Tax & Accounting Blog

Romania Issues Guidance on Automatic Exchange of Financial Account Information

Romania Issues Guidance on Automatic Exchange of Financial Account Information

On August 24, 2016, Romania’s Ministry of Public Finance issued guidance (Order No. 1939/2016) on automatic exchange of financial account information (AEOI) under the U.S. Foreign Account Tax Compliance Act (FATCA) regime and OECD Common Reporting Standard (CRS). Financial institutions in Romania have to begin reporting FATCA information by August 31, 2016, and … Read More

U.S. Treasury Seeks Comments on CbC Reporting Form

U.S. Treasury Seeks Comments on CbC Reporting Form

On August 22, 2016, Treasury published a notice in the Federal Register seeking comments on IRS Form 8975 (Country-by-Country Report), which ultimate parent entities of U.S. multinational enterprise (MNE) groups will use for country-by-country (CbC) reporting purposes. Written comments are due by September 21, 2016. The notice says that “businesses or … Read More

PwC’s David Ernick on Companies’ Response to BEPS Action 13

PwC’s David Ernick on Companies’ Response to BEPS Action 13

David Ernick is a Principal in the Transfer Pricing Practice of PricewaterhouseCoopers’ (PwC) Washington National Tax Services office. Prior to joining PwC, Mr. Ernick was Associate International Tax Counsel at the U.S. Treasury Department. Mr. Ernick answered the following questions for BEPS Global Currents on August 9, 2016 regarding the OECD BEPS project: Q: Did … Read More