The taxation of financial intermediaries has been a perennial problem for the design and administration of VATs. This has required countries around the world to resort to ad hoc solutions that are invariably inefficient and often complex. The House Republican destination-based cash flow tax, which is closely related to a VAT, could be headed down…
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IRS Enforcement Actions Decline 16% in 2016
The Internal Revenue Service released the 2016 IRS Data Book IR-2017-69, a snapshot of agency activities for the fiscal year. The 2016 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2015, to Sept. 30, 2016, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance, the IRS budget and workforce…
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Possible Phase In of Any Potential Border Tax Plan
According to Law360 -- House Republicans may be bending to political pressure over their most controversial proposal to revamp tax laws, with the leader of the chief tax-writing committee in the House of Representatives saying Wednesday that he is “contemplating significant modifications” to the border-adjusted tax plan. Despite opposition to the notion of the border-adjusted tax,…
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Amazon Defends It's Pricing and Tax Court Issues the IRS its 2nd Large §482 Defeat
On January 5, 2015 we posted Tax Cases To Watch In 2015? which included at #4 Amazon.com, Inc& Subsidiaries, (2017) 148 TC No. 8 and describe that Amazon was bitterly locked in a $1.5 billion transfer pricing dispute with the Internal Revenue Service over an arrangement it inked with a European subsidiary, and the outcome of…
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