On December 13, 2018, the United States Internal Revenue Service issued proposed regulations on the operation of the base erosion and anti-abuse tax, contained in Section 59A of the Internal Revenue Code.
Last year, the tax burden in OECD countries reached its highest level recorded, at 34.2 percent of gross domestic product, up 20 basis points on 2016, largely due to increasing taxes on personal consumption and companies.
Releasing a progress update, the OECD said international efforts to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide.
The Financial Accounting Standards Board (FASB) on October 31 issued Accounting Standards Update 2018-17, intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), for which consolidation is not based on a majority of voting rights.
Estonia has topped the Tax Foundation's International Tax Competitiveness Index for the fifth successive year, being deemed to have the "best tax code in the OECD."
The Association of International Certified Professional Accountants has issued a policy paper calling for a multilateral approach to solving the tax challenges posed by the digital economy.
On October 10, 2018, the United States Treasury Department and the Internal Revenue Service published a Notice of Proposed Rulemaking in the Federal Register notifying taxpayers of the availability of additional guidance regarding the transition tax under Section 965.
The American Institute of CPAs has urged the Internal Revenue Service and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers.
The International Monetary Fund has recommended that the United States raise indirect taxes to boost revenues, to offset the cost of recent tax cuts and spending increases.
The US Internal Revenue Service has announced plans to streamline the personal income tax return for the 2019 tax filing season, to reflect changes brought about by the Tax Cuts and Jobs Act.
The decision by the US Supreme Court to drop the physical presence requirement for states to impose sales tax will have an "incredible impact" on states' tax regimes and revenues, according to Mark Friedlich, Senior Director of Tax and Accounting, North America, Wolters Kluwer.
In a landmark decision on June 21, the Supreme Court of the United States overturned existing case law by ruling that a state can collect sales tax on remote sales even when the vendor does not have a physical presence in the state.
The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by July 31, 2018.
US congressman Peter DeFazio (D-OR) has introduced legislation designed to amend the Tax Cuts and Jobs Act so that incentives for US corporations to shift income and production overseas are reduced.
Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy has said.
The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment.
The American Institute of CPAs has urged the Internal Revenue Service to supplement its guidance on the tax treatment of virtual currency transactions with answers to a set of frequently asked questions.
Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch.
Ensuring the successful implementation of the Tax Cuts and Jobs Act of 2017 remains the US Internal Revenue Service's highest priority, according to its new five-year Strategic Plan.
Governments raised about USD33bn in carbon pricing revenue last year, a 50 percent increase from 2016, according to a new update by the World Bank.
The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners.
The United States Treasury Department and the Internal Revenue Service will delay a number of guidance projects until later years as they prioritize guidance connected with the tax reform provisions in the Tax Cuts and Jobs Act.
The United States Internal Revenue Service has issued a new fact sheet explaining the new deprecation and expensing rules included in the Tax Cuts and Jobs Act.
The Federal Association of German Industry has said that proposals for a tax on digital companies will be detrimental to the European economy and exacerbate trade tensions between Europe and the United States.
The Government of Guam, a US territory located in the Pacific, has announced proposals for a temporary tax amnesty program.
The Ways and Means Committee of the US House of Representatives considered bills to overhaul the Internal Revenue Service (IRS) and strengthen taxpayer protections at its recent markup session.
The Central Bank of Ireland has identified the changing global tax and trade landscapes and Brexit as potential risks for Ireland's economy.
The US Supreme Court is to hear arguments on whether states should be allowed to tax online retailers not based within a state's borders, in South Dakota v. Wayfair, on April 17, 2018.
The US Internal Revenue Service and the Department of the Treasury have released comprehensive guidance on how to calculate liability to the Transition Tax, provided for in Section 965 of the Tax Cuts and Jobs Act, and explained elections available to taxpayers.
The Bank of Canada has published the findings of its latest business outlook survey, which shows some concern among firms over the impact of US trade and tax policies.