Ireland says no to global minimum corporate tax proposal
July 28, 2021Ireland has expressed broad support for the agreement on Pillar Two but noted reservation about the proposal for a global minimum effective tax rate of at least 15 percent. Earlier this month, the OECD Inclusive Framework reached agreement on the key aspects of the two-pillar solution to address tax challenges arising from the digitalisation of the economy.
Australia designing tax policy for patent box
July 20, 2021The Australian Government is consulting on a new tax policy to design the Australian patent box. On May 11, 2021, the Government announced that it will introduce a patent box for eligible corporate income associated with new patents in the medical and biotechnology sectors. The patent box would apply to companies for income years commencing on or after July 1, 2022. The objective of the discussion paper – issued on July 5 – is to inform the Government’s consideration of the detailed design of the patent box announced in the 2021‑22 Budget.
130 tax jurisdictions agree on digital economy taxation
July 19, 2021130 countries and tax jurisdictions, representing more than 90% of global GDP, have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. The two-pillar package aims to ensure that large multinational enterprises (MNEs) pay tax where they operate and earn profits, while adding much-needed certainty and stability to the international tax system.
European Commission hails G20 agreement on digital tax
July 15, 2021The European Commission has said that the historic global agreement on digital economy taxation endorsed by G20 finance ministers will usher in a complete reform of the international corporate tax system. On July 10, 2021, the G20 finance ministers endorsed a tax reform for multinationals agreed by the G7 finance ministers last month.
Philippines will no longer be a harmful tax regime
July 14, 2021Philippine Department of Finance has said that the country shall be removed from an international list of harmful tax regimes by January 2022. The provisions in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act eliminating the preferential tax rates given to regional operating headquarters (ROHQs) of multinational enterprises (MNEs) has cleared the way to the removal, the Department said.
Global minimum corporate tax protects national sovereignty: Janet Yellen
June 10, 2021Treasury Secretary Janet has said that the global minimum corporate tax rate does not impedes upon, but instead protects, national sovereignty to legislate on tax law and policy. Yellen was responding to US Senator Mike Crapo who had last month raised questions regarding the Treasury’s approach to international tax negotiations with the OECD. In her June 4 letter, seen by TP News, Yellen said that the “US Treasury is concerned that the current international tax system has eroded national sovereignty in ways that have real and measurable impacts on American workers and families.”
Ireland confirms new DAC6 reporting format
July 20, 2021Irish tax authority has confirmed that the DAC6 Schema Version 1.2 will apply for all DAC6 reports from August 1, 2021. The tax authority said that the DAC6 Schema Version 1.1 is applicable for all exchanges until July 31, 2021.
African Tax Administration Forum responds to ‘historic’ international tax reform
July 19, 2021The African Tax Administration Forum (ATAF) has said that further work that needs to be done on digital economy taxation to ensure a more equitable tax allocation and to stem illicit financial flows from Africa. 130 countries and tax jurisdictions, representing more than 90% of global GDP, have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate.
French tax authority suspends DAC6 filing
July 15, 2021The French tax authority has announced the DAC6 cross-border reporting service will be suspended from July 29, 2021. The tax authority said that the suspension will continue the beginning of September 2021.
Fabrizia Lapecorella to chair OECD’s Committee on Fiscal Affairs from 2022
April 23, 2021The OECD’s Committee on Fiscal Affairs has designated Fabrizia Lapecorella as the next Chair of the Committee beginning January 2022. Lapecorella has served as Italy’s Director General of Finance since June 2008. As Director General of Finance, she is responsible for tax policy, domestic European and international, the governance of the Tax Agencies, the coordination of the IT infrastructure serving the whole Tax Administration, and the administrative services for the Tax Judicial system.
Brian Untermeyer joins Andersen’s international tax practice
December 13, 2020Tax firm Andersen has hired Brian Untermeyer as a Managing Director in the firm’s Dallas office.
Richard Minor joins USCIB as tax lead
November 19, 2020Richard Minor has joined the US Council for International Business (USCIB) as its International Tax Counsel.
Raoul Stocker joins Bär & Karrer as Partner
June 16, 2020Leading Swiss law firm Bär & Karrer has hired Raoul Stocker as a tax partner.
Will Smith joins White & Case as tax partner
March 9, 2020Global law firm White & Case LLP has hired Will Smith as a partner in the firm’s London office.
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