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Craving a bit of substance

I've never been one for fine dining. Don't get me wrong, I love flavour, freshness and fancy food, but to be honest I find myself in the same boat as the tax authorities. Something can be intricately and expensively assembled and put in front of me ever so politely, but what I really crave at the end of the day is substance.

This year is shaping up to be one of the busiest yet for the tax profession – as ITR warned in its February issue. One of the areas where this is being experienced most is tax planning.

The phrase 'tax planning' has, during the past few years, started to carry some negative connotations. For some members of the public, and many tax justice campaigners, 'tax planning' has become a euphemism for aggressive tax avoidance.

At ITR, we like to treat words as words – and this year, planning your taxes is as important as ever. Countries are preparing for BEPS in earnest, bringing in reams of legislation, as evidenced by many of this month's International Updates, mentioning the BEPS project. A big theme of this kind of legislation, and the way tax authorities are now examining companies' tax affairs, is the principle of substance over form.

And US tax reform, of course, means that many tax structures will require tweaking or overhauling as companies seek to find the best position to deal with two of the major talking points within it: the base erosion anti-avoidance tax and the global intangible low-taxed income provisions.

So as you dash between the Tax Planning Survey's rankings tables like the poor overworked waiter on our front cover, do pay attention to the words in between, where ITR's editorial staff have dissected many of the issues professionals should be planning for.

But that's not all we have in this month's magazine. Before you reach for pièce de résistance, we have a wide selection of entrées. There's news analysis, Keith Brockman's regular column, an exploration of anti-profiteering regulations and not one but two features on digital taxation issues.

And, once you've digested the main course of the cover story, there is a trio of delectable European desserts: Special features from Germany and Malta, and a report of our successful Indirect Tax Forum, which was held in Amsterdam in March with speakers from the OECD and European Commission, among others.

Bon appétit!

Joe Stanley-Smith

Editor, International Tax Review

more across site & bottom lb ros

More from across our site

‘Go on leave, effective immediately’, PwC has told nine partners in the latest development in the firm’s ongoing tax scandal.
The forum heard that VAT professionals are struggling under new pressures to validate transactions and catch fraud, responsibilities that they say should lie with governments.
The working paper suggested a new framework for boosting effective carbon rates and reducing the inconsistency of climate policy.
UAE firm Virtuzone launches ‘TaxGPT’, claiming it is the first AI-powered tax tool, while the Australian police faces claims of a conflict of interest over its PwC audit contract.
The US technology company is defending its past Irish tax arrangements at the CJEU in a final showdown that could have major political repercussions.
ITR’s Indirect Tax Forum heard that Italy’s VAT investigation into Meta has the potential to set new and expensive tax principles that would likely be adopted around the world
Police are now investigating the leak of confidential tax information by a former PwC partner at the request of the Australian government.
A VAT policy officer at the European Commission told the forum that the initial deadline set for EU convergence of domestic digital VAT reporting is likely to be extended.
The UK government shows little sign of cutting corporate tax, while a growing number of businesses report a decline in investment as a result of the higher tax burden.
Mariana Morais Teixeira of Morais Leitão overviews Portugal’s new tax incentive regime designed to boost the country’s capital-depleted private sector.