Tax & Accounting Blog

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Women all over New York are pleased to know that the tax on feminine hygiene products, such as tampons, has been repealed by Governor Cuomo.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

Ireland House of Representatives Supports Appeal of Apple State Aid Ruling

Ireland House of Representatives Supports Appeal of Apple State Aid Ruling

On September 7, 2016, Irish Finance Minister Michael Noonan spoke to the House of Representatives (Dáil Éireann), seeking support to appeal the European Commission's decision that tax rulings issued by Ireland to Apple in 1991 and 2007 constituted illegal stated aid. On the same date, the Irish Department of Finance issued … Read More

UK Parliament agrees to give HM Treasury power to require public CbC reporting

UK Parliament agrees to give HM Treasury power to require public CbC reporting

The UK Parliament has been debating the large omnibus Finance Bill 2016 which, among other things, contains amendments concerning transfer pricing (application of OECD principles) as well as other amendments re hybrid mismatches, DPT amendments, a patent box regime in the UK, GAAR, etc. A critical amendment to the Bill, agreed to by … Read More

UK Launches Worldwide Disclosure Facility

UK Launches Worldwide Disclosure Facility

On September 5, 2016, HMRC published the Guidance on the Worldwide Disclosure Facility (WDF) that is available for disclosure of a UK tax liability relating wholly or partly to an offshore interest. Prior to December 31, 2015, HM Revenue and Customs (HMRC) offered incentives to encourage taxpayers to voluntarily disclose their tax positions. … Read More