FEBRUARY 28, 2020
Welcome to the second AFIRE Tax & Regulatory Briefing – and happy Leap Year weekend!
We’re still digesting the Global Risk Report from the World Economic Forum, released last month, which casts global sentiment as trepidatious in the face of “geopolitical and geo-economic uncertainties” (for example, mounting concerns related to COVID-19). Largely the report’s findings have been consistent with some of the sentiments we captured in our forthcoming AFIRE Annual Investor Survey Report, and while some express a wait-and-see approach, it can run the risk of missed opportunities for addressing challenges head-on.
Fortunately, new proposals, opinions, and policy options this month from the IRS, OECD, the Department of Treasury, China’s Ministry of Finance, California Consumer Privacy Act, and others, provide clarification (or context) for charting a path forward for your clients, organizations, and investors – even amidst uncertainty.
Want to include your updates for the next briefing? Let us know.
Links: 8 | Words: 409 | Read Time: 3 minutes
Final and Proposed BEAT Regulations
PwC: “Treasury and the IRS […] released 343 pages of Final Regulations and 59 pages of Proposed Regulations for the Base Erosion and Anti-Abuse Tax (BEAT) requiring certain corporations to pay a minimum tax on taxable income as computed without certain deductions for certain payments to foreign related parties.” READ MORE.
OECD: Transfer Pricing Guidance on Financial Transactions
Organisation for Economic Cooperation and Development (OECD): “The guidance contained in this report […] is significant because it is the first time the Guidelines will be updated to include guidance on the transfer pricing aspects of financial transactions, which should contribute to consistency in the application of transfer pricing and help avoid transfer pricing disputes and double taxation.” READ MORE (PDF).
China: Coronavirus Tax Challenges & Policy Options
KPMG Tax: “China’s Ministry of Finance (MOF), General Administration of Customs (GAC) and State Taxation Administration (STA) jointly issued Announcement 6, and STA issued Circular 19. These guidance items set out preferential measures to support enterprises and citizens to fight against the [coronavirus] outbreak.” READ MORE.
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