The EU’s second-highest court overturned a 2016 ruling ordering Apple to pay Irish tax authorities 13 billion euros for receiving undue tax benefits. Multinationals should beware of taking the ruling as a sign the world of international taxation is reverting to an earlier era.
Indonesian President Joko Widodo’s government has submitted a draft bill that is widely known as the “omnibus law.” It aims to increase competitiveness, create jobs and make it to easier to do business in Southeast Asia’s largest economy.
Pillar One is a group of proposals addressing how to tax companies that generate profits where they don’t have a taxable presence under existing principles. This post examines the state of this initiative, which involves 137 countries and has massive implications for multinational groups.
The U.S. Congress signed the CARES Act, which provides $2.2 trillion of support for businesses and other groups affected by the pandemic. We summarize some critical elements of the Act that multinational businesses operating in the U.S. should know.
In the face of threatened supply chains, many tax authorities are offering concessions, incentives and rebates. We recommend steps to help your organization stay current with tax-legislative changes around the world.
The UK released its 2020 budget, which will invest an estimated 640 billion pounds into the country’s infrastructure. This post summarizes important tax-related announcements from the budget.
U.S. companies that are 25 percent or more foreign-owned, foreign companies that are engaged in business with the U.S., and certain other multinationals must file a Form 5472 with their corporate U.S. tax return if they engage in a reportable transaction. The form isn't new, but related reporting requirements and penalties have been expanded.
As part of a push to make the country more efficient and business-friendly, Brazil has made changes to a law governing limitadas, or limited liability companies.
The OECD recently issued information on its Pillar Two, which is part of a larger plan to prevent multinationals from shifting profits to reduce or eliminate taxes. We provide a summary of the new OECD document and explain why it’s key to understanding the changing world of corporate taxation.
The U.S. Treasury and IRS released guidance this month on the base erosion and anti-abuse tax and the foreign tax credit. We summarize the BEAT and FTC regulations so you’ll understand how they’ll affect your multinational organization.
This month, the OECD proposed rules to ensure multinational companies pay tax in countries where they have significant consumer activities and generate profits. The rules could effect a radical shift in how businesses are taxed.
On September 5, the IRS published proposed regulations related to Sections 451(b) and 451(c) of the Internal Revenue Code, providing long-awaited guidance for taxpayers that use an accrual accounting method and have an applicable financial statement and/or receive advance payments.