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  • March 2016

    BEPS: The impact survey

    March 31, 2016

    In May 2015, TP Week surveyed in-house tax professionals and found that 54% of them have been proactively taking steps to prepare for BEPS implementation.

  • The Brockman brief: The (post-BEPS) tax function of tomorrow

    March 30, 2016

    The evolution of international taxation, driven by the OECD’s BEPS Actions, is eliciting new ways of thinking about the effective management of an internal tax function.

  • Q&A: Rosen Group: Talking tax in turbulent times for the oil sector

    March 30, 2016

    Carolina Graterol, global head of tax and transfer pricing at Rosen Group, discusses boardroom expectations and the evolving role of tax across the company’s other functions.

  • Brexit: What would it really mean for tax?

    March 30, 2016

    Tim Sarson, a tax partner at KPMG in the UK, explains why tax professionals should probably ignore much of the noise around ‘Brexit’, at least for the time being. This clears the path for companies to focus on the changes that really matter.

  • How patent boxes became the new normal

    March 30, 2016

    Since October 2015, authorities have been reacting to the outcome of the BEPS Project. The implementation of new legislation and adaption of existing regulations to match the new OECD guidelines has already begun to impact multinationals worldwide. The undeniable headline change has been a broad move to implement country-by-country reporting (CbCR); however the other policy that stands out from the crowd is in the area of patent boxes, as Joelle Jefferis explains.

  • Treaty shopping and BEPS Action 6: An Indian perspective

    March 30, 2016

    On October 5 2015, the OECD released its final reports under the BEPS project, which were presented to the G20 finance ministers on October 8 2015. Action 6 identifies tax treaty abuse and, in particular, treaty shopping, as one of the most significant sources of BEPS concerns. Pritin Kumar, Vishal Palwe and Heta Jhaveri of Deloitte provide an update on action to counter treaty abuse, from an Indian perspective.

  • ANALYSIS: Osborne perpetuates UK core conflict on tax with Budget 2016

    March 30, 2016

    George Osborne, UK chancellor of the exchequer, has delivered his Budget 2016 speech, criticising “large companies that exploit loopholes” while lowering corporation tax to attract multinationals. The big ‘winners’ were small and medium-sized enterprises.

  • FATCA and CRS: The end of an era

    March 30, 2016

    Sofia Stavridi, a Queen Mary University of London graduate now working in investment management tax services at a Big 4 firm in the UK, provides a refresher on FATCA and CRS, tracking the latest trends in global exchange of information, exploring the latest tax authority tools in this area and identifying what taxpayers can do.

  • Walmart triumphs in Puerto Rico tax case

    March 30, 2016

    Retailer Walmart has won a $100 million tax case against the Puerto Rican Government in controversial circumstances. The multinational is the largest private sector employer in Puerto Rico.

  • Canada’s corporate income tax revenues projected to decline

    March 29, 2016

    Canadian Prime Minister Justin Trudeau’s first federal Budget has a clear focus on economic growth, job creation and innovation although includes deficit financing measures, which has led economists to project a decline in income tax revenues.

  • Asia Tax Awards shortlists announced

    March 29, 2016

    The nominations for the Asia Tax Awards, which recognise excellence in tax advice to businesses in the region, are unveiled today.

  • Economic growth expected from Singapore’s 2016 budget

    March 24, 2016

    Singapore’s finance minister Heng Swee Keat paid attention to building stronger enterprises and nurturing innovative industries in the 2016 budget, with an expected overall budget surplus of S$3.4 billion ($1.6 billion) in the first year of the new Government.

  • State aid and tax – consequences for information sharing

    March 18, 2016

    Some measures in the UK’s 2016 Budget deal with state aid and its application to tax, although only two of them refer directly to state aid.

  • Brazil: Controversies related to the new payment method for tax on inter-state sales to end consumers

    March 17, 2016

    Júlio de Oliveira and Fernando Telles da Silva of Machado Associados examine the controversies arising from the implementation of Constitutional Amendment 87/15 (CA 87/15), the new ICMS payment method on inter-state sales to end consumers.

  • EC suggests ambitious anti-carousel fraud VAT measures

    March 16, 2016

    The European Commission (EC) wants to change the way VAT is collected in the EU to reduce missing trader and carousel fraud, which cost governments tens of billions of euros in lost revenue each year.

  • Stack says US will withdraw CbC information if made public

    March 15, 2016

    The US will not share country-by-country report (CbCR) information with foreign authorities who choose to make the reports public, said deputy assistant secretary at the US Treasury Robert Stack.

  • Analysing Facebook’s tax fiasco

    March 15, 2016

    On March 4, two of the major UK newspapers’ online sites released two different stories about Facebook relocating its sales revenue to the UK. Differing views on the company’s tax liabilities reveal that Facebook’s tax hiccup isn’t yet over.

  • Chile implements additional tax specifications

    March 14, 2016

    Amendments have been introduced to the 2014 Chilean tax reform package, including an additional obligation that will strengthen Chile’s tax audit tools.

  • NEW GUIDE NOW AVAILABLE - BEPS Is Broader Than Tax: Practical Business Implications of BEPS

    March 12, 2016

    A new guide focusing on base erosion and profit shifting (BEPS) developments - BEPS is Broader Than Tax: Practical Business Implications of BEPS, published in association with EY - is now available online.

  • Tax whistleblowers: A change in the wind

    March 11, 2016

    Two recent tax dispute cases in the US have granted whistleblowers significant award payments for the first time, revealing a change in the way whistleblowing is seen by both the government and the public.

  • Final phase of China VAT reform to be implemented

    March 10, 2016

    China’s Premier Li Keqiang announced during the fourth session of the 12th National People's Congress on March 5 2016 that the final phase of the country’s value added tax (VAT) reform will be rolled out starting from May 1 2016. From that date, property developers, and construction, financial and consumer services will fall within the scope of VAT and the reform project will be complete.

  • Depreciation of Mexican peso vs US dollar - income tax considerations

    March 10, 2016

    EY Mexico analyse income tax considerations related to the foreign exchange effect of the Mexican Peso versus the US Dollar, looking at non-monetary assets, deferred taxes and the impact in the effective tax rate under US-GAAP, IFRS or Mexican Financial Reporting Standards.

  • Key takeaways from the revised US tax treaty model

    March 09, 2016

    The revised US tax treaty model, which is the baseline text used by the US for treaty negotiations, places special consideration on bilateral treaties, as well as adding a number of benefits for cross-border transactions.

  • The Brockman brief: CbCR: Surrogate parent entity – good idea, but will it work?

    March 09, 2016

    The OECD’s BEPS Action 13: Country-by-Country Reporting Implementation Package introduced a ‘surrogate parent entity’ (surrogate) concept for the country-by-country (CbC) report.

  • The Cunningham column: China drags its tax system into line

    March 09, 2016

    China has unveiled its plan for how its tax system operates and the different parts of if work together. Taxpayers calling for uniformity and consistency may be about to get their wish, believes Ralph Cunningham.

  • India GST – Still alive despite lack of Budget prominence

    March 09, 2016

    While GST did not feature prominently in the February 29 Indian Budget, in a personal view Abhishek Shah explains why the prospects for GST have not diminished.

  • The tax transactional survey 2016

    March 09, 2016

    International Tax Review analyses global M&A trends from the past year and highlights the leading firms for tax transactional advice by jurisdiction.

  • PoEM – Changing the Indian tax landscape

    March 09, 2016

    Pinky Mehta, CFO of Aditya Birla Nuvo Limited and Rajeshree Sabnavis, partner at BMR & Associates, analyse recent developments around the constitution of a place of effective management (PoEM) in India, looking at how these developments tie in with global discussions on the theme of substance-over-form.

  • State and local cooperation key to success of Chinese reform

    March 09, 2016

    The Chinese government published the long-awaited “Blueprint for Deepening the Reform of Collection and Administration Systems of State and Local Tax Administrations” on December 24 2015. In this article, Wang Jun, Commissioner of the State Administration of Taxation (SAT) explains how clarifying the roles and responsibilities of state and local tax administrations will help achieve a better tax system and make taxpayers happier.

  • US to finalise CbCR rules by end of June

    March 09, 2016

    The US “fully expects” to have finalised its country-by-country reporting (CbCR) rules by June 30, according to Robert Stack, Treasury deputy assistant secretary for international tax affairs.

  • Luxembourg finance minister proposes corporate tax cut

    March 07, 2016

    Luxembourg’s long-awaited tax reform contains a staggered three percentage point corporate tax cut, but lobbyists still want a further drop to increase the country’s competitiveness.

  • Hong Kong legislates for corporate treasury centres

    March 04, 2016

    The Hong Kong Government recently gazetted a Bill which introduces a concessionary profits tax rate for qualifying corporate treasury centres (qualifying CTCs), new rules to deem certain interest income and other gains as Hong Kong-sourced and amendments to the existing interest deduction provisions to enable a deduction for interest on certain intra-group lending transactions.

  • LONG READ: China's Tax Reform: The Blueprint for Deepening the Reform of Collection and Administrative Systems of State and Local Tax Administrations in China

    March 04, 2016

    The title is lengthy and unwieldy, but, as this translation, provided by the State Administration of Taxation shows, China’s ambitious tax reform, set out in 31 tasks, includes a focus on international tax cooperation and an explanation of what state and local tax authorities are responsible for and how they should work together. The goal is to establish a modern tax collection and administrative system by 2020.

  • France’s Google tax demand symptomatic of post-BEPS environment

    March 03, 2016

    The reported €1.6 billion ($1.76 billion) tax demand issued to Google by French authorities is typical of the way tax authorities are handling multinational tax planning ‘post-BEPS’ in France, to the detriment of hundreds of companies, say advisers.

  • Reflections on India's Budget 2016

    March 02, 2016

    Budget 2016 has provided a big thrust to the development of the agricultural economy and infrastructure in India while bringing about contemporary tax reforms in line with international practices.

  • New Zealand passes taxation Bill

    March 02, 2016

    The New Zealand Government passed a wide-ranging taxation Bill on February 24 2016, which includes measures that clarify GST and R&D tax rules for companies.

  • Australian Senate passes CRS legislation

    March 02, 2016

    On February 29, the Australian Parliament passed the Bill that will implement the Common Reporting Standard (CRS) for the automatic exchange of financial account information.

  • Taxation on e-commerce: International implementation

    March 01, 2016

    The international adoption of tax on digital services has made for differing legislations across jurisdictions, but a common trend is the move from supplier-based to destination-based taxation.

International Correspondents