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.
Tax consultants say companies must not ignore financial transactions in their TP policies as authorities, particularly in the UK, become more demanding.
The midterm election results could spell gridlock on tax policy for the next two years, while the Dutch tax authorities are cooperating with Italy’s VAT investigation into Booking.com.
Higher taxes in India may kill the cryptocurrency trade in the country, according to Binance’s CEO, while the UK government faces calls from BT to extend its 130% ‘super-deduction’.
TP specialists warn that proposed GloBE rules in the Netherlands could cause headaches for businesses in navigating the additional reporting requirements and compliance costs.
The Australian government announced plans for public country-by-country reporting, while energy company Shell reported bumper profits and sparked calls for a higher windfall tax.
Economic uncertainty in the UK has reduced M&A activity, but TP risks in such transactions are still crucial business considerations, say tax specialists.
Even six years after the Panama Papers leaked a confidential list of offshore accounts held by the global elite, tax morality is still very much on the table.
UK Prime Minister Liz Truss resigned after weeks of economic turmoil over her tax policies, while Pernod Ricard faces a court battle in India over import taxes.
The OECD finalised its reporting rules for cryptocurrencies and other digital assets, while the UK government moves to impose an energy price cap complete with a windfall tax.