Bloomberg Tax
Daily Tax Report: International

Brazil’s House Backs Tax Reform, Sending Local Markets Rallying

Brazil’s lower house approved a proposal to overhaul the country’s labyrinthine tax rules, fueling a rally in the local stock and currency markets.

Taxpayer’s Civil Assessment Challenge Not Barred by Jury Verdict

A Scottsdale man’s 2013 conviction for willfully filing false tax returns doesn’t bar him from collaterally attacking civil penalties assessed over his alleged failure to report foreign bank accounts, a federal court in Arizona said.

Tinubu Sets Up Tax Committee in Bid to Drive Nigeria Revenue

Nigerian President Bola Tinubu set up a panel to reform the country’s tax laws and fiscal policy in a bid to boost revenue generation and curb borrowings.

Dutch to Tax More Private Jet Passengers From 2025

The Dutch cabinet is taking action to ensure that more passengers flying in private jets will pay air passenger tax, according to statement.

Some Research on Style, Design Can Use Tax Credit, IRS Says

A taxpayer may be able to claim the research credit under certain circumstances for expenses that relate to matters such as the style or design of a product, so long as the research was intended for substantive matters like improving the product’s performance, the IRS says.

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Brazilian Miners Seek to Remove ‘Disastrous’ Tax Reform Item

Brazilian miners will seek to exclude in the Senate an article in the country’s tax-reform proposal allowing states to create a tax on primary and semi-manufactured products for investment in infrastructure and housing works, Rinaldo Mancini, director of the Brazilian mining institute Ibram, said in an interview.

Week in Insights: Fireworks Taxes Internalize an Externality

This week, our experts covered topics ranging from Wisconsin’s repeal of its business personal property tax to Canada’s proposed new transfer pricing rules. For a look at the latest commentary and analysis, check out our weekly roundup.

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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Bitcoin ETF Applicants Undaunted by SEC Pushback: Crypto in DC

BlackRock Inc. and Valkyrie refiled their application for an exchange-traded fund that invests directly in Bitcoin, shoring up their filings after the Securities and Exchange Commission indicated the recent wave of requests seeking to launch such a product were insufficient.

Bitcoin ‘Halving’ Risks Sinking Already-Struggling Miners

Crypto enthusiasts are hopeful that a once-in-four-years event which rewrites the underlying code of the world’s biggest cryptocurrency will extend the current market rally. But the milestone also risks sounding the death knell for certain Bitcoin miners.

Tax Developments

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United Kingdom Lower House Considers Statutory Instrument to Amend Regulations on BEPS, CbC Reporting

The United Kingdom House of Commons July 5 accepted for consideration Statutory Instrument No. 752/2023, to amend tax regulations on base erosion and profit shifting (BEPS) and country-by-country (CbC) reporting. ...

Taiwan MOF Clarifies Mortgage Interest Deduction Rules for Self-Use Houses

The Taiwanese Ministry of Finance May 9 clarified individual income tax mortgage interest deduction rules for homes for self-use. The clarification includes: 1) that taxpayers, spouses, or dependent relatives can ...

Taiwan MOF Clarifies Estimated Income Tax Calculation for Profit-Seeking Enterprises Given CFC Rules

The Taiwanese Ministry of Finance July 6 clarified estimated income tax calculation rules for profit-seeking enterprises in light of the controlled foreign company (CFC) regime implemented in 2023. The explanation ...