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The US Treasury Department announced on Thursday that the United States has signed six more bilateral agreements to implement the reporting and withholding provisions of the US Foreign Account Tax Compliance Act.
Changes in Mexican tax law that will affect almost every maquiladora operation are scheduled to take effect January 1st, but lobbying by the industry appears to have convinced the government to ameliorate some of the new law’s effects.
The US Treasury Department announced that the United States and France have signed a bilateral agreement requiring French banks to report to the French government information about their US account holders.
The US Internal Revenue Service issued its latest guidance in preparation for the implementation of the US Foreign Account Tax Compliance Act reporting and withholding requirements.
Switzerland, the country known as much for its bank secrecy as for its chocolate, signed the multilateral Convention on Mutual Administrative Assistance in Tax Matters in a ceremony at the Organisation for Economic Co-operation and Development (OECD) in Paris.
The Organisation for Economic Co-operation and Development (OECD) has issued a Memorandum on Transfer Pricing Documentation and Country by Country Reporting, which summarises the questions that must be resolved if country-by-country income and tax reporting is to be implemented.
As countries look to increase tax revenue, the concept of virtual permanent establishment may give them another tool to impose taxes on companies currently beyond their reach.
“Tax avoidance, harmful practices and aggressive tax planning have to be tackled,” the leaders of the G20 countries said in a declaration adopted at the end of their summit meeting in St. Petersburg, Russia, and they approved plans to address these problems.
Under the revenue ruling, marriages that are legal in the state where the couple married will be recognised for federal tax purposes, and terms such as "husband" and "wife" will include married individuals of the same sex, regardless of whether the couple’s state of domicile recognises same-sex marriages.
Governments, particularly those in emerging economies, have stepped up scrutiny of transfer-pricing practices and enforcement of transfer-pricing rules in the past three years, research by EY suggests. But companies can prepare for more examinations and avoid penalties.
The United States and Switzerland announced a programme that will allow Swiss banks not already under criminal investigation to provide information to the US Justice Department and avoid prosecution.
China will become the latest signer of the Organisation for Economic Co-operation and Development (OECD) and European Council’s Convention on Mutual Administrative Assistance in Tax Matters, the OECD announced.
The Internal Revenue Service (IRS), the US tax agency, announced the launch of an online system that foreign financial institutions (FFIs) can use to register with the agency to meet their obligations under the US Foreign Account Tax Compliance Act (FATCA).
The IRS released a draft Form 8966, FATCA Report, which will be used by foreign financial institutions (FFIs) and withholding agents to comply with their FATCA reporting and withholding requirements.
Switzerland’s Federal Tax Administration announced that it transferred almost CHF 900 million ($968 million) to UK and Austrian tax authorities under the terms of Switzerland’s new bilateral tax withholding agreements with those countries.
Among its many provisions, the law aims to prevent tax avoidance by introducing a general anti-abuse rule, which imposes a reasonableness test to prevent abusive tax schemes.
Large employers in the United States that fail to provide minimum health coverage for employees will not be subject to the shared-responsibility penalty until 2015 after the US Treasury Department announced that it would delay certain provisions of 2010’s health-care reform legislation.
The lower house of the Swiss parliament voted 123–63 against debating a bill that would have created a legal basis for Swiss banks to resolve tax evasion disputes with the United States.
