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9 EU Finance Ministers Call For Aviation Tax
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November 12th, 2019
In a joint statement, 9 finance ministers called upon the European Commission to advance a proposal for an EU initiative on aviation pricing. The ministers of Germany, France, Sweden, Italy, Belgium, Luxembourg, Denmark, the Netherlands and Bulgaria stated that aviation is not sufficiently priced when compared to other means of transportation.
CFO's Journey from 'Staying Out Of Trouble' to being 'Fully In Control'
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November 11th, 2019
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
Profit Allocation - ‘Formular Approach Versus Traditional Transfer Pricing’
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November 8th, 2019
To determine the proper level of profits in tax jurisdictions is extremely essential for the tax revenues of the hosting countries. The most widely-accepted principle for tax purposes by MNE groups and tax administrations is the arm’s length principle.
EU Code of Conduct Group Recommends Amendments to Tax Blacklist
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November 8th, 2019
The EU Code of Conduct Group (Business Taxation) released a report concerning the EU list of non-cooperative jurisdictions for tax purposes. In this report, the Code of Conduct Group suggests amendments to the Annexes of the EU Council conclusions of March 12, 2019.
Mexico’s Congress Approves Tax Reform 2020
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November 7th, 2019
Mexico’s congress approved, with some adjustments, the package of tax reforms for 2020 that was submitted by Mexico’s president Lopez Obrador on September 8, 2019. The final package now needs to be signed by the president, which is likely to happen shortly.
EU Commission Opens In-Depth State Aid Investigation Into Support Measures Granted By Poland
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November 2nd, 2019
The European Commission announced that it had opened an in-depth investigation to assess whether two support measures with a total value of EUR 39 million granted by Poland in 2012-2013 to a chemical company PCC MCAA Sp. Zo.o (PCC) for investing in a new plant in Poland are in line with EU rules on regional State Aid.
Is The Arm's Lenght Principle Still Valid After The Starbucks And Fiat Judgments?
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October 30th, 2019
Without doubt, the much-awaited judgments of the EU Court in Starbucks and Fiat have created an array of debates, from application of the concept of state aid to tax matters to redesign of transfer pricing concepts. Therefore, we bring to you three experts on the matter, Philip Baker, Hans van den Hurk and Steef Huibregtse, who will seek to answer some of these questions in a webinar and present their view on the judgement and what lies ahead for multinationals in Europe.
EU Pushes for Public Tax Reports Stalls
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October 29th, 2019
The European Parliament has adopted a resolution calling on EU Member States and the Finnish presidency of the Council of the European Union to move forward on public Country-by-Country reporting. The resolution, adopted by 572 votes in favour, 42 against and 21 abstentions.
OECD - Public consultation meeting on the Secretariat Proposal for a "Unified Approach" under Pillar One
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October 28th, 2019
As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS, the OECD is seeking public comments on a Secretariat Proposal for a “Unified Approach” under Pillar One. This public consultation meeting will focus on the key questions identified in the consultation document and issues raised in the written submissions received as part of the consultation process.
Colombia Presents New Tax Bill To Congress Following Court Ruling
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October 25th, 2019
Colombia’s Finance Ministry has submitted a tax reform bill to Congress to replace the financing law, which included income tax changes, overturned by the Constitutional Court last week.
The Constitutional Court decision .
CbCR, ICAP And CRS - Taxpayer’s Rights In An Age Of Data Collection
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October 23rd, 2019
The collection of information by tax authorities entails a correlative taxpayers’ right to access such information and correct its inaccuracies, along with an obligation for tax authorities to protect its confidentiality to the fullest extent possible from any form of misuse, either by tax administration officials or by third parties. However, while the legislative bodies (both national and international) have been increasingly imposing additional compliance burdens on multinational corporations, little has been said about the rights of these multinational taxpayers in this dynamic context.
UN Updates Manual on Transfer Pricing: Address Comparability and Group Synergies Issue
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October 23rd, 2019
The United Nation's Transfer Pricing subcommittee has sent a new round of proposed changes to the U.N. manual for developing countries, including a revised comparability chapter and new guidance on group synergies and centralized procurement functions.
Irish Minister Donohoe Announces Government Approval For The Publication Of The Finance Bill 2019
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October 21st, 2019
The Irish Minister for Finance, Paschal Donohoe TD, announced Cabinet approval for the publication of the Finance Bill 2019 following the government meeting earlier last week.
Ireland's Finanance Bill makes further changes as required by the EU Anti-Tax Avoidance Directive (ATAD) and enhances Ireland’s position internationally with reforms in relation to transfer pricing in line with OECD guidelines.
Suite 2020: Business, Tax and Educational Technology Solutions
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October 18th, 2019
SUITE 2020 is a platform that combines different software’s features according to the specific needs of your business.
With the introduction of BEPS, tax and transfer pricing compliance is no longer straightforward and MNE’s are facing more and more challenges to manage tax risks in a growing number of jurisdictions.
Luxembourg 2020 Budget To Apply Automatic Expiration Of Pre-2015 Tax Rulings
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October 17th, 2019
The 2020 Budget Bill of Law provides filed by the parliament provides for the automatic expiration of pre-2015 tax rulings upon completion of the fiscal year 2019. The bill also provides that affected taxpayers may request a new ruling (valid for five years) under the current procedure.
Benelux Countries Sign Agreement To Combat Fiscal Fraud
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October 17th, 2019
Belgium, the Netherlands and Luxembourg have signed an agreement strengthening their cooperation in the fight against tax evasion. The attention will be focused on digitalisation to combat new forms of fraud and anticipate new phenomena in this area.
China's Fiscal Revenue Up 3.3% In January-September Period
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October 17th, 2019
China's fiscal revenue increased 3.3 percent year-on-year to around 15.07 trillion yuan (about $2.13 trillion) in the first nine months of 2019, official data showed on Oct 17. As the effect of tax and fee cuts continues to kick in, tax revenue has been on a falling streak since May, said Liu Jinyun, a senior official with the Ministry of Finance (MOF), at a press conference on Oct 17.
IRS Launches Proposed Rules Addressing Tax Consequences Of Discontinuation Of LIBOR And Other Interbank Offered Rates
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October 15th, 2019
The US Treasury Department and the US Internal Revenue Service (IRS) have issued proposed regulations REG-118784-18 to provide guidance on the tax consequences of the transition to the use of reference rates other than interbank offered rates (IBORs) in debt instruments and non-debt contracts (i.e.including interest rate swaps, cross-currency swaps and equity swaps).
The Tax Audit Process: Current And Future Standards
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October 14th, 2019
Tax audit is a process where tax authorities, based on their own fact finding, check taxes filled by taxpayers, examine accounting books and documentation, as well as review legal interpretations that are relevant for the purpose of making the final tax assessment. If an additional amount of tax or refund arises as compared with the taxpayers’ assessment, tax authorities issue a notice to the taxpayer.
Malaysia Sweetens Tax Incentives To Encourage Companies Set Up Hubs
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October 11th, 2019
Malaysia is expanding the scope of its Principal Hub (PH) program to allow more businesses to take advantage of tax incentives to base their country's local or global operations.
The key functions of principal hub companies include management of risks, decision-making, strategic business activities, trading, finance, management, and human resources, according to MIDA.
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