Director of National Parks

KPMG LLP Secures New Transfer Pricing Patent Within AI-Powered Tool

Retrieved on:

Wednesday, February 21, 2024

Pillar, Transfer, Artificial intelligence, Patent, Comparables, Director of National Parks, KPMG LLP, BEPS, Benchmarking, Bank statement, KPMG, Risk management

KPMG LLP, the audit, tax and advisory firm, is using its newly awarded US Patent No.

Key Points:

KPMG LLP, the audit, tax and advisory firm, is using its newly awarded US Patent No.
11,720,842, "System and Method for Identifying Comparables" (the '842 Patent), together with artificial intelligence (AI), to help companies remain compliant and ultimately protect them from potential tax audits.
Transfer pricing benchmarking is a critical step in helping MNEs comply with transfer pricing rules and regulations - one that includes the review of hundreds of business descriptions and financial statements to compile a list of companies with comparable sets of data.
The KPMG patent enhances this historically tedious and error-prone process by leveraging AI to automate and mine the data, reducing the number of discrepancies, tax authority audits, controversies and potential fines.

Philip R. Lane: Euro area international financial flows: analytical insights and measurement challenges

Retrieved on:

Tuesday, February 13, 2024

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

Key Points:

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.

House of Assembly to Debate Corporate Income Tax for Multinationals with Revenue of €750M+

Retrieved on:

Thursday, December 14, 2023

Today the Government of Bermuda announced that the House of Assembly will debate the Corporate Income Tax (CIT) Act 2023 affecting Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenues of €750M or more.

Key Points:

Today the Government of Bermuda announced that the House of Assembly will debate the Corporate Income Tax (CIT) Act 2023 affecting Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenues of €750M or more.
The legislation is the result of multiple public consultations and direct engagement with key industry participants by the Government and its international tax advisers.
“Bermuda continues to be recognized for its commitment to global compliance and transparency, and is considered by the EU to be a fully cooperative tax jurisdiction.
The Government continues to engage with all stakeholders in refining the new tax regime.

Bermuda Begins Third Public Consultation and issues Illustrative Draft Legislation for Corporate Income Tax

Retrieved on:

Wednesday, November 15, 2023

Since 2021, over 140 countries, including Bermuda, have advanced towards alignment on international tax rules to create a level playing field.

Key Points:

Since 2021, over 140 countries, including Bermuda, have advanced towards alignment on international tax rules to create a level playing field.
The proposed Corporate Income Tax regime would reinforce Bermuda’s continuing commitment to global compliance and transparency and will maintain its international competitive positioning.
As a result of consultation feedback, the current proposal would introduce a corporate income tax that would be a covered tax under the OECD’s GloBE rules.
This third Consultation Paper includes Illustrative Draft CIT Legislation to provide stakeholders with a comprehensive view of the proposed policy.

Bermuda Begins Second Public Consultation on Corporate Income Tax Proposal

Retrieved on:

Friday, October 6, 2023

Professional Services, Public Policy, Government, Business, Other Policy Issues, Finance, Accounting, Investment, Director of National Parks, CIT, Economic Cooperation Organization, Economic development, Organization, D-8 Organization for Economic Cooperation, Growth, Life, Insurance, Renewable energy

Today the Government of Bermuda announced that it will issue a second public consultation paper regarding the proposed introduction of a corporate income tax (“CIT”) that would be applicable to Bermuda businesses that fall within the scope of the Organization for Economic Cooperation and Development’s (“OECD”) global minimum tax rules (“GloBE Rules”).

Key Points:

Today the Government of Bermuda announced that it will issue a second public consultation paper regarding the proposed introduction of a corporate income tax (“CIT”) that would be applicable to Bermuda businesses that fall within the scope of the Organization for Economic Cooperation and Development’s (“OECD”) global minimum tax rules (“GloBE Rules”).
Taking into account feedback from the first public consultation period which ended on September 8th, 2023, several important factors have influenced the design of the proposed CIT regime.
Bermuda intends that its CIT is recognised as a Covered Tax under GloBE rules.
The CIT would become effective in 2025, providing MNEs the necessary time to make adjustments to their systems as they transition to paying a corporate income tax in Bermuda.

“The Future Is Bright” With Opportunities to Grow: BioAlberta’s State of the Industry Reports on Alberta’s Life Sciences and Healthcare Industry

Retrieved on:

Thursday, September 28, 2023

The industry is optimistic, with surveyed companies forecasting 55.5% growth in revenue in 2023, having delivered 2022 revenues of nearly $2.0 billion.

Key Points:

The industry is optimistic, with surveyed companies forecasting 55.5% growth in revenue in 2023, having delivered 2022 revenues of nearly $2.0 billion.
The life sciences industry continues to innovate, providing diagnostics, therapeutics, and treatments to support the population through the COVID-19 pandemic.
The industry remains in a state of high growth, propelled by many startups/scaleups and other rapidly advancing companies.
Life sciences companies are also high-impact job creators, with surveyed companies forecasting nearly 6,000 employees in 2023 — up 1,800 (44.3%) from 2022.

Bermuda Considers Introducing a Corporate Income Tax

Retrieved on:

Tuesday, August 8, 2023

Today, the Government of Bermuda announced that it will issue a public consultation paper as part of its considerations on introducing a corporate income tax to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenue of €750M or more.

Key Points:

Today, the Government of Bermuda announced that it will issue a public consultation paper as part of its considerations on introducing a corporate income tax to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenue of €750M or more.
Bermuda is considering a corporate income tax that would be taken into account in calculating the effective tax rate of Bermuda businesses under the Organization for Economic Cooperation and Development’s (OECD) global minimum tax rules.
The taxes paid under the proposed Bermuda corporate income tax regime would be those which would be payable to other jurisdictions under the global minimum tax framework.
Any new corporate income tax adopted would also include certain tax credits which support Bermuda’s economic goals and maintains Bermuda’s global attractiveness.

Asia Pacific Elevator and Escalator Market Analysis 2023-2029: Safety Regulations, Upgradation of Elevator Components, & Green Building Initiatives Boosts Sector - ResearchAndMarkets.com

Retrieved on:

Tuesday, August 8, 2023

Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Asia Pacific elevator and escalator market, with a share of over 55%.

Key Points:

Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Asia Pacific elevator and escalator market, with a share of over 55%.
Green Building and Certifications in the Building sector lead to the adoption of Energy Efficient Vertical transportation installations in the Asia Pacific Elevator And Escalator Market.
What will be the number of installed bases in the Asia Pacific elevator and escalator market in 2029?
What are the key opportunities in the Asia Pacific elevator and escalator market?

Highlights - FISC Mission to Singapore - Subcommittee on Tax Matters

Retrieved on:

Thursday, July 20, 2023

ACRA, Public accounts committee, Accounting and Corporate Regulatory Authority, Transport, OECD, IRA, FISC, Worker standards board, Inland Revenue Authority of Singapore, Director of National Parks, Parliament of Singapore, Accounting, Health insurance, Finance

FISC Mission to Singapore

Key Points:

FISC Mission to Singapore
Members of the FISC Subcommittee will travel to Singapore from 25 to 27 July 2023 in order to discuss developments in the area of international taxation and the fight against tax avoidance and evasion.
Meetings with the Chief Executives of the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority (IRA), as well as stakeholders from professional associations and academia will also take place.
The discussions will notably focus on the implementation of the OECD/G20 Inclusive Framework agreement on an international tax reform and Singapore's efforts to combat tax evasion and avoidance.
The attractiveness of Singapore for MNEs or very rich individuals will also be discussed, together with Singapore's readiness to implement or improve standards on good tax governance.