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Tax-News.com: Cyprus, US To Begin Exchanging CbC Reports

Cyprus has announced that a deal for the exchange of country-by-country reports between the territory and the US is expected to become effective and cover reporting years starting on or after January 1, 2020.

Tax-News.com: German FM Scholz Optimistic About 2020 Digital Tax Consensus

German Finance Minister Olaf Scholz is optimistic that an international agreement on taxing the digital economy will be reached this year.

Tax-News.com: UK Treasury Rules Out Digital Tax Repeal

The UK Government has dismissed speculation that it will repeal its digital services tax in a bid to secure a post-Brexit free trade agreement with the United States.

Tax-News.com: US-Swiss Agreement Published On Mandatory Binding Arbitration

The US Internal Revenue Service (IRS) has released the text of an arbitration agreement between the US and Switzerland, in Internal Revenue Bulletin 2020-35, published August 24.

Tax-News.com: OECD Releases New Action 14 Peer Review Reports

The OECD has released peer review reports reviewing nine territories' progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution.

Tax-News.com: US Businesses Urge Against Starting A Digital Tax 'Trade War'

The United States Council for International Business has called on US authorities to focus its efforts on working with other countries to arrive at an international tax solution to the digitalized economy, rather than tackling countries' unilateral responses.

Tax-News.com: J5 Group Marks Two Years Of Collaboration On Tackling Fiscal Crime

On July 13, 2020, the US Internal Revenue Service (IRS) issued a progress report on the last two years' work of the J5 group of five advanced countries, who are working collaboratively to tackle cross-border tax fraud.

Tax-News.com: US Announces Tariffs On French Goods In Response To DST

The Office of the US Trade Representative has announced that the US will impose additional duties of 25 percent on imports of certain French products from next year in response to the country's decision to introduce a digital services tax.

Tax-News.com: US Withdraws From International Digital Tax Talks

US Trade Representative Robert Lighthizer told a congressional hearing on June 17, 2020, that the US Government has withdrawn from international negotiations on new global tax rules for digital companies at the OECD.

Tax-News.com: IRS Clarifies Tax Treaty References To NAFTA

On May 19, 2020, the United States Treasury Department and the Internal Revenue Service issued an Announcement which clarifies the interpretation of references in US income tax treaties to the North American Free Trade Agreement once it is replaced by the Agreement between the United States, Mexico and Canada.

Tax-News.com: US House Passes COVID-19 Stimulus Bill With Tax Measures

On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals.

Tax-News.com: France To Press On With Digital Tax

French Finance Minister Bruno Le Maire has said that the Government intends to introduce a digital services tax this year.

Tax-News.com: US IRS Sets Out Details Of COVID-19 Tax Breaks

On May 7, 2020, the United States Internal Revenue Service issued a reminder to employers affected by COVID-19 about the tax credits made available to them under the Coronavirus Aid, Relief, and Economic Security Act.

Tax-News.com: Bill Would Exclude US Territories, Possessions From GILTI Regime

On May 4, 2020, a bill was introduced in the United States House of Representatives to limit the impact of the Global Intangible Low Tax Income regime on businesses based in US territories and possessions.

Tax-News.com: US IRS Announces TCJA Compliance Campaign

On May 1, 2020, the United States Internal Revenue Service Large Business and International Division announced a new compliance campaign focusing on the 2017 Tax Cuts and Jobs Act and the recently enacted Coronavirus Aid, Relief and Economic Security Act.

Tax-News.com: US Taxpayers Can Apply Online For COVID-19 Economic Impact Payments

On April 15, 2020, the United States Internal Revenue Service unveiled the "Get My Payment" online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security Act.

Tax-News.com: IRS Publishes Transfer Pricing FAQs

On April 16, 2020, the United States Internal Revenue Service issued a set of frequently asked questions and answers to help inform taxpayers about transfer pricing documentation best practices.

Tax-News.com: OECD Releases Cross-Border Int'l Tax Guidance On COVID-19 Issues

The OECD has released guidance for national policymakers on the impact of COVID-19 on the treatment of cross-border workers and the interpretation of international tax treaty rules.

Tax-News.com: IRS Launches COVID-19 Employee Retention Tax Credit

On March 31, 2020, the United States Treasury Department and the Internal Revenue Service launched the Employee Retention Credit scheme, designed to encourage businesses to keep employees on their payroll amid the COVID-19 crisis.

Tax-News.com: US IRS Extends COVID-19 Relief To Gift Taxes

On March 27, 2020, the United States Treasury Department and the Internal Revenue Service issued a notice which extends COVID-19-related filing and payment relief to federal gift and generation-skipping taxes.

Tax-News.com: US Senate Passes 'Phase Three' COVID-19 Aid Package

On March 25, 2020, the United States Senate overwhelmingly approved the Coronavirus Aid, Relief, and Economic Security Act, which represents the third package of financial aid measures to businesses and individuals affected by the coronavirus crisis and which includes numerous tax provisions to support businesses.

Tax-News.com: Trump Discusses Payroll Tax Cut With Congress

On March 9, 2020, United States President Donald Trump revealed that the Administration would begin discussions with Congress on potential tax measures to ease the impact of the coronavirus outbreak, including a payroll tax cut.

Tax-News.com: EU Finance Ministers Issue Joint Statement On Digital Taxation

The finance ministers of France, Germany, Italy, and Spain have put their names to a statement calling for countries to reach an agreement on solving the tax challenges of the digital economy by the end of 2020.

Tax-News.com: J5 Reviews Work To Tackle Cross-Border Tax Crimes

On February 19, 2020, the United States Internal Revenue Service announced that the leaders of the Joint Chiefs of Global Tax Enforcement recently gathered in Sydney, Australia, to review their work and to set priorities for the years ahead.

Tax-News.com: EU Adds Cayman Isles, Panama, Seychelles To Tax Blacklist

The EU has added the Cayman Islands, Palau, Panama, and the Seychelles to its list of non-cooperative tax jurisdictions, bringing the total tally to 12 from 8.

Tax-News.com: OECD Provides Update To G20 On BEPS Work

In a new report for G20 ministers, the OECD has provided an update on its work to tackle tax base erosion and profit shifting relating to multinational businesses.

Tax-News.com: Democrat Bill Targets GILTI High-Tax Exclusion

Democrats in the United States Senate have introduced a bill that would block proposals to introduce a "high-tax exemption" to the Global Intangible Low-Tax Income regime.

Tax-News.com: France Confirms Postponement Of DST Payments

France's Directorate General of Public Finance confirmed in a statement issued on February 10, 2020, that companies liable for the country's digital services tax can delay payment of upcoming installments of the tax until December 2020.

Tax-News.com: France Confirms Digital Tax Delay

On January 22, 2020, French Finance Minister Bruno Le Maire confirmed that France will suspend collection of its digital services tax this year to prevent the United States from applying retaliatory tariffs on a range of French goods.

Tax-News.com: UK Steadfast On Digital Services Tax Plans

The UK Chancellor, Sajid Javid, has said the UK intends to push ahead with the introduction of a digital services tax from April 2020, despite warnings from the US that it would consider tariffs on UK-made goods.