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What you have missed on ITR Premium

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How Scottish Power’s US Tax Court victory could hamper the IRS, why Spain is increasing its VAT rate, and insight into why the G20 is not too excited about IFRS were just three articles that appeared on ITR Premium last week.


COMPLIANCE MANAGEMENT

g20.jpgG20 goes no further than support for global accounting standards

Despite coming under pressure for a commitment to International Financial Reporting Standards (IFRS), the leaders of the G20 were low-key in their support for global accounting standards on June 18 and 19.





jamaica.jpgJamaican finance minister hints at FATCA agreement with US

Jamaica has become the latest jurisdiction to raise the possibility of concluding a bilateral agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA).







CORPORATE TAX

irs3.jpgIRS & Treasury tighten rules on US firms moving to low-tax countries

Read why the IRS and Treasury have released new rules that make it harder for US companies to relocate to low-tax jurisdictions.













us20sen20fin20comm2.jpgUS Senate assessed impact of tax reform on energy policy

In the latest Senate Finance Committee hearing into US tax reform, the impact of reform on energy policy was assessed, with committee chairman Max Baucus saying it provides the energy sector with an opportunity to make real progress in securing future energy supply while also simplifying the tax code.





INDIRECT TAX

spain.jpgSpain set to take IMF’s advice and raise VAT

The IMF has recommended that Spain should raise its VAT rates, making an increase next year even more likely





uk4.jpgUK could challenge EU’s attack on energy efficiency VAT incentives

The European Commission has begun infringement proceedings against the UK for the reduced rate it applies on energy saving and heating products, but the UK might have a sound argument to challenge.





TAX DISPUTES

scottish20power.jpgHow Scottish Power’s US Tax Court victory could hamper IRS

The IRS may need to reconsider its position when challenging certain debt instruments after Scottish Power this week won its US Tax Court case over the tax deductibility of interest.













airtel.jpgIndian tax authorities “wrong” to target Airtel over customs duties

Indian telecommunications company Bharti Airtel has been ordered to pay Rs700 crore ($124 million) for alleged evasion of customs duties, but many tax professionals believe the treatment is un

more across site & bottom lb ros

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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.