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by Ulrika Lomas, Tax-News.com, Brussels 20 February 2020 France’s Directorate General of Public Finance confirmed in a statement issued on February 10, 2020, that companies liable for the country’s digital services tax can delay payment upcoming installments of the tax until December 2020. The French DST is a three percent tax on the revenue of...
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by Mike Godfrey, Tax-News.com Washington 20 February 2020 Democrats in the United States Senate have introduced a bill that would block proposals to introduce a “high-tax exemption” to the Global Intangible Low-Tax Income (GILTI) regime. The GILTI rules, included in section 250 of the Internal Revenue Code, are intended to discourage US corporations from shifting...
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by Ulrika Lomas, Tax-News.com, Brussels 20 February 2020 In a new report for G20 ministers, the OECD has provided an update on its work to tackle tax base erosion and profit shifting relating to multinational businesses. The report notes that the Inclusive Framework on BEPS decided during its January 29-30 meeting to move ahead with...
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by Ulrika Lomas, Tax-News.com, Brussels 20 February 2020 The EU has added the Cayman Islands, Palau, Panama, and the Seychelles to its list of non-cooperative tax jurisdictions, bringing the total tally to 12 from 8. On February 18, the European Council agreed the additions, stating that these jurisdictions had failed to implement the tax reforms...
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by Mike Godfrey, Tax-News.com Washington 27 January 2020 On January 8, 2020, a bill was introduced in the Senate of the US state of Maryland that would impose a tax on revenues associated with digital advertising derived in the state. Under the bill – the first of its kind to be introduced into a US...
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by Mike Godfrey, Tax-News.com Washington 27 January 2020 On January 16, 2020, the US Senate voted to approve the US-Mexico-Canada Agreement, which will replace the existing North American Free Trade Agreement. Signed by the three governments on November 30, 2018, the USMCA maintains the tariff-free market access provided for by NAFTA. However, it also introduces...
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by Jason Gorringe, Tax-News.com, London 27 January 2020 The UK Chancellor, Sajid Javid, has said the UK intends to push ahead with the introduction of a digital services tax from April 2020, despite warnings from the US that it would consider tariffs on UK-made goods. Steven Mnuchin, the US Treasury Secretary, has indicated that the...
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by Ulrika Lomas, Tax-News.com, Brussels 27 January 2020 On January 22, 2020, French Finance Minister Bruno Le Maire confirmed that France will suspend collection of its digital services tax this year to prevent the United States from applying retaliatory tariffs on a range of French goods. Following talks with his US counterpart Steven Mnuchin against...
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by Mike Godfrey, Tax-News.com Washington 15 January 2020 The United States Internal Revenue Service has recently updated its list of frequently asked questions and answers on the tax treatment of transactions involving virtual currencies. The principle piece of tax guidance with regards to virtual currencies remains Notice 2014-21, published by the IRS in April 2014,...
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by Ulrika Lomas, Tax-News.com, Brussels 15 January 2020 According to French Finance Minister Bruno Le Maire, France and the United States will in the next two weeks attempt to reach a compromise over their ongoing dispute regarding France’s new digital services tax (DST). The US has threatened to retaliate against the measure, proposing additional duties...
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