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The Internal Revenue Service said it will revise temporary regulations issued in March to ensure that a number of the requirements under the Foreign Account Tax Compliance Act for identifying foreign account holders will not apply before Jan 1, 2015.
The US Treasury Department announced that it will take steps to curb corporate tax inversions, a growing tax minimisation strategy that has been the subject of many headlines recently.
The Organisation for Economic Co-operation and Development (OECD) announced the release of the first seven reports and recommendations called for in its 2013 Action Plan Base Erosion and Profit Shifting.
The EU’s Economic and Financial Affairs Council (ECOFIN) is closing a loophole that allows multinational corporations to lower their taxes by exploiting differences in tax rules between countries.
The Internal Revenue Service (IRS), the US tax agency, announced changes to its streamlined filing compliance procedures and its Offshore Voluntary Disclosure Program (OVDP) designed to make it easier for taxpayers to comply with their obligations to report offshore assets and accounts.
The US tax agency, the Internal Revenue Service (IRS), issued final and proposed regulations amending the rules for filing the information return it requires from foreign corporations engaged in a US trade or business and US corporations that are 25% foreign-owned.
A group of experts recently presented the European Commission a final report discussing how the EU should tax the digital economy. The group advises that EU tax policy must focus on digital economy tax issues.
Governments worldwide are increasingly using technology to ensure multinational companies pay rising indirect taxes. Tax executives at leading-edge global companies offer data-based tools that can help manage compliance.
Foreign financial institutions that make a good-faith effort to comply with the requirements of the US Foreign Account Tax Compliance Act (FATCA) will benefit from lighter enforcement during 2014 and 2015.
The European Court of Justice struck down a UK procedural challenge to an agreement that would allow 11 European countries to co-operate on a financial transaction tax system.
According to the US tax agency, Hong Kong, Moscow and Geneva are the three most expensive foreign cities for Americans to live in. The Internal Revenue Service (IRS) provided its annual list of inflation-adjusted limitations on foreign housing expenses for 2014.
The holding should allow multinational companies doing business in Europe greater freedom in transferring losses among group or consortium members for tax purposes.
The Internal Revenue Service (IRS), the US tax agency, issued its first guidance on bitcoin and other virtual currencies, in the form of 16 questions and answers.
The 44 countries include ten UK crown dependencies and overseas territories, some of which, such as Jersey, the Isle of Man, and Bermuda, are commonly regarded as tax havens.
One set of regulations contains amendments to the last year’s final FATCA regulations. The other set addresses the overlap between FATCA’s rules and existing foreign reporting, withholding, and information-reporting requirements.
The world’s tax authorities will have another tool for combating tax evasion under a new standard providing for automatic exchange of financial information issued by the Organisation for Economic Co-operation and Development (OECD).
Paying taxes has become very convenient for companies in Europe, but the euro-zone debt crisis and increased publicly scrutiny of corporate tax havens have brought about changes that keep many tax executives up at night.
The question of compensating adjustments was the subject of a report by the EU Joint Transfer Pricing Forum. The report makes some general recommendations for approaches EU members should take, but it also leaves some unanswered questions.
A Swiss court has prevented the handover of information on US account holders to the Internal Revenue Service (IRS), the US tax agency, by the Julius Baer Group Ltd., a Swiss bank.
