Bloomberg Tax
Transfer Pricing Report

Accounting Board Resists Backlash to Income Tax Reporting Plan

The US accounting standard setter said Monday it would press on with a project that would force companies to share more details about the income taxes they pay—despite pressure from lawmakers and business groups to drop the proposal.

Australia Proposes to Cap Deductions for Petroleum Tax

Australia’s Petroleum Resource Rent Tax would limit tax deductions on petroleum projects under draft legislation.

Developing Countries Say OECD Tax Rules Don’t Guarantee Revenue

The 15% global minimum tax rules included as part of the OECD-led international tax deal favor developed nations, are burdensome to administer and do not guarantee the collection of more revenue, an advocacy group for developing nations said.

German Minimum Tax Rules Should Follow OECD’s, Businesses Say

Businesses are urging Germany to stick as closely as possible to the OECD’s minimum tax rules, as the country moves towards implementing the tax.

Brazilian Investment Funds and US Pre-Immigration Tax Planning

Using Brazilian investment funds is an important wealth planning tool for Brazilian families who are considering US tax residency, say Gessimbergue Monteiro of G.S. Monteiro Law and Felipe Medaglia of Souza Okawa.

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BGOV OnPoint: Lawmakers Spar Over Global Tax Deal

A group of House lawmakers is headed to Paris over recess to discuss the Organization for Economic Cooperation and Development’s global tax deal, which has met Republican opposition in Congress.

Tax Developments

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Israel Tax Agency Issues Circular Explaining Mutual Agreement Procedure Rules Under DTAs

The Israeli Tax Authority Aug. 17 issued Income Tax Circular No. 01/2023, explaining mutual agreement procedure (MAP) rules under DTAs. The circular explains: 1) the procedure for filing and initiating ...

Curacao Gazettes Notice Applying Reduced Corporate Tax Rate on Taxable Income

The Curacao Official Gazette Aug. 4 published a notice for the application of a reduced corporate tax rate, with retroactive effect to Jan. 1. The notice includes measures applying: 1) ...

Germany Federal Fiscal Court Posts Decision Clarifying Withholding Rate for Individual’s Interest Income

The German Federal Fiscal Court Aug. 17 posted online Decision No. VIII R 15/21, clarifying an individual’s withholding rate on loan interest. The taxpayer made loans to a Dutch company ...