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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 revolutionThe 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 FATCAThe 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 CFOsUS 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 reductionAnders 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 VATPiet 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 hitsAustralian 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 benefitThe 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 riskRussian 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 across site & bottom lb ros

More from across our site

The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.
Companies including Valentino and EveryMatrix say the early adoption of EU public CbCR rules could boost transparency of local and foreign MNEs, despite the short notice.
ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.
Tax authorities and customs are failing multinationals by creating uncertainty with contradictory assessment and guidance, say in-house tax directors.
The CJEU said the General Court erred in law when it ruled that both companies benefitted from Italian state aid.
An OECD report reveals multinationals have continued to shift profits to low-tax jurisdictions, reinforcing the case for strong multilateral action in response.
The UK government announced plans to increase taxes on oil and gas profits, while the Irish government considers its next move on tax reform.
War and COVID have highlighted companies’ unpreparedness to deal with sudden geo-political changes, say TP specialists.
A source who has seen the draft law said it brings clarity on intangibles and other areas of TP including tax planning.