EY partners warned of profit decrease

The reported warning follows EY accumulating extra debt to deal with the costs of its failed Project Everest

This week in tax: PwC to reunify its US tax practice

Paul Griggs, the firm’s inbound US senior partner, will reverse a move by the incumbent leader; in other news, RSM has announced its new CEO

Spain: When should taxpayers recognise refunds of taxes declared contrary to law?

The Spanish Supreme Court has confirmed its stance on the fiscal year in which income from a refund of taxes should be recognised, report Alejandro Fernández and Sandra Díaz of Garrigues Spain

PwC denies ‘false allegations’ in letter criticising its Evergrande auditing

The ‘big four’ firm has threatened to legally pursue those behind the letter, which has been circulating on social media

Global ethical standards on tax planning for accountants launched

The guidelines have been established in the wake of multiple tax scandals and controversies that have rocked the accounting profession

Australia releases draft legislation implementing build-to-rent tax concessions

Jock McCormack of DLA Piper Australia reports on a new initiative that aims to stimulate Australia’s build-to-rent sector and address housing supply challenges through the offering of tax concessions for construction and investment

This week in tax: KPMG hit with record $25m fine over exam cheating

KPMG Netherlands’ former head of assurance also received a permanent bar and $150,000 fine; in other news, asset management firm BlackRock lost a $13.5bn UK tax appeal

Indonesian tax administration system begins use of taxpayer identification numbers

Endy Arya Yoga and Welly Armantha Napitupulu of GNV Consulting summarise recent updates in Indonesia’s tax system, including new debt-related guidelines in the customs and excise sectors and import policy changes

US treasury and IRS propose corporate stock repurchase tax regulations

The new guidance concerns a recent 1% excise tax on the repurchases of corporate stock for both US and certain foreign companies

Navigating the tax implications in acquisitions by Mexican Fibra-E trusts

An uptick in nearshoring activities in Mexico has led to heightened interest in trusts that specialise in energy and infrastructure investments. Federico Scheffler, Eduardo Espinosa, and Ileana García of Galicia Abogados explain the nuances