International Tax News

CBO Compares International Corporate Tax Rates

The Congressional Budget Office (CBO) updated its report comparing the corporate income tax rates of the U.S. and other G20 countries. The report examines not only the statutory top rates, of which the U.S. has the highest, but also provides information on the average and effective corporate tax rates, including insight as to how certain…

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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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