Global issues

Bloomberg Tax & Accounting Enters Tax Provision Market With Addition Of Tax Prodigy

Retrieved on: 
Tuesday, August 3, 2021
Tax, Corporate tax avoidance, Bloomberg L.P., Finance, Articles, International taxation, Income tax, Value-added tax, Accounting, Global issues

Bloomberg Tax & Accounting adds Tax Prodigy's software, which enables companies to calculate income tax provision.

Key Points: 
  • Bloomberg Tax & Accounting adds Tax Prodigy's software, which enables companies to calculate income tax provision.
  • "We are excited to add Tax Prodigy's tax provision solution to our growing suite of innovative solutions that solve complex corporate tax and accounting problems," said Lisa Fitzpatrick, president, Bloomberg Tax & Accounting.
  • "There are excellent synergies between Tax Prodigy and the Bloomberg Tax & Accounting research and software solutions.
  • Tax Prodigy Provision joins Bloomberg Tax & Accounting's suite of planning and compliance solutions for corporations, including Bloomberg Tax Research, Fixed Assets, Corporate Tax Analyzer, and State Tax Analyzer.

Experienced Federal Tax Lawyer Todd Chelius Joins Dorsey in Salt Lake City

Retrieved on: 
Monday, July 19, 2021
Public policy, Government, Legal, White House, Federal Government, Professional services, Articles, Tax, Economy, Tax avoidance, Dorsey & Whitney, Corporate tax, International taxation, Corporate tax avoidance, Global issues, Offshore magic circle

International law firm Dorsey & Whitney LLP announced today that Todd Chelius has joined the Firm as a Partner in the Tax Group in Salt Lake City.

Key Points: 
  • International law firm Dorsey & Whitney LLP announced today that Todd Chelius has joined the Firm as a Partner in the Tax Group in Salt Lake City.
  • View the full release here: https://www.businesswire.com/news/home/20210719005803/en/
    Todd Chelius has joined Dorsey as a Partner in the Tax Group in Salt Lake City.
  • (Photo: Dorsey & Whitney LLP)
    Todd joins Dorsey from Amazon in Seattle, Washington, where he practiced for the last six years as a federal tax attorney and a member of the M&A Tax/Federal Tax Planning, Tax Controversy, and International Tax Planning Teams.
  • Todd also handled transactions in the energy space and has strong expertise in partnership tax, corporate tax, taxation of financial products and international tax (including international tax treaties).

Latest news - Next Meeting of the FISC Subcommittee: Public Hearing and Exchange of Views - Subcommittee on Tax Matters

Retrieved on: 
Wednesday, June 16, 2021
Tax, Articles, Economy, International taxation, Corporate tax avoidance, Tax avoidance, Offshore magic circle, Global issues, Value-added tax, Tax haven

What new tax schemes should the EU be paying attention to?

Key Points: 
  • What new tax schemes should the EU be paying attention to?
  • On 22 June 2021, the FISC Subcommittee will hold a public hearing from 13:45 to 16:15 on "The development of new tax practices: What new schemes should the EU pay attention to?"
  • In a subsequent exchange of views from 16:45 to 17:45 with Mr Itai Grinberg, Deputy Assistant Secretary for Multilateral Tax Office of Tax Policy of the US Treasury, the FISC Subcommittee will discuss the US approach to the ongoing OECD negotiations on the two-pillar reform.
  • In an Open Coordinators meeting (in camera), the Members will then have an exchange with Mr Gabriel Zucman on the state of play of the newly created EU Tax Observatory.

H&R Block Announces New Global Consumer Tax Leadership to Drive Enhanced Client Experiences

Retrieved on: 
Thursday, June 10, 2021
Corporate tax avoidance, Tax, International taxation, Offshore magic circle, Articles, Global issues, Tax avoidance, World

KANSAS CITY, Mo., June 10, 2021 (GLOBE NEWSWIRE) -- Following the recent restructuring of the company, today H&R Block (NYSE: HRB) announces changes to its Global Consumer Tax leadership team.

Key Points: 
  • KANSAS CITY, Mo., June 10, 2021 (GLOBE NEWSWIRE) -- Following the recent restructuring of the company, today H&R Block (NYSE: HRB) announces changes to its Global Consumer Tax leadership team.
  • These leaders will remain focused on driving growth as it creates enhanced tax experiences and flexible service options for more clients.
  • Karen Orosco, has been named president, global consumer tax and service delivery, where she will drive the growth of Global Consumer Tax.
  • This includes leadership of more than 12,000 company- and franchise-owned tax offices in the United States, Canada, and Australia, the organizations do-it-yourself (DIY) tax solutions, end-to-end tax pro experience management, tax transformation, and a consumer tax products and support team.

Press release - MEPs hail minimum global corporate tax rate deal as historic

Retrieved on: 
Wednesday, June 9, 2021
Articles, Tax, Economy, International taxation, Corporate tax avoidance, Global issues, Tax avoidance, Offshore magic circle, Tax haven, Group of Seven, Valdis Dombrovskis, Dombrovskis

During the debate with Commissioner Valdis Dombrovskis and Portugals Secretary of State Ana Paula Zacarias, MEPs praised the deal reached by G7 countries on the global minimum corporate tax rate of 15%.

Key Points: 
  • During the debate with Commissioner Valdis Dombrovskis and Portugals Secretary of State Ana Paula Zacarias, MEPs praised the deal reached by G7 countries on the global minimum corporate tax rate of 15%.
  • Several spoke of a historic moment in the fight against tax havens.
  • Others criticised the EU for not being ambitious enough and not demanding that these taxes be higher.
  • MEPs also highlighted the need to cooperate on a global level in the fight against COVID-19 and recovery from the pandemic, as well as working together on climate protection.

Cayman Finance Statement on G7 Global Minimum Tax Announcement

Retrieved on: 
Tuesday, June 8, 2021
Professional services, Legal, Insurance, Finance, Banking, Accounting, Tax, Articles, Economy, Corporate tax avoidance, Tax avoidance, International taxation, Offshore finance, Global issues, Cayman Islands, Offshore financial centre, Economy of the Cayman Islands

Cayman Finance issued the following statement by CEO Jude Scott following the announcement by G7 Finance Ministers that they have reached agreement on a global minimum corporate tax rate:

Key Points: 
  • Cayman Finance issued the following statement by CEO Jude Scott following the announcement by G7 Finance Ministers that they have reached agreement on a global minimum corporate tax rate:
    The Cayman Islands is a tax neutral jurisdiction and our financial services industry is the worlds leader in international investment funds, which are internationally recognised as tax neutral.
  • Our industry will continue to play this important role, much needed during this time of recovery from a global pandemic, following any implementation of a global minimum tax rate for multinational enterprises.
  • Taken as a whole, Caymans tax neutrality and international commitments protect against tax evasion, aggressive tax avoidance, unfair tax competition and any tax harm to other jurisdictions.
  • Cayman Finance is the association of the financial services industry of the Cayman Islands, a premier global tax neutral financial hub efficiently connecting law abiding users and providers of investment capital and financing around the world.

Leading Edge Alliance (LEA Global) Launches New U.S. National Tax Resource Center

Retrieved on: 
Monday, June 7, 2021
Tax, International taxation, Articles, Corporate tax avoidance, Economy, Global issues, Tax avoidance, Offshore magic circle

EDEN PRAIRIE, Minn., June 7, 2021 /PRNewswire/ -- Leading Edge Alliance (LEA Global), one of the world's largest international accounting associations, is pleased to announce the launch of their new U.S. National Tax Resource Center.

Key Points: 
  • EDEN PRAIRIE, Minn., June 7, 2021 /PRNewswire/ -- Leading Edge Alliance (LEA Global), one of the world's largest international accounting associations, is pleased to announce the launch of their new U.S. National Tax Resource Center.
  • The LEA Global U.S. National Tax Resource Center will allow tax departments to stay apprised of these regulatory requirements, emerging issues, and how data may enable tax professionals to integrate tax compliance into thoughtful business strategies for clients.
  • Tony Szczepaniak, Chief Executive Officer of LEA Global, said about the U.S. National Tax Resource Center, "We are elated to be able to offer this resource to our members.
  • The addition of this U.S. National Tax Resource Center adds to the overall depth of value to members across the globe.

Highlights - FISC meets with Finance Committee of the Assemblée nationale - Subcommittee on Tax Matters

Retrieved on: 
Wednesday, June 2, 2021
Articles, Economy, Corporate tax avoidance, Tax, International taxation, Global issues, Tax avoidance, Corporate taxation in the United States, Éric Woerth, Base erosion and profit shifting, Finance Committee, Tax evasion

Eric Woerth, Chair of the French Finance Committee, Assemble nationale Image used under the permission of Eric Woerth, Chair of the French Finance Committee

Key Points: 
  • Eric Woerth, Chair of the French Finance Committee, Assemble nationale Image used under the permission of Eric Woerth, Chair of the French Finance Committee
    Two sessions will provide the opportunity to representatives of political groups from both the Assemble nationale and the European Parliament to present their views on the reform of the international tax system based on the OECD's Base-Erosion and Profit-Shifting (BEPS) Action Plan and the expectations regarding the planned EU digital levy.
  • Discussions will be based on the European Parliament INI report on "Digital taxation: OECD negotiations, tax residency of digital companies and a possible European Digital Tax" by the rapporteurs Andreas Schwab and Martin Hlavek and on the report by the Assemble nationale on the corporate international tax evasion by the rapporteur Bndicte Peyrol.
  • The meeting takes place in the context of the FISC Subcommittee's ambition to enhance the cooperation and interaction between the European Parliament and national parliaments in the area of taxation.

Press release - EU lawmakers strike milestone deal for corporate tax transparency

Retrieved on: 
Wednesday, June 2, 2021
Tax, Articles, Economy, International taxation, Corporate tax avoidance, Tax avoidance, Global issues, Offshore finance, Tax haven, Ireland as a tax haven, European Union tax haven blacklist

Extra-territorial reach

Key Points: 
  • Extra-territorial reach

    The tax transparency reports should also extend to the EU list of non-cooperative jurisdictions for tax purposes outside the EU (countries on the so-called EU "black" and "grey" lists), says the agreed text.

  • Also, a study by the Director of the EU Tax Observatory concludes that about 80% of the profits shifted in the EU are shifted to EU tax havens.
  • With the public Country-by-Country Reporting Directive which obliges big corporations operating in the EU to disclose their tax information we have answered society's calls for more tax transparency.
  • We have laid the foundations for tax transparency in the EU with this deal, and this is just the beginning.

Study Finds Deep Flaws in Advocates' Claims that the Massachusetts Tax Code is Regressive

Retrieved on: 
Tuesday, June 1, 2021
Tax, Tax incidence, Taxation in the United States, Progressive tax, Surtax, Income tax, Corporate tax avoidance, Global issues

Among other flaws, the ITEP analysis excludes some of the most progressive elements of the tax code, uses outdated data, and even includes some regressive elements of the federal tax code in a state-level analysis.

Key Points: 
  • Among other flaws, the ITEP analysis excludes some of the most progressive elements of the tax code, uses outdated data, and even includes some regressive elements of the federal tax code in a state-level analysis.
  • Surtax proponents also ignore that ITEP's most recent tax incidence analysis ranks Massachusetts as having a more progressive state tax code than 29 other states.
  • Massachusetts' Tax Inequality Index score was -3.10 in 2018, better than the -3.48 average score of the other 49 states and D.C.
    "Even ITEP says that, compared to other states, Massachusetts has a relatively progressive tax code," said Greg Sullivan, who co-authored "Are Massachusetts taxes regressive?
  • The new Pioneer study also emphasizes how Massachusetts gets a vastly disproportionate share of income tax revenue from the wealthy.