International Tax News

India Imposes Tax on Downloads from Overseas Providers

India’s Ministry of Finance recently amended service tax rules related to online information and database access or retrieval (OIDAR) services. The government said it is imposing a 15% tax on downloads and purchases of digital goods from offshore retailers. Among the key changes are: The definition of OIDAR services is expanded to include electronic services…

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International Tax Reform Moves a Step Closer

International tax reform moved ahead as the Organisation for Economic Cooperation and Development (OECD) published its so-called multilateral instrument (MLI), along with an explanation of how it will work. The MLI, a cornerstone of the OECD’s base erosion and profit shifting (BEPS) project, is formally known as the Multilateral Convention to Implement Tax Treaty Related…

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IRS to Modify Regs on Some “Triangular” Reorganizations

The IRS said it plans to modify the regs relating to certain triangular reorganizations involving foreign corporations. Specifically, in Notice 2016-73, the tax agency announced it will alter the rules affecting the treatment of property used to acquire parent stock or securities in triangular reorganizations involving one or more foreign corporations, as well as describe…

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Draft Instructions Available for Form 8975

On February 23, 2017, the U.S. IRS published draft Instructions for Form 8975 and Schedule A (Form 8975), Country-by-Country Report (CbC Report). Note that these are in draft form and may change prior to the IRS issuing a final version. This document will be updated to address any changes. A U.S. person must file a…

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“Google Tax” Goes into Effect in Russia

Moscow enacted a law ordering certain foreign companies engaged in online sales of electronic content in Russia to pay the value-added tax (VAT). Equal Footing The law, informally known as the “Google Tax,” stipulates the introduction of an 18% VAT for foreign companies providing services to Russians in electronic form. Foreign companies will need to…

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