International tax

Tax / US set to lose $12bn in tax take by 2027 if multinationals relocate overseas

Tax inversions by US multinationals attempting to shift profits into lower tax jurisdictions could cost the US up to $12bn (£7.4bn) in lost corporate tax revenues by 2027, according to figures released by the US Congressional Budget Office

Tax / US tax amnesties: fact or fiction?

Ephraim Moss and Joshua Ashman CPA, co-founders of Expat Tax Professionals examine whether IRS tax amnesty programmes such as the offshore voluntary disclosure programme (OVDP) offer safe disclosure arrangements for expat US taxpayers, and offer tips and advice on how the system actually works

Tax / EU finance ministers agree to draft digital tax laws for IT giants

The EU is closer to reaching agreement on draft rules for a pan-European digital tax basis for major multinational IT giants such as Amazon and Google, with proposals based on permanent establishment status due to be released in spring 2018

Tax / First Common Reporting Standard exchanges on tax kick off

The first automatic Common Reporting Standard (CRS) exchanges between 49 jurisdictions will take place this month, to allow the annual exchange of information on offshore accounts to tackle tax evasion, with a further 53 jurisdictions taking up exchanges in September 2018

Tax / Corporate loss tax rules could be double edged sword

Menzies tax manager Natasha Spicer and tax director Lucy Mangan consider the impact of changes to the tax regime for corporate losses with the introduction of rules to curb corporate use of interest deductibility

Tax / BEPS rules failing to curb offshore profit shifting

The Netherlands and the UK, far from discouraging financial flows to low and no-tax financial centres, are actually encouraging them, according to the findings of an academic report by the University of Amsterdam which shows that BEPS has been slow to effect real change in corporate tax policy. Global Tax Weekly editorial team examines the findings

Tax / OTS seeks tax professionals

The Office of Tax Simplification (OTS), the statutory body which is an independent office of the Treasury and gives independent advice to the government on simplifying the UK tax system is looking for people to join its team

Tax / HMRC wins £35m tax avoidance case with French bank

HMRC has won a tax avoidance case worth £35m against global banking group BNP Paribas, after a First Tier Tribunal (FTT) found in its favour in a case dating back to 2005

Tax / Substantial shareholding exemption (SSE): company disposals and tax

The substantial shareholding exemption (SSE) can be a powerful relief from chargeable gains for corporate taxpayers but there are circumstances where it has not always been clear whether the qualifying conditions are met, explains Paul Davies, tax specialist writer at CCH

Tax / Switzerland plans to overhaul corporate tax regime

Following several failed attempts to win support for an overhaul of the Swiss corporate tax regime, Switzerland’s Federal Council has started a new consultation on an updated package of corporate tax reforms, which it says will meet international requirements but will have less of an impact on the federal budget

Tax / OECD updates country by country reporting guidance

The OECD has released two sets of guidance to give greater certainty to tax administrations and multinational groups on the implementation and operation of country-by-country reporting (CBCR), which is action 13 of its Base Erosion and Profit Shifting (BEPS) plan

Tax / Finance Bill (No.2) to be published 8 September

The government has announced the Finance Bill will be published on Friday 8 September, following the delays caused by the April snap election

Tax / Luxembourg remains attractive tax regime despite tax avoidance issues

Luxembourg is too often associated with tax avoidance after the ‘Luxleaks’ scandal and low tax rates but Wolters Kluwer Global Tax experts say the tax regime still remains attractive when compared with other countries

Tax / Airbnb hit by tourist tax in Quebec

The government of Quebec has reached an agreement with Airbnb to collect an accommodation tax (TSH) on all rentals in the province in what is being described as the first ‘tourist tax’ on online lettings in Canada

Tax / Trump lays groundwork for tax reform but offers no details

Donald Trump has once again reiterated his desire to undertake swingeing tax reforms which he claims would let loose the US economy and benefit ordinary Americans, despite providing no detail in his proposals