The European Parliament voted, on 2 March 2017, to suspend the EU's visa waiver program with the US for one year, following the US administration's failure to lift visa restrictions on Bulgaria, Croatia, Cyprus, Poland, and Romania. The European Commission now has two months to reintroduce visas for Americans wishing to travel to Europe. Citizenship…
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IRS Investigators Raid Caterpillar Over Swiss Profits
We originally posted on March 31, 2014 Caterpillar Saved Billions in US Tax By Shifting Profits to a Swiss Subsidiary where we discussed that Caterpillar Inc., an American manufacturing icon, used a wholly owned Swiss affiliate to shift $8 billion in profits from the United States to Switzerland to take advantage of a special 4…
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IRS Issues Draft Versions of Country-By-Country Reporting Instructions
On August 29, 2016 we posted U.S. Treasury Seeks Comments on Form 8975 - CbC Reporting Form where we discussed that the Treasury published a notice in the Federal Register seeking comments on IRS Form 8975 (Country-by-Country Report), which ultimate parent entities of U.S. multinational enterprise (MNE) groups will use for country-by-country (CbC) reporting purposes.…
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US Businesses Split on U.S. Border Tax
On February 22, 2017 we posted US Border Tax Runs Into Obstacles where we discussed that U.S. corporations are going to war in Washington over a Republican “border adjustment” tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation's biggest employers. The political split that…
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