Tax & Accounting Blog

Argentina Includes BEPS Proposals in Draft Tax Reform Bill

Argentina Includes BEPS Proposals in Draft Tax Reform Bill

On November 15, 2017, Argentina issued its draft tax reform bill, which includes a number of BEPS measures. These measures are discussed below. Value Added Tax (VAT) (BEPS Action 1) This bill proposes to incorporate legislation regarding digital services where the provider is resident or domiciled outside … Read More

U.K. Parliament Holds Emergency Debate on Public Country-by-Country Reporting

U.K. Parliament Holds Emergency Debate on Public Country-by-Country Reporting

On November 14, 2017, the U.K. House of Commons held an emergency debate on tax avoidance and evasion ahead of Chancellor Philip Hammond’s finalization of the Budget. During the debate, members emphasized the need for public country-by-country (CbC) reporting following the release of the Paradise Papers. See BEPS Action 13. According to Dame … Read More

BEPS and Other Notable Int’l Measures in Draft Senate GOP Tax Reform Plan

BEPS and Other Notable Int’l Measures in Draft Senate GOP Tax Reform Plan

The release of major tax reform legislation in the U.S. is generating great interest around the world. The proposal to cut the U.S. corporate tax rate significantly, and the potentially dramatic effect on international taxation generally, make the legislation that much more important. On November 9, 2017, the U.S. Senate Finance Committee (the “Committee”) released … Read More

How the Common Reporting Standard (CRS) and Global Trends are Affecting Financial Institutions’ Use of Technology

How the Common Reporting Standard (CRS) and Global Trends are Affecting Financial Institutions’ Use of Technology

The drive for global tax transparency continues to gain speed while financial institutions (FIs) also grapple with emerging disruptive financial technology innovations and growing threats to data security. Building on the U.S.-led FATCA regulations, the first wave of reporting for the OECD-led initiative, the CRS, includes 49 jurisdictions undertaking the first exchange of financial information … Read More

BEPS and Other Notable Int’l Measures in Final U.S. House GOP Tax Reform Bill

BEPS and Other Notable Int’l Measures in Final U.S. House GOP Tax Reform Bill

The release of major tax reform legislation in the U.S. is generating great interest around the world. The proposal to cut the U.S. corporate tax rate significantly, and the potentially dramatic effect on international taxation generally, make the legislation that much more important. On November 2, 2017, the Republican members of the U.S. House of … Read More

Belgium Implements Anti-Tax Avoidance Measures

Belgium Implements Anti-Tax Avoidance Measures

On October 27, 2017, Belgium issued an overview of tax reform proposals, several of which implement EU Directive 2016/1164 of July 12, 2016 (ATAD 1) (the “Directive”) regarding hybrid mismatches, controlled foreign companies (CFCs) and limitation on interest deductions. On October 27, 2017, the Belgian Ministry of Finance also announced … Read More