Tax

IASB clarifies accounting for deferred tax in IAS 12, Income Taxes

The board’s amendment removes the uncertainty on whether the exemption from recognising deferred tax applies to leases and decommissioning obligations.

US Treasury’s Yellen calls for global minimum corporate tax

Nations need to end the "30-year race to the bottom” on corporate tax rates, the US Treasury secretary said.

The link between transfer pricing and customs duties

For businesses with intercompany transactions in tangible goods, the relationship between transfer pricing and customs valuation is crucial.

Chancellor extends furlough scheme, increases corporation tax in UK Budget

The UK’s chancellor of the exchequer set out measures that included extending the government’s furlough scheme until the end of September, changes to corporation tax, and more.

Around the world, COVID-19 prompts new look at company taxes

Countries’ efforts to lower corporate taxation have seen the average headline rate fall nine percentage points since 2000.

UK prepares for off-payroll working rules

Medium and large UK employers must assess whether their contractors are employees for tax purposes under rules that apply from 6 April.

Brexit: Tax and other challenges facing business

Businesses must adjust to new tax, customs, and other rules now that the UK has left the EU.

OECD hopes US will now back global tax accord

The prospects of reforming international corporate taxation have increased, but the road ahead is uncertain, as was evident at the 11th meeting of the OECD/G20 inclusive framework on 27 and 28 January.

OECD assesses proposed global tax accord’s impact

The OECD report informs nations how their tax revenues and economies would be affected by the plan to overhaul international corporate tax rules.

No global tax agreement this year, OECD says

The new goal is mid-2021, but some nations impatient with the delay in addressing the tax challenges of digitalisation may decide to unilaterally adopt digital services taxes.

European Commission will appeal Apple Irish tax decision

The European Commission has decided to appeal an EU court’s decision that held that Ireland’s €13 billion in tax breaks to Apple violated the EU’s state aid rules.

OECD still aims for global tax agreement this year

Officials warn that failure to reach international agreement on the taxation of the digitalised economy could trigger trade disputes.

Apple’s tax agreement with Ireland was lawful, EU court says

The tech giant avoids, for now anyway, having to pay billions in back taxes the European Commission says it must pay.

US partnership form being redesigned for international items

To help standardise the format of international tax items, the US has proposed modifying its partnership tax return form.

The OECD’s new reporting framework for the gig economy

The model rules are designed to help tax authorities collect information on digital platform users’ income to ensure it can be taxed.

Multinationals must document transfer-pricing changes

The pandemic may require adjustments to transfer-pricing arrangements, and the time to document the changes is now.

US offers tax relief for COVID-19 residency disruption

The US Internal Revenue Service (IRS) provided relief to individuals and businesses whose tax residence might be affected by cross-border travel disruptions arising from the COVID-19 crisis, such as cancelled flights, border closings, or shelter-in-place orders.

Tax