Varying degrees of progress are being made on international tax policy initiatives. Discussions on a global wealth tax continue to gather momentum with the release of a Blueprint exploring the proposal in more detail. Canada has responded to lack of progress on Amount A of Pillar One by enacting its own domestic digital services tax. The US has finalised the administrative and procedural guidance on its 1% excise tax on share buybacks; however, uncertainties remain around the substantive rules for foreign parent companies. An ECOFIN report takes stock of progress (or lack thereof) on key EU direct tax initiatives, and the OECD has released a consultation on the Pillar Two GloBE information return filing standard. Finally, Norway and Canada have taken steps to progress domestic implementation of Pillar Two.
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Varying degrees of progress are being made on international tax policy initiatives. Discussions on a global wealth tax continue to gather momentum with the release of a Blueprint exploring the proposal in more detail. Canada has responded to lack of progress on Amount A of Pillar One by enacting its own domestic digital services tax. The US has finalised the administrative and procedural guidance on its 1% excise tax on share buybacks; however, uncertainties remain around the substantive rules for foreign parent companies. An ECOFIN report takes stock of progress (or lack thereof) on key EU direct tax initiatives, and the OECD has released a consultation on the Pillar Two GloBE information return filing standard. Finally, Norway and Canada have taken steps to progress domestic implementation of Pillar Two.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
