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What you have missed on ITR Premium

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Analysis of the ECJ EDF state aid tax benefit ruling, the OECD’s efforts to improve VAT policy in Africa, and Sweden’s decision to cut its corporate tax rate were just three articles that dominated ITR Premium last week.


COMPLIANCE MANAGEMENT

EFRAG meeting calls for IAS 12 evolution not revolution
The majority of participants in a meeting organised by the European Financial Reporting Advisory Group (EFRAG) want the IAS 12 accounting standard, which describes how income taxes should be treated for accounting purposes, to be improved rather than replaced.

Non-US entities get first sight of beneficial ownership form for FATCA
The Internal Revenue Service has published a draft Form W-8BEN-E, which overseas entities must use to certify beneficial ownership status for US withholding tax purposes under the Foreign Account Tax Compliance Act (FATCA).


CORPORATE TAX

US tax certainty more important than lower rates for CFOs
US CFOs say they consider certainty in the tax code more important than a reduction in corporate tax rates. At present, few businesses even perform impact assessment models for US tax proposals; such is the extent of the uncertainty.

Sweden’s Anders Borg plans corporate tax rate reduction
Anders Borg, Sweden’s finance minister, has reiterated that the country’s corporate tax rate may be lowered.


INDIRECT TAX

OECD’s Battiau and ATAF swap notes on African VAT
Piet Battiau, head of consumption taxes at the OECD, met with senior officials from the African Tax Administration Forum (ATAF) last week to discuss the challenges they are facing in formulating VAT/GST policy.

Airlines must adapt as Australia’s carbon tax hits
Australian airlines will need to pass on extra costs to customers, increase fuel efficiency and axe routes, if they are to survive the introduction of the carbon pricing mechanism on July 1.


TAX DISPUTES

ECJ quashes Commission’s appeal over EDF state aid tax benefit
The European Court of Justice (ECJ) overturned the European Commission’s ruling that a tax benefit obtained by electricity company EDF constituted improper state aid on Tuesday, saving the company €889 million ($1.1 billion).

Why Russian taxpayers seeking BVI-Cyprus treaty benefits are at risk
Russian companies undertaking so-called BVI-Cyprus sandwich structures to gain tax treaty benefits on royalty income are taking a serious risk according to advisers, despite a recent taxpayer victory in the Federal Arbitration Court of the Ural's Circuit.

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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