Bloomberg Tax
Daily Tax Report: International

US Seeks to Extend Digital-Tax Freeze as Global Deal Stalls

The Biden administration is proposing to allies that they extend a coordinated freeze on new digital services taxes beyond its planned expiration at the end of this year, in a bid to avert a trade war among friends and keep alive a foundering global tax deal.

Treasury Plans More Guidance on Intellectual Property Transfers

The IRS is planning further guidance on transfers of intellectual property out of and into the US, to address questions that weren’t dealt with in proposed rules issued in May, a Treasury Department official said Wednesday.

House Republicans Object to German IP Tax in Letter to Yellen

House Republicans are urging Treasury Secretary Janet Yellen to “protect US taxpayers” against Germany’s century-old tax on intellectual property income that’s been a headache for companies.

Amazon Wins Court Boost in €250 Million Tax Fight With EU

Amazon.com Inc. won another boost in its fight over the €250 million ($268 million) bill it was ordered to pay amid a European Union crackdown on allegedly unfair tax breaks for multinational companies.

Apple, Nike Avoid New Tax on Stock Buybacks By Speeding Them Up

The companies may have had other reasons for buying back so many shares when they did. Still, the jump in repurchases appears to poke a hole in the conventional thinking that the 1% buyback tax implemented in January has been too small to affect companies’ behavior.

Latest Stories

Spotlight on New York City Tax Partner Irina Kimelfeld

Our Spotlight series highlights the careers and lives of tax professionals around the world. This week’s Spotlight is on Irina Kimelfeld, a tax partner at EisnerAmper and a member of its financial services group in New York City.

Biden, Sunak Accelerate Cooperation on Defense, Green Subsidies

US President Joe Biden and UK Prime Minister Rishi Sunak agreed to open negotiations on a trade pact that could help British automakers qualify for electric car subsidies and speed the joint development of advanced weapons like hypersonic missiles after meeting Thursday at the White House.

US Seeks to Extend Digital-Tax Freeze as Global Deal Stalls

The Biden administration is proposing to allies that they extend a coordinated freeze on new digital services taxes beyond its planned expiration at the end of this year, in a bid to avert a trade war among friends and keep alive a foundering global tax deal.

Will the Global Minimum Tax End the Race to the Bottom?

In 2021, 137 countries agreed on a global minimum corporate tax rate of 15% for big global companies. This video explains why countries felt such a tax was needed and how it will work.

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Why Crypto Flinches When SEC Calls Coins Securities: QuickTake

The US Securities and Exchange Commission has put the financial world on notice: It considers a range of widely traded digital assets to be securities, a position that could impose steep regulatory requirements on digital-asset exchanges. Recently announced legal actions against some of the biggest names in crypto trading will put that proposition to the test. Figuring out what does or doesn’t make a coin a security is still a major point of contention.

What’s the Best Use for Crypto? Let AI Find Out: Tyler Cowen

Remember Web 3.0? No? Allow ChatGPT to refresh your memory: Web 3.0, according to GPT-4, is “the next frontier in internet technology, characterized by decentralized, user-centric applications that prioritize data privacy and foster seamless, interconnected experiences.”

Tax Developments

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Taiwan MOF Seeks Comments on Draft Regulations Governing Individual Income Tax Deferral Rules

The Taiwanese Ministry of Finance June 6 opened a consultation on draft regulations governing income tax deferral rules under the Enterprise Mergers and Acquisitions Act. The draft regulations include measures ...

Norway MOF Seeks Comments on Draft Proposal to Implement Rules on Global Minimum Taxation

The Norwegian Ministry of Finance June 6 opened a consultation on the domestic implementation of a global minimum tax for covered multinational enterprise (MNE) groups, under the OECD’s Pillar Two ...

Singapore MOF Seeks Comments on Draft Income Tax Amendment Bill

The Singaporean Ministry of Finance June 6 opened a consultation on a draft income tax amendment bill, to implement budget and non-budget measures. The draft bill includes measures that would: ...