On July 25, 2016 we posted Tax Havens Coming Clean and Becoming Transparent, where we discussed that the Inland Revenue Authority of Singapore has issued an e-Tax Guide on the territory's general anti-avoidance rule in Section 33 of the Income Tax Act. The guide, issued on July 11, 2016, explains the three tests to determine…
Read more
IRS Crack Down On Foreign Tax Credits For US Multinationals
The U.S. Department of the Treasury revealed on September 15, 2016 that it is drafting rules to curb US Multinationals from obtaining US foreign tax credits as a result of foreign government's audits resulting in foreign tax adjustments for US Multinationals. In Notice 2016-52, 2016-40 IRB, the IRS has announced that it intends to issue regs…
Read more
US – Israeli Dual Nationals Lose FATCA Challenge in Israel.
An Israeli Supreme Court panel has thrown out a challenge to a tax information-sharing agreement with the U.S. and removed a temporary block on FATCA's implementation, rejecting arguments that the agreement violates the rights of Israelis. The three-justice panel issued a brief ruling rejecting the challenge, with a more detailed opinion to follow, while also lifting…
Read more
IRS Releases Winter 2015 Statistics of Income Bulletin
The Internal Revenue Service today announced that the Winter 2015 issue of the Statistics of Income Bulletin is now available. Articles provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This particular issue includes articles on the following topics: Sole Proprietorship Returns, 2012—Profits for almost 24 million returns…
Read more
