EU Proposes Changes to Anti-Money Laundering Rules

In a significant development, the European Union (EU) plans stricter rules that would enable EU citizens to access registers of beneficial owners of companies and trusts without having to demonstrate a “legitimate interest” in the information. Currently, access is restricted to authorities and professionals such as journalists and lobbyists. The new rules are amendments to…

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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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“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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IRS Regs Kill Foreign Goodwill Exception

Final IRS Regs Kill Foreign Goodwill Exception, Curb Active Trade Exception The IRS issued final regs that affect U.S. taxpayers who transfer property to foreign corporations in nonrecognition transactions. The regs are aimed at preventing taxpayers from avoiding recognition of gains or income attributable to high-value intangible property by claiming that a large share of…

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SSA publishes January 2017 Update

The Social Security Administration (SSA) published its January 2017 update and covers the following topics:  Finland Implements Reform to Earnings-Related Pension Program Poland Approves Law Lowering Retirement Ages Japan’s Legislature Approves Public Pension Reform Provisions Uruguay and the United States Sign Totalization Agreement Of particular interest is the last topic concerning the U.S. / Uruguay…

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