International taxes

The European Union published proposals Wednesday for a 3 percent Digital Turnover Tax on the European B2B revenues of digital giants such as Google, Apple, Facebook, Amazon (termed GAFA in Europe), Uber and Airbnb.

Large digital companies operating in the European Union could face a tax on their gross revenue based on users’ locations.

A new academic study suggests that the provisions in the Tax Cuts and Jobs Act encouraging companies to repatriate their foreign earnings back to the U.S. at a reduced tax rate could lead to more spending on research and development.

The Treasury Department issued a strongly worded statement in response to a report from the Organization for Economic Cooperation and Development.

The Internal Revenue Service is winding down its program to entice wealthy Americans who hid money abroad to come forward and take an amnesty deal—but if you’re a tax evader, or simply clueless, don’t think you’ve been spared.

The U.S. Chamber of Commerce is asking the Internal Revenue Service for more guidance on the Tax Cuts and Jobs Act, asking for language specifying how qualified business income and limitations on business interest should be defined, among other matters.

The Internal Revenue Service provided additional information Tuesday to help corporate taxpayers deal with the new section 965 transition tax for repatriating foreign profits under the tax law that Congress passed in December.

The Internal Revenue Service said Tuesday it plans to close the 2014 Offshore Voluntary Disclosure Program on Sept. 28, 2018 and will start winding it down before that date.

Bank of New York Mellon Corp. won a contract to be custodian for as much as 13 billion euros ($16 billion) in back taxes that Apple Inc. will pay to Ireland, according to a person familiar with the matter.

Sen. Sheldon Whitehouse and Rep. Lloyd Doggett have proposed legislation in the House and Senate to ensure multinational companies pay the same tax rate on profits earned abroad as they do in the U.S., to counter some of the effects they claim from the Tax Cuts and Jobs Act that Republicans passed last December.

Israel put proposed taxes on church-owned property in Jerusalem on hold after top Christian clerics in the city closed the venerated Church of the Holy Sepulchre to protest the planned levies.

The Church of the Holy Sepulchre in Jerusalem, Christianity’s holiest site, was closed to visitors on Sunday in an unprecedented move to protest proposed Israeli tax and land policies governing church-owned property.

HSBC Holdings Plc said it could face penalties exceeding $1.5 billion stemming from multiple investigations into claims that its Swiss private bank unit helped clients evade paying taxes.

The European Union voiced its concerns again over the impact of Donald Trump’s tax cuts but stopped short of threatening retaliation that could further inflame EU-U.S. tensions.

The Financial Accounting Standards Board released an accounting standards update Wednesday to help companies deal with the stranded income tax effects in accumulated other comprehensive income stemming from the Tax Cuts and Jobs Act.

The Financial Accounting Standards Board is moving forward with a proposed accounting standards update to reclassify the stranded tax effects from the Tax Cuts and Jobs Act of 2017, although at least one investor group has some concerns.

The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to the transition tax under the Tax Cuts and Jobs Act.

The Trump administration has no formal proposal on the table for a so-called reciprocal tax on imports, according to a U.S. official who sought to clarify whether a levy that risks escalating tensions with key trading partners would be enacted.

The American Institute of CPAs is asking the Internal Revenue Service to provide relief from tax penalties to taxpayers who are required for the first time to file information returns related to Controlled Foreign Corporations.

Tax cuts signed by an America First president are turning out to be a major boon to some of the world’s biggest automakers—except those based in the U.S.