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What you have missed on ITR Premium

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Analysis of Home Concrete’s US Supreme Court victory, why the European Parliament is backing an amended CCCTB and what the French presidential race means for corporate taxes were just three of the headlines that dominated ITR Premium last week.



COMPLIANCE MANAGEMENT

Tax hurts Ford’s first-quarter
A higher tax expense contributed to a fall in Ford Motor Company’s net income in the first quarter of the year.

US draws one more country into FATCA net
Ireland’s tax authorities have confirmed to International Tax Review that they are in talks with the Internal Revenue Service about the implementation of the Foreign Account Tax Compliance Act.



CORPORATE TAX


European Parliament back amended CCCTB
The European Parliament has given its support for an EU-wide common consolidated corporate tax base (CCCTB), stating the measure should become mandatory following a transition period.

What the French presidential election could mean for corporate taxes
With Socialist candidate Francois Hollande taking a narrow victory over the incumbent Nicolas Sarkozy in the first round of France’s presidential election, read what the candidates have planned for the country’s corporate tax system.



INDIRECT TAX


UK government to crack down on LVCR avoidance schemes
The UK government is taking steps to stop companies avoiding the removal of low value consignment relief (LVCR) on Channel Island imports two weeks after International Tax Review reported how companies are getting around the abolition.

Environmentalists disappointed by slow progress on revised ETD
Environmentalists welcomed the European Commission’s revised Energy Tax Directive (ETD), but they feel Council negotiations over the reforms are taking too long and are in danger of weakening the proposals.



TAX DISPUTES

Why taxpayers should be relieved after Home Concrete’s SC win
The US Supreme Court has ruled that the Internal Revenue Service (IRS) cannot use an extended six year statute of limitations period to investigate an overstatement of basis by Home Concrete.

HMRC won’t appeal SDRT ruling
UK companies can expect refunds of stamp duty reserve tax (SDRT) paid on the transfer of shares outside the EU for capital raising purposes, after HMRC announced it will not seek permission to appeal the First-tier Tax Tribunal’s decision in the HSBC case.

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More from across our site

The state secretary told the French press that the country continues to oppose pillar two’s global minimum tax rate following an Ecofin meeting last week.
This week the Biden administration has run into opposition over a proposal for a federal gas tax holiday, while the European Parliament has approved a plan for an EU carbon border mechanism.
Businesses need to improve on data management to ensure tax departments become much more integrated, according to Microsoft’s chief digital officer at a KPMG event.
Businesses must ensure any alternative benchmark rate is included in their TP studies and approved by tax authorities, as Libor for the US ends in exactly a year.
Tax directors warn that a lack of adequate planning for VAT rule changes could leave businesses exposed to regulatory errors and costly fines.
Tax professionals have urged suppliers of goods from Great Britain to Northern Ireland to pause any plans to restructure their supply chains following the NI Protocol Bill.
Tax leaders say communication with peers is important for risk management, especially on how to approach regional authorities.
Advances in compliance tools in international markets and the digitalisation of global tax administrations are increasing in-house demand for technologists.
The US fast-food company has agreed to pay €1.25 billion to settle the French investigation into its transfer pricing arrangements over allegations of tax evasion.
HM Revenue and Customs said the UK pillar two legislation will be delayed until at least December 2023, while ITR reported on a secret Netflix settlement and an IMF study on VAT cuts.
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