The State Council has indicated that a key mechanism of reforming the income distribution regime is to refine the Chinese individual income tax (IIT) system. Vincent Pang and Michelle Zhou examine how this will be done and look at the permanent establishment (PE) implications of cross-border secondment and implication of social security contributions for foreign employees and employers.
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Ireland’s Department of Finance reported increased income tax, VAT and corporation tax receipts from 2024; in other news, it’s understood that HSBC has agreed to pay the French treasury to settle a tax investigation
The EU has seemingly capitulated to the US’s ‘side-by-side’ demands. This may be a win for the US, but the uncertainty has only just begun for pillar two