Tax & Accounting Blog

U.S. IRS Signs More Competent Authority Agreements on Exchange of CbC Reports

U.S. IRS Signs More Competent Authority Agreements on Exchange of CbC Reports

As of June 26, 2017, the IRS has signed bilateral competent authority agreements (CAAs) on the exchange of country-by-country (CbC) reports with the following jurisdictions: Canada – signed on June 7, 2017; CAA not yet available. Denmark – signed on June 21, 2017; CAA not yet available. Guernsey – signed on June 22, 2017; CAA … Read More

What Is the Impact of the U.S. Withdrawal from the TPP on Indonesia?

What Is the Impact of the U.S. Withdrawal from the TPP on Indonesia?

It was not a surprise to most countries when President Trump withdrew from the Trans Pacific Partnership (TPP) Agreement. His withdrawal was a signal that he intended to follow his approach with ‘Americans First”, by protecting American workers from competition from low-wage countries such as Vietnam and Malaysia. Indonesia had not officially joined the regional … Read More

Brazil Updates FAQs on Country-by-Country Reporting Requirements

Brazil Updates FAQs on Country-by-Country Reporting Requirements

On June 9, 2017, Brazil issued updated FAQs on country-by-country (CbC) reporting. On December 29, 2016, Brazil published Normative Instruction No. 1681/2016, requiring CbC reporting for fiscal years that begin on or after January 1, 2016. See BEPS Action 13. The FAQs address the following considerations (among others): Whether extraordinary revenues and gains from … Read More

Brazil Issues Transitional Relief Measures for 2016 Country-by-Country Report Filings

Brazil Issues Transitional Relief Measures for 2016 Country-by-Country Report Filings

On May 25, 2017, Brazil published RFB Normative Instruction No. 1,709/2017 in the official gazette to amend certain parts of the country-by-country (CbC) reporting rules in Normative Instruction No. 1,681/2016 (issued on December 29, 2016). Brazil introduced CbC reporting via Normative Instruction No. 1,681/2016 for fiscal years that begin on or after … Read More

HS Classification: Customs Compliance Issues Affecting Companies in Vietnam

HS Classification: Customs Compliance Issues Affecting Companies in Vietnam

Vietnam has adopted and maintained the World Customs Organization (WCO) Harmonized Commodity Description and Coding System since March 1998.  Subsequently, additional laws and changing regulations have been added leading to additional challenges for Vietnamese companies and the Multi-National Corporations moving operations to Vietnam. In Vietnam, all export and import shipments are required to have a … Read More

Highlights from Day 2 of the 2017 OECD International Tax Conference in Washington, D.C.

Highlights from Day 2 of the 2017 OECD International Tax Conference in Washington, D.C.

On June 6, 2017, the OECD completed its two-day 2017 International Tax Conference in Washington, D.C., in partnership with the U.S. Council for International Business (USCIB). As with day 1 of the event, the OECD BEPS project was the focal point of the panels on day 2, which included discussions by government officials, … Read More