Saturday, April 19, 2014

Global Tax News and Analysis

Swiss Banking Official Cites Problems With Automatic Information Exchange

By Daniel Pruzin April 16 —  The Organization for Economic Cooperation and Development proposal setting out the framework for a future global deal on automatic information exchange (AIE) in tax matters would result in “legal uncertainty” for financial institutions implementing the rules, a representative from the Swiss banking industry said. In... [Read more of this article]

EU Parliament Clears Corporate Reporting Legislation Without Mandate for Tax Data

By Joe Kirwin April 15 —  The European Parliament gave its backing to legislation that will require companies with more than 500 employees to provide a wide range of nonfinancial information in annual company reports, but opted to exclude mandatory country-by-country reporting on tax and profits. The measure, approved April 15, requires details about... [Read more of this article]

Commentary on the BEPS Discussion Drafts on Tax Treaty Abuse And Countering Avoidance Using Hybrid Mismatch Arrangements

By Tim Jarvis and Aredhel Johnson Tim Jarvis is a partner and Aredhel Johnson a senior associate in the Tax Strategy and Benefits practice at Squire Sanders. In July 2013 the Organization for Economic Cooperation and Development published its Base Erosion and Profit Shifting (BEPS) Action Plan; a public discussion draft was published March 14 on countering... [Read more of this article]

Global Audit Inspections Show Similar Types of Deficiencies, Regulator Group Says

By Laura Tieger-Salisbury April 11 —  Audit firms need to develop “robust root cause analysis” to understand and remedy the persistent, similar inspection deficiencies found by the International Forum of Independent Audit Regulators, IFIAR’s Vice Chairman Janine van Diggelen said. Van Diggelen, who also heads the Audit and Reporting Quality... [Read more of this article]

China Accelerates Plans to Impose Pollution Tax on Heavy Industry Companies

April 10 —  China will speed up the development of environmental tax legislation that could penalize heavy polluters to help the central government pay for programs to address air, soil and water pollution, said a report from the State Council, China’s top decision-making body. Authorities from the State Administration of Taxation (SAT), the... [Read more of this article]

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