Tax & Accounting Blog

Treasury and IRS Issue Foreign Tax Credit Guidance in Response to State Aid Investigations

Treasury and IRS Issue Foreign Tax Credit Guidance in Response to State Aid Investigations

Following the European Commission's (EC’s) state aid decision regarding Apple (see BEPS Action 5), the U.S. Department of the Treasury (Treasury) issued Notice 2016-52 stating that the U.S. Internal Revenue Service (IRS) and Treasury intend to issue new regulations under Internal Revenue Code (IRC) section 909 that will prevent … Read More

U.S. Treasury Sees Opportunity for Business Tax Reform

U.S. Treasury Sees Opportunity for Business Tax Reform

On September 12, 2016, the U.S. Department of the Treasury (Treasury) issued a press release, regarding an article written by Secretary Jacob J. Lew, discussing how the negative reaction by Congress to the European Commission’s (EC’s) recent state aid investigations could lead to an opportunity for business tax reform. On February 11, 2016, … Read More

Governor Cuomo Signs Bill to Repeal Feminine Hygiene Tax; Governor Brown Vetoes Bills to Eliminate Tax on Feminine Hygiene Products

Governor Cuomo Signs Bill to Repeal Feminine Hygiene Tax; Governor Brown Vetoes Bills to Eliminate Tax on Feminine Hygiene Products

Authored by Ruth Jeremiah Women all over New York are pleased to know that the tax on feminine hygiene products, such as tampons, has been repealed by Governor Cuomo. The governor signed the legislation in July, with it taking effect October, 1, 2016. “This is a regressive tax on … Read More

India’s Changing SCOMET Control Landscape

India’s Changing SCOMET Control Landscape

Blog, Global Trade, ONESOURCE September 16, 2016

In India the export of dual-use or strategic items are mainly regulated by the Director General of Foreign Trade (DGFT). Items considered dual-use are prohibited or restricted and require a license for permission to export from India. Dual-use items are classified as Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET).  The SCOMET list covers goods, … Read More