UK releases draft rules on global minimum tax
July 22, 2022UK government, on July 20, released draft rules aimed at ensuring multinational enterprises (MNEs) operating within the UK pay a global minimum level of tax. The draft rules are in line with the agreement on a 2 Pillar solution to reform the international tax framework made by the G20 — Organisation for Economic Co-operation and Development Inclusive Framework on Base Erosion and Profit Shifting (BEPS) last year.
EU Council adopts position on public country by country reporting of tax info
October 6, 2021On September 28, 2021, the Council of the European Union adopted its position at first reading on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-country reporting (CBCR) directive, paving the way for its final adoption. The adoption of the Council’s position follows a provisional agreement reached with the European Parliament in June.
Anguilla, Dominica, and Seychelles removed from EU tax blacklist
October 6, 2021Council of the European Union has decided to remove Anguilla, Dominica, and Seychelles from the list of non-cooperative jurisdictions for tax purposes. The three tax jurisdictions had previously been placed on the list because they did not meet the EU’s tax transparency criteria of being ranked as at least ‘largely compliant’ by the OECD Global Forum regarding the exchange of information on request. The delisting was preceded by the forum’s decision to grant these jurisdictions a supplementary review on this matter.
Global minimum tax solution to declining corporate tax rates
August 2, 2021The declining corporate tax rates across countries underlines the importance of a minimum global corporate tax rate, the OECD has noted. New data released in the OECD’s annual Corporate Tax Statistics publication shows the importance of the corporate tax as a source of government revenues, while also pointing to evidence of continuing base erosion and profit shifting behaviours.
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.
Namibia signs BEPS tax convention
October 6, 2021On September 30, 2021, Namibia signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, becoming the 96th jurisdiction to join the Convention, which now covers around 1,800 bilateral tax treaties.
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.
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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