxation as a percentage of the economy in a new study by accountancy firm UHY.
The EU has removed three countries from its list of non-cooperative tax jurisdictions and added a further three.
Ukrainian President Petro Poroshenko has invited business representatives to discuss a "new model of taxation" that will shift the burden of tax from company profits to income distributions.
The Internal Revenue Service has granted some businesses affected by severe winter storms additional time to request a six-month extension to file their 2017 federal income tax returns.
Jamaica's recent 2018 budget, delivered by Minister of Finance Audley Shaw, imposed no new taxes and reiterated the island's commitment to cracking down on tax arrears.
Having moved to a single Budget each year, the UK's Spring Statement featured only prospective changes to the UK tax regime, focusing on tax settings for digital firms and a new tax on single-use plastic waste.
The OECD has scheduled a webcast on its efforts to develop improved tax rules for the digital economy.
During its 26th meeting, India's GST Council pushed forward the introduction of a new system to streamline input tax credits for exporters and extended specific reliefs.
The OECD on March 12 released a third round of peer reviews of countries' efforts to implement the BEPS minimum standard on improving tax dispute resolution mechanisms.
The OECD has said in a new report for Lithuania that the country needs to be raise indirect tax revenues to boost the economy's potential and fund welfare projects.
The European Commission (EC) has proposed that the reverse charge mechanism on a defined list of goods and services, provided for in Article 199a(1) of the VAT Directive, and the Quick Reaction Mechanism (QRM) in Article 199b(1), should be extended beyond December 31, 2018, to tackle VAT fraud, until the new "definitive VAT regime" is introduced.
Luxembourg Finance Minister Pierre Gramegna has said that any special tax measures against large digital companies should respect European Union law.
The European Commission has sent formal letters to the governments of Bulgaria and Germany requesting that they amend aspects of their value-added tax regimes.
The UAE's Federal Tax Authority has announced that it will waive late registration penalties for businesses that have not yet registered for VAT, on the condition that they do so by April 30 of this year.
On March 9 Hong Kong's Inland Revenue Department gazetted the Inland Revenue (Amendment) Bill 2018, containing measures worth HKD30bn (USD3.82bn) announced in the Budget.
Bermuda's lower house has passed a bill temporarily raising the rate of land tax on commercial properties from seven to 12 percent.