International tax

Tax / US on course for significant tax reform

The Trump administration is planning ‘very significant’ tax reform in the next few months, which could include a so-called ‘border adjustment’ tax on imports, according to an initial outline of plans from Steven Mnuchin, the new US Treasury secretary

Tax / EU financial transactions tax plans face further delay

The group of ten EU countries which have agreed to go ahead with a financial transactions tax had an inconclusive meeting in Brussels this week, with differences of opinion emerging over the treatment of pension funds and growing calls for further exemptions to be built into the so-called ‘Robin Hood’ tax

Tax / EU compromises on hybrid mismatch rules with non-EU countries

The European Council has reached a compromise on rules aimed at closing down hybrid mismatches with the tax systems of third countries to reduce risk of double taxation

Tax / Republicans block Democrats from releasing Trump’s tax returns

Republicans have voted against releasing President Donald Trump’s tax law returns after Democrats attempted to use a forgotten 1920s law to order the Treasury to release the President’s returns to the ways and means committee, following Trump’s continued refusal

Tax / Chips may be down 30% for overseas US poker players

UK and overseas poker players competing in the World Series of Poker (WSOP) tournament and other events held in the US risk their winnings becoming subject to a 30% US tax, after an expert in gambling taxation highlighted changes to the way the Internal Revenue Service (IRS) plans to apply the rules

Tax / EU to ramp up action on harmful global tax practices

The EU has signalled plans to ramp up its work to tackle harmful tax practices internationally, with the Council working group that oversees implementation of the EU's code of conduct on business taxation finalising a list of jurisdictions that are considered non-cooperative in tax matters to be published shortly

Tax / EU mulls reduction in threshold for country-by-country reporting

EU plans for country-by-country reporting could target a much broader base of multinationals if proposals from the European parliament’s Committee on Economic and Monetary Affairs to slash the current threshold are adopted

Tax / Buy-to-let taxation: second homes abroad - part 6

In part six of our exclusive series on buy-to-let taxation, Andrew Constable, partner at Kingston Smith, analyses the complicated tax implications of owning property overseas, particularly in light of 3% stamp duty land tax levy on second home purchases

Tax / Swiss plan to reform corporate tax system stymied

A referendum in Switzerland has rejected planned reforms of the country's corporate tax system, despite support from government and business for the new regime, which was intended to bring the current approach of low taxes for multinationals into line with international norms

Tax / OECD releases peer review documents for BEPS standards

The OECD has released key documents which will form the basis of the peer reviews for two of the minimum standards from its base erosion and profit shifting (BEPS) action plan, relating to country-by-country reporting (CBCR) and the compulsory spontaneous exchange of information on tax rulings

Tax / Dodwell: tougher code of conduct for tax advisers from March 2017

The introduction of the revised Professional Conduct in relation to Taxation, produced by the leading professional institutes and approved by the Treasury, sets out tough rules on the limits for tax advisers and accountants when providing tax planning advice and professional judgment. Bill Dodwell, head of tax policy at Deloitte, considers the key issues

Tax / OECD seeks feedback on tax treaty dispute resolution

The OECD is seeking taxpayer input on the tax treaty dispute resolution process in a second tranche of countries and is seeking comments on the mutual agreement procedure (MAP) in Austria, France, Germany, Italy, Liechtenstein, Luxembourg and Sweden

Tax / Revised non dom rules set out in draft legislation

Proposed non dom rules will see certain individuals treated as UK domiciles for income tax, capital gains tax and inheritance tax purposes, with revised guidance issued and effective from 6 April 2017

Tax / Interest deductibility draft legislation published

Plans to introduce tough new rules to curb interest deductibility are taking shape as HMRC publishes draft legislation on the new regime for restricting the amount of interest and other financing amounts that a company can deduct when calculating profits for corporation tax purposes, effective April

Tax / OECD consults on developing countries transfer pricing toolkit

The OECD is seeking feedback on a draft toolkit designed to assist developing countries in work on transfer pricing, which specifically addresses the ways developing countries can overcome a lack of data on ‘comparables’, or the market prices for goods and services transferred between members of multinational corporations