Podcasts about beps

A review of the week's major US international tax-related news. In this edition:  US Congress to move on budget reconciliation after recess – IRS withdraws regulations on certain partnership related-party basis-shifting transactions – OECD/G20 IF on BEPS issues statement following meeting, OECD official comments on discussions – UN negotiating committee of Framework Convention on International Tax Cooperation releases roadmap and guidelines – US launches investigation into pharmaceuticals and semiconductors.

A review of the week's major US international tax-related news. In this edition:  President Trump signs Executive Orders on BEPS project and trade policy – US House Ways & Means Committee Chairman introduces bill to punish countries imposing discriminatory taxes against US companies – President Trump addresses Davos Economic Forum on US taxation – IRS Commissioner resigns effective 20 January.

A review of the week's major US international tax-related news. In this edition:  President-elect Trump to usher in new administration on 20 January – US House passes Taiwan tax bill – US officials address CAMT guidance – US, France issue statement on exchange of CbC reports for 2024 and 2025 – US officials comment on BEPS 2.0 project – OECD IF co-chairs provide status report on Pillar One Amount A and B – OECD compiling list of related-party transactions used to thwart Pillar Two global minimum tax – OECD releases three packages of BEPS Pillar Two 2.0 global minimum tax guidance.

KPMG Australia Tax Policy Lead Alia Lum speaks with the former Deputy Director for the OECD Centre for Tax Policy and Administration - turned KPMG Consulting Partner - David Bradbury, as they discuss the OECD/G20 Inclusive Framework's efforts in developing a global tax agreement among member countries and what the future may hold for BEPS 2.0. For regular updates please subscribe to KPMG Tax Now. 

Resumen El audio explora exhaustivamente el concepto de "materialidad" en las operaciones fiscales mexicanas, analizando sus requisitos legales y su importancia para evitar sanciones. Se examinan las implicaciones de la materialidad en diferentes contextos, incluyendo la documentación necesaria para acreditar la realización de operaciones, la prevención de la simulación y la evasión fiscal, y el cumplimiento de normas internacionales como el BEPS. Se abordan diversos aspectos legales, desde el derecho civil y mercantil hasta el penal, con referencias a códigos, leyes, jurisprudencias y criterios jurisprudenciales relevantes. Finalmente, se ofrecen recomendaciones prácticas para asegurar el cumplimiento normativo y evitar problemas fiscales.

Resumen Ejecutivo: El Futuro del Cumplimiento Fiscal: Del CFDI a la IA En este podcast se presenta un análisis exhaustivo de la transformación digital en el ámbito fiscal en México, enfocándose en la evolución del Comprobante Fiscal Digital por Internet (CFDI) y la integración de tecnologías como la Inteligencia Artificial (IA) y Blockchain. Parte I: Fundamentos de la Fiscalidad y los CFDI Capítulo 1: Fundamentos Legales de la Relación Digital Tributaria: Describe la evolución de la digitalización fiscal en México, desde la introducción de la factura electrónica hasta la obligatoriedad del CFDI y la Firma Electrónica Avanzada (FIEL). Se analizan las leyes y regulaciones que rigen la relación digital entre contribuyentes y el Servicio de Administración Tributaria (SAT), destacando: Código Fiscal de la Federación (CFF) Ley de Firma Electrónica Avanzada (LFEA) Resolución Miscelánea Fiscal (RMF) Normas específicas sobre la cancelación de CFDIs Capítulo 2: Análisis técnico-informático de las obligaciones fiscales: Profundiza en la infraestructura tecnológica del SAT, con énfasis en: Bases de datos: El SAT utiliza bases de datos relacionales para almacenar y analizar información fiscal, como CFDI, declaraciones y pagos de impuestos. Se detallan las ventajas de las bases de datos en la fiscalización digital, como la optimización de auditorías y la detección de patrones de evasión fiscal. Queries: El uso de queries SQL por parte del SAT permite extraer información específica de las bases de datos, facilitando la verificación de CFDI, el análisis de facturación y la detección de discrepancias. Inteligencia Artificial (IA): Se explora la creciente implementación de IA en la fiscalización, incluyendo el uso de Machine Learning para analizar datos, detectar fraudes y optimizar la recaudación de impuestos. Blockchain: Se analiza el potencial de Blockchain para garantizar la trazabilidad y seguridad de las transacciones fiscales, destacando sus beneficios en auditorías y la protección de datos. Capítulo 3: El CFDI y sus aplicaciones en la gestión fiscal: Se examina el CFDI como herramienta fundamental en la gestión fiscal, incluyendo: Requisitos para la emisión de un CFDI, como el RFC, datos del emisor y receptor, descripción del bien o servicio y desglose de impuestos. El rol del Proveedor Autorizado de Certificación (PAC) en la validación de CFDI. Aspectos legales del CFDI, con énfasis en los Artículos 29 y 29-A del CFF y la RMF. Errores comunes en la emisión de CFDI y estrategias para evitarlos. Preparación para auditorías electrónicas del SAT. Actualizaciones recientes en la normativa fiscal relacionada con el CFDI. Estrategias para mejorar la gestión de CFDIs en las empresas. Capítulo 4: Tipos de CFDI y su aplicación en la gestión fiscal: Se detallan las diferentes modalidades de CFDI y sus particularidades: CFDI de nómina: Su impacto en la gestión laboral y fiscal, incluyendo deducciones, contribuciones sociales y obligaciones ante el IMSS. CFDI con complemento Carta Porte: Su obligatoriedad en el transporte de mercancías, incluyendo los requisitos de información y las implicaciones fiscales. CFDI de retenciones: Su uso para registrar retenciones de impuestos a terceros y asegurar la deducibilidad en las declaraciones fiscales. CFDI de donativos: Requisitos para la deducibilidad de donativos y beneficios fiscales asociados. CFDI en operaciones con extranjeros: Adaptaciones para transacciones internacionales, como el uso del RFC genérico y la especificación de la moneda extranjera. Capítulo 5: Cancelaciones de CFDIs y nuevas normas: Se analizan las nuevas normas del SAT para la cancelación de CFDI, incluyendo: Restricciones en la cancelación, como la obligatoriedad de la aceptación del receptor. Excepciones a la regla de aceptación. Plazos para la cancelación. Justificación de la cancelación. Penalizaciones por cancelaciones indebidas. Parte II: Innovación tecnológica en la fiscalidad Capítulo 6: Herramientas para la gestión fiscal: Se exploran las herramientas tecnológicas que están transformando la gestión fiscal: Excel: Funciones avanzadas para el análisis de datos fiscales, como tablas dinámicas y macros. Power BI: Creación de dashboards y reportes visuales para analizar tendencias fiscales y optimizar la toma de decisiones. Inteligencia Artificial (IA): Implementación de IA en la planeación fiscal, automatización de tareas y análisis predictivo. Capítulo 7: Fiscalización y medios electrónicos: Profundiza en la fiscalización electrónica del SAT, con énfasis en: Buzón Tributario como canal de comunicación principal. Uso de medios electrónicos en la defensa fiscal. Programas de fiscalización digital del SAT. Beneficios de la fiscalización electrónica. Capítulo 8: Auditoría fiscal en la era digital: Analiza la evolución de las auditorías fiscales, incluyendo: Auditorías electrónicas y su funcionamiento. Documentación requerida en una auditoría electrónica. Uso de IA en las auditorías fiscales. Blockchain en la auditoría fiscal. Parte III: Fiscalidad internacional y la economía digital Capítulo 9: Fiscalidad en la economía digital: Se examinan los desafíos de la fiscalidad en la economía digital, como la tributación de plataformas digitales, servicios en la nube y comercio electrónico transfronterizo. Se analiza la necesidad de adaptar las normas fiscales a la naturaleza global de las transacciones digitales. Capítulo 10: Tendencias en la fiscalidad internacional: Explora las tendencias clave en la fiscalidad internacional, como: Aumento de la cooperación internacional para combatir la evasión fiscal. Implementación del Plan de Acción BEPS de la OCDE. Redefinición del concepto de "establecimiento permanente" en la era digital. Capítulo 11: Tendencias futuras en la fiscalidad internacional: Se proyectan las futuras tendencias en la fiscalidad internacional, con especial atención a: Impacto de la economía digital y el comercio electrónico en la tributación. Armonización de las normas fiscales internacionales. Creciente uso de Blockchain e IA en la gestión fiscal. Parte IV: Inteligencia Artificial en la fiscalidad Capítulo 12: Aplicaciones de la IA en la gestión fiscal: Se exploran las diversas aplicaciones de la IA en la gestión fiscal, incluyendo: Automatización de tareas repetitivas, como la contabilización de facturas y la generación de reportes. Análisis predictivo para identificar riesgos fiscales. Optimización de la planeación fiscal. Capítulo 13: IA en la gestión del riesgo fiscal: Se analiza cómo la IA está transformando la gestión del riesgo fiscal: Monitoreo continuo de las operaciones para detectar anomalías. Análisis predictivo para prever posibles sanciones. Planeación fiscal estratégica basada en datos. Capítulo 14: Impacto de la IA en el cumplimiento fiscal internacional: Explora cómo la IA facilita el cumplimiento fiscal internacional: Automatización de la generación de reportes fiscales en diferentes jurisdicciones. Optimización del uso de tratados fiscales internacionales. Gestión eficiente de las obligaciones fiscales en múltiples países. Capítulo 15: Retos éticos y de seguridad de la IA en la fiscalidad: Se examinan los retos éticos y de seguridad de la IA en la fiscalidad, incluyendo la necesidad de: Garantizar la transparencia y la explicabilidad de los algoritmos de IA. Proteger la privacidad de los datos fiscales. Establecer marcos regulatorios para el uso de IA en la fiscalidad. Capítulo 16: Adaptación de las empresas a la fiscalidad digital: Se analiza la importancia de la adaptación de las empresas a la fiscalidad digital: Implementación de software de gestión fiscal. Capacitación del personal en tecnologías fiscales. Evaluación de riesgos y oportunidades en la era digital. Capítulo 17: La fiscalidad en el futuro: tendencias y oportunidades: Se proyectan las futuras tendencias de la fiscalidad: El papel del SAT y las autoridades fiscales en la era digital. Impacto de tecnologías emergentes como la IA y Blockchain. Oportunidades para las empresas en un entorno fiscal automatizado. Conclusiones La digitalización de la fiscalidad en México, impulsada por el CFDI y la integración de IA y Blockchain, está transformando la relación entre contribuyentes y autoridades fiscales. La adopción de tecnologías avanzadas ofrece oportunidades para optimizar la gestión fiscal, reducir riesgos y aumentar la eficiencia. Sin embargo, también presenta retos en materia de seguridad, ética y regulación. Las empresas que se adapten a este nuevo entorno estarán mejor posicionadas para prosperar en la era digital.

A review of the week's major US international tax-related news. In this edition:  President-elect Trump nominates Treasury Secretary, fills out economic team G20 Leaders' Declaration addresses international tax and BEPS 2.0 project OECD Global Forum on Transparency / Information Exchange announces 61 jurisdictions joining CARF

A review of the week's major US international tax-related news. In this edition: Republican US election sweep likely means TCJA extension via reconciliation, BEPS 2.0 project uncertainty – Final IRS Section 987 FX gain / loss regulations release before year-end – IRS comments on new passthrough field unit organization – IRS will permit digital asset transaction reporting on schema, not IRS Form 1042-S – IRS official says companies that ignored TP compliance letters referred for examination.

In this episode of the REIT Report special series “Building to Zero,” Duane Desiderio, senior vice president at the Real Estate Roundtable (RER) shares a recently released 20-point policy guide which outlines lessons learned from the building owner perspective over the past seven years since the first building performance standard was implemented in 2017. Since Local Law 97 was passed by the City Council in New York City as part of the Climate Mobilization Act in April 2019, commercial building owners in the United States have experienced the rise in regulations know as Building Performance Standards (BPS), which are intended to regulate the use of energy in existing buildings. Buildings owners are currently navigating a patchwork of law with various rules, processes, and compliance pathways in cities and states across the county.“A good way to start the conversation is by drawing a bit of a contrast to the climate and energy policies on buildings that we've seen come from the federal level, where the emphasis has been on carrots not sticks, incentives to encourage buildings to push the envelope to reduce emissions to become more efficient. At the state and local level unlike the federal level, these BEPS laws would impose mandatory limits on buildings to either reduce their energy by certain amounts every year or to reduce their carbon emissions every year or in some cases both.”

In our latest Tax Talk, Global tax team provides an update on both Pillars I and II and BEPS, and provides examples of practical approaches to preparing for and managing a tax audit, including US and European considerations. In addition, this program includes an overview of transfer pricing audit trends in the US and Europe, lessons learned, as well as a discussion on alternative dispute resolution mechanisms.

在國際趨勢的推動下，自2015 年起OECD 發布之BEPS 15 項行動計畫，至今年許多國家相繼上路的BEPS 2.0 的第二支柱－全球企業最低稅負制。我國稅法 亦步亦趨跟上最新潮流，除了今年起開始申報之受控外國企業（下稱CFC）制度外，財政部並於今年核釋了CFC 信託申報與預告修正營利事業所得基本稅額之徵收率的相關規定。 本集「EY 稅務輕鬆聊」，將由安永聯合會計師事務所稅務服務部營運長林志翔偕同重量級來賓，財政部賦稅署宋秀玲署長，為各位聽眾淺談CFC 制度下信託受託人應辦理信託所得申報的原因與目的，以及更詳細的了解相關申報事宜，精彩內容請不要錯過！ Powered by Firstory Hosting

在國際趨勢的推動下，自2015年起OECD發布之BEPS 15項行動計畫，至今年許多國家相繼上路的BEPS 2.0的第二支柱－全球企業最低稅負制。我國稅法亦步亦趨跟上最新潮流，除了112年開始實施之受控外國企業（下稱CFC）制度外，財政部並於今年核釋了CFC信託申報與預告修正營利事業所得基本稅額之徵收率（下稱我國AMT）的相關規定。 本集「EY稅務輕鬆聊」，將由安永聯合會計師事務所稅務部移轉訂價服務執業會計師林志仁與國際及併購重組稅務諮詢服務的執行總監馮葦祺偕同重量級來賓，財政部賦稅署宋秀玲署長，為各位聽眾淺談我國AMT與OECD全球最低稅負的關聯，並簡要複習OECD全球最低稅負制的觀念以及更詳細的了解我國AMT在修法後需要留意的變動及注意事項，精彩內容請不要錯過！ Powered by Firstory Hosting

A review of this week's major US international tax-related news. In this edition:  US presidential candidates reveal tax positions – Congress averts government shutdown with continuing resolution, adjourns until after election – US officials discuss CAMT – Digital asset noncustodial broker reporting guidance coming before year end – Puerto Rico initiates public consultation on BEPS 2.0 GloBE rules – OECD holds signing ceremony for BEPS Pillar Two Subject to Tax Rule Multilateral Instrument.

This Tax Section Odyssey podcast episode takes a deeper dive into the Organisation for Economic Co-operation and Development's (OECD) initiative on Base Erosion Profit Sharing (BEPS) 2.0 which sets to reform the internation tax system with Pillar 1 and 2 tax regimes. In addition to the complexity of such international regulations, the political landscape for U.S. implementation is uncertain, and potential action is needed from Congress. Cory Perry, Principal, National Tax — Grant Thorton Advisors, and Vice Chair of the AICPA's International Technical Resource Panel (TRP), highlights that while many U.S. companies may not face larger tax bills if these regimes are adopted in the U.S., the administrative and compliance challenges are significant. The AICPA has submitted comment letters to the OECD, Treasury, and the IRS, focusing on simplification and clarification of rules. AICPA resources OECD BEPS 2.0 - Pillar One and Pillar Two — The OECD BEPS 2.0 sets out to provide a tax reform framework allowing for more transparency in the global tax environment. What you need to know about BEPS 2.0: Pillar One and Pillar Two | Tax Section Odyssey — The OECD BEPS 2.0 project is an international effort to reform the international tax system that addresses transfer pricing, profit allocation and tax avoidance. Advocacy Comments to Treasury on tax issues of OECD Pillar Two, Feb. 14, 2024 Comments to Treasury on Amount B of OECD Pillar One, Dec. 12, 2023  Other resources OECD BEPS — Inclusive Framework on Base Erosion and Profit Sharing For a full transcript of the episode, see  Tax Section Odyssey on the AICPA & CIMA website. 

A monthly review of US international tax-related developments. In this edition: US Congress begins August recess – US Supreme Court overrules Chevron deference to agency regulations – US appellate court rules NR's gain from sale of its US partnership interest attributable to inventory is not US source income – IRS final Section 367(b) regs address certain cross-border triangular reorgs, inbound nonrecognition transactions – IRS officials offer update on CAMT, PTEP guidance – IRS and Medtronic file Eighth Circuit appellate briefs arguing for different transfer pricing methods – IRS official says corporations failing to respond to TP compliance letters referred for possible examination – G20 Finance Ministers, Central Bank Governors reiterate support for BEPS 2.0 – Inclusive Framework on BEPS finalizing MLC to implement Pillar One Amount A, Amount B consensus near – OECD releases sixth edition of Corporate Tax Statistics publication, Draft User Guide for GloBE Info Return XML Schema.

A review of this week's major US international tax-related news. In this edition:  US Congress adjourns for August recess – Senate fails to move Tax Relief for American Families and Workers Act with international provisions – G20 / Central Bank Governors communiqué reiterates support for BEPS 2.0 project 

In this episode, panelists discuss recently released OECD guidance. 

A review of the week's major US international tax-related news. In this edition: IRS issues procedural final regulations on stock repurchase excise tax – IRS releases final digital asset broker reporting regs, transitional relief for certain brokers – Canada's DST in force, US legislators react – OECD releases draft BEPS 2.0 User Guide for GloBE information return XML Schema.

A review of the week's major US international tax-related news. In this edition: US Supreme Court ends court deference to agency interpretations of ambiguous laws, including tax laws – US House Republican Tax Team on global competitiveness to hold first field meeting with stakeholders on 8 August, White Paper to follow – IRS will address DCL income allocation rules in context of BEPS Pillar Two global minimum tax jurisdictional tax blending – US, Switzerland sign new FATCA Model 1 agreement – US Treasury and OECD officials offer insights on BEPS 2.0 Pillar One and Pillar Two project.

A monthly review of US international tax-related developments. In this edition: US House Republicans prepare for TCJA ‘cliffs' – White House official previews President Biden's tax policy for second term – US House Ways and Means Chairman, Treasury Secretary spar over TCJA, BEPS 2.0 – US will not sign BEPS Pillar One MLC without India, China TP resolution – IRS extends transitional relief under Section 871(m) for treatment of dividend equivalents – IRS to defer applicability date re: Sections 59A and 6038A regs for qualified derivative payments – New procedures for Section 355 transaction PLRs released – CAMT regs in advanced stage – Final crypto reporting rules coming in 2024 – IRS proposed regulations on foreign trusts and large foreign gifts released – More OECD BEPS 2.0 GloBE guidance coming – BEPS Pillar One MLC on track for signature in June.

The OECD BEPS 2.0 project consists of two pillars. Pillar One applies to the biggest and most profitable multinational enterprises and reallocates part of their profit and taxing rights to the countries where they sell their products and services. Pillar Two introduces a global minimum corporate tax of 15% to prevent tax avoidance and base erosion.   The U.S. has not yet adopted the OECD project into its tax system, but it will still impact U.S. multinational businesses that operate abroad. Practitioners need to know about the OECD project because it is a major change in the international tax system that will affect many multinational enterprises and their tax compliance.   AICPA resources OECD BEPS 2.0 - Pillar One and Pillar Two — The OECD BEPS 2.0 sets out to provide a tax reform framework allowing for more transparency in the global tax environment. Advocacy Comments to Treasury on tax issues of OECD Pillar Two, Feb. 14, 2024 Comments to Treasury on Amount B of OECD Pillar One, Dec. 12, 2023 Other resources  OECD BEPS – Inclusive Framework on Base Erosion and Profit Sharing

In this episode, panelists discuss recent global legislative developments, as well as leading practices and learnings from the Q1 tax provision.

Nick Roome, Head of Global Solutions for KPMG Law; Grant Wardell-Johnson, Global Tax Policy Leader and Chair of the Global Tax Policy Leadership Group, KPMG International; and Christian Athanasoulas, Global Head of International Tax & M&A Tax, delve into BEPS 2.0 and its potential impacts and considerations for General Counsel. 

A review of the week's major US international tax-related news. In this edition: IRS releases proposed stock buyback excise tax regulations – US Treasury official discusses BEPS 2.0 Pillar Two negotiations – Congressional Joint Committee on Taxation reviewing global developments in updating BEPS Pillar Two analysis – OECD official says Pillar One Multilateral Convention on Amount A moving forward.

A monthly review of US international tax-related developments. In this edition: President Biden delivers State of the Union; releases FY2025 Budget with international tax proposals – Congress passes final FY2024 funding bills, tax bill in limbo – Treasury Secretary defends Administration's BEPS position at Senate hearing – House Ways & Means Subpanel holds OECD BEPS Pillar One hearing – IRS delays Form 1042 electronic filing requirement for US and foreign W/H agents – US officials offer international regulatory update – IRS will no longer issue single-issue PLRs, instead focus on ‘transactional rulings' – IRS official discusses benefits of MAP mandatory arbitration – OECD releases update on BEPS 2.0 project – OECD Council approves update to Model commentary on exchange of information.

In this episode, panelists discuss recent BEPS 2.0 activity around the globe and practical considerations for the upcoming Q1 tax provision, and provide an Amount B overview.

A review of the week's major US international tax-related news. In this edition: President Biden delivers State of the Union address, offers new tax proposals – US House Ways & Means Tax Subcommittee holds hearing on OECD BEPS Pillar 1 – OECD Secretary-General Tax Report offers insights on BEPS project.

This Day in Legal History: The Permanent Court of Arbitration is EstablishedOn this day, February 6, 1900, a pivotal moment in the realm of international law unfolded with the establishment of the Permanent Court of Arbitration (PCA), marking the inception of the first international tribunal dedicated to resolving disputes among nations. This historic event was precipitated by the ratification of the 1899 Convention for the Pacific Settlement of International Disputes, setting a cornerstone in The Hague, Netherlands. The PCA's creation underscored a global aspiration towards peaceful resolution of conflicts, departing from the traditional reliance on military force and diplomatic pressure.In the years that followed, the PCA's foundational principles and structure were further refined and strengthened by the 1907 Convention for the Pacific Settlement of International Disputes. These conventions collectively laid down the legal framework and procedural norms for international arbitration that continue to guide the PCA's operations.Now, more than a century later, the PCA stands as a testament to the enduring commitment of the international community to the principles of justice, peace, and cooperation. Housed in the iconic Peace Palace in The Hague, the PCA has grown to include 109 member countries, each pledging to resolve their disputes through arbitration rather than warfare.Throughout its history, the PCA has played a crucial role in mediating conflicts that span a wide range of issues, from territorial disputes to environmental concerns, and from maritime law to international investment. Its proceedings and rulings have not only resolved conflicts but have also contributed significantly to the development of international law.Today, as we commemorate the founding of the PCA, it serves as a reminder of the power of diplomacy and the potential for international law to foster a more peaceful and just world. The legacy of the PCA continues to influence contemporary legal thought and practice, reinforcing the importance of dialogue, understanding, and legal arbitration in the international arena.The federal government has notably refrained from commenting on Donald Trump's legal battle to remain on Colorado's 2024 primary ballot, despite previously engaging in Supreme Court cases concerning major political and legal issues. This silence, particularly from the Solicitor General's Office, seems to reflect a cautious approach to avoid involvement in disputes directly affecting presidential election outcomes. Trump's legal team is set to argue that the Colorado Supreme Court incorrectly ruled him disqualified from office due to his actions during the January 6, 2021, Capitol riot, a decision with significant implications for his eligibility in upcoming primaries.Historically, the federal government's stance in similar high-stakes election cases, such as Bush v. Gore, has been to abstain from taking a position, suggesting a consistent strategy to steer clear of cases with direct political ramifications. Observers and legal experts speculate that the decision to remain silent in Trump's case, like past instances, is driven by the political sensitivity of the matter and the desire to maintain the perception of impartiality in election-related legal challenges. The Solicitor General's role as an educator and policy explainer to the court, coupled with their selective involvement in cases, highlights the nuanced considerations behind the government's engagement in Supreme Court litigation.This careful positioning underscores the complexities of navigating legal disputes that intersect with political dynamics and the constitutional implications of election law. The absence of federal input in Trump's case reflects a broader trend of cautious engagement by the Solicitor General in politically charged cases, emphasizing the delicate balance between legal principles and political considerations in the administration's approach to Supreme Court litigation.US Silence on Trump Ballot Battle Signals Caution Over ElectionThe recent licensing dispute between Universal Music Group and TikTok Inc. highlights the growing complexities introduced by AI-generated music in the music and social media industries. Universal's decision to remove its artists' music from TikTok, citing concerns over AI-generated recordings diluting royalties for human artists, marks a significant standoff that could reshape future negotiations and the use of AI in content creation. This conflict reflects broader industry challenges with AI, mirroring disputes in other creative sectors over copyright infringement and the impact of technology on traditional revenue models.Both Universal and TikTok benefit from their partnership, with TikTok serving as a promotional platform for Universal's artists and music. However, the disagreement over AI-generated music's role and its potential to reduce reliance on licensed content brings to light the strategic and financial implications for both parties. Legal experts and industry observers are closely watching the dispute, recognizing its potential to set precedents for how AI-generated content is managed and compensated across platforms.The public nature of this dispute is unusual in an industry where such negotiations often occur behind closed doors, indicating the high stakes involved. Artists signed with Universal, such as Noah Kahan and Yungblud, have voiced their perspectives, highlighting the personal and professional impacts of the standoff. The debate extends to songwriters and music publishers, who advocate for fair compensation and protections against the devaluation of human creativity by AI.This standoff between Universal and TikTok underscores the ongoing negotiation between leveraging new technologies for innovation and ensuring artists and creators are fairly compensated. As AI continues to evolve, its integration into creative industries will necessitate careful consideration of legal, ethical, and economic factors to balance innovation with the rights and livelihoods of human creators.AI Fight Complicates TikTok, Universal Music Licensing StandoffThe 9th U.S. Circuit Court of Appeals has ruled that California can continue enforcing its law that mandates background checks for ammunition purchases, temporarily suspending a previous decision by U.S. District Judge Roger Benitez that declared the law unconstitutional. This decision came from a divided panel, with a 2-1 vote in favor of maintaining the law while the state appeals Judge Benitez's ruling, which he argued violated the Second Amendment right to bear arms. Judges Richard Clifton and Holly Thomas, both Democratic appointees, supported the stay, whereas U.S. Circuit Judge Consuelo Callahan, a Republican appointee, dissented.California Attorney General Rob Bonta celebrated the decision, highlighting the importance of the state's ammunition laws in saving lives and ensuring they remain in effect during the ongoing legal defense. The law, which was challenged by individuals including Olympic gold medalist shooter Kim Rhode and the California Rifle & Pistol Association, requires gun owners to undergo background checks to buy ammunition and pay for a four-year ammunition permit. This measure, initially approved by California voters in 2016 and later amended by legislators to require background checks for each ammunition purchase starting in 2019, faces continued opposition from gun rights advocates.The legal battle reflects wider national debates on gun control, especially in the wake of the Supreme Court's June 2022 ruling in New York State Rifle & Pistol Association v. Bruen, which recognized an individual's right to carry a handgun in public for self-defense and set a new standard for evaluating firearm laws. Judge Benitez's rejection of California's ammunition background check law cited a lack of historical precedent for such regulations, a point of contention that underscores the ongoing struggle between state efforts to regulate firearms and ammunition and the constitutional protections of the Second Amendment.California ammunition background check law can remain in effect, court rules | ReutersThe U.S. Securities and Exchange Commission (SEC) is poised to implement a new rule requiring proprietary traders and firms frequently dealing in U.S. government bonds to register as broker-dealers, introducing them to a regime of enhanced scrutiny. This initiative is part of a comprehensive strategy aimed at addressing structural deficiencies in the $26 trillion Treasury market, which have been identified as contributing to liquidity issues. By mandating registration for entities trading over $25 billion in Treasuries across a majority of the past six months, the rule intends to impose capital, liquidity, and other regulatory requirements on a sector that has become increasingly vital for market liquidity.Scheduled for a vote by the SEC's commissioners, the rule targets up to 46 proprietary trading firms, seeking to integrate them more closely into the regulatory framework governing Treasury market dealers. Critics, including prominent investors and industry groups, have expressed concerns that the rule's broad criteria may inadvertently ensnare corporations, insurers, and pension funds, potentially exacerbating liquidity challenges rather than alleviating them. Despite these criticisms and calls for moderation in the rule's application, the SEC has highlighted the value of industry feedback without committing to specific adjustments.The adoption of this rule marks a significant step in what is described as the most substantial renovation of the Treasury market in decades, with the potential to alter trading behaviors and the operational landscape for a wide range of market participants. The outcome of the final rule's wording remains closely watched, as it could dictate a pivotal shift in how entities engage with the Treasury market, balancing the push for transparency and stability against the risk of unintended consequences on market liquidity.In other words, in plain English, this new rule is a big deal because it's part of the biggest changes to the Treasury market we've seen in years. It could really change how people trade and work within this market. Everyone is keeping an eye on the exact language of the rule because it will play a key role in shaping the future of trading in government securities. The goal is to make trading more open and stable, but there's a bit of worry about whether this might make it harder to buy and sell quickly, which could shake things up for everyone involved.US SEC set to adopt Treasury market dealer rule as part of market overhaul | ReutersIn my column this week, I explore the transformative potential of artificial intelligence (AI) and machine learning in enhancing transfer pricing tax transparency. By way of very brief background, transfer pricing refers to the pricing of goods, services, and intellectual property when these are exchanged between divisions, subsidiaries, or affiliated companies within the same multinational enterprise. For example, if the Coca-Cola Company owns a subsidiary in Country A that develops the secret recipe for Coca-Cola and another subsidiary in Country B that manufactures the drink, the price set for transferring the recipe (an intangible asset) from Country A to Country B is subject to transfer pricing regulations. This practice is crucial for determining the income and expenses of each entity, thereby affecting the taxable income reported in different countries with different tax rates. Transfer pricing is closely regulated by tax authorities worldwide to prevent tax avoidance, ensuring that transactions between related parties are conducted at arm's length—that is, under conditions and prices that would apply if the entities were unrelated. The complexity of transfer pricing lies in its need for meticulous documentation and compliance with international guidelines, such as those set by the Organisation for Economic Co-operation and Development (OECD), to justify the prices set for these internal transactions. In other words, using the above Coca-Cola example, ideally acting as Coke I would want to shift income from a high-tax country to a lower-tax country. One way to do that would be to “charge” the subsidiary that manufactures the soda a very high cost for the recipe, assuming I want to move income out of the manufacturing country by way of expensing the cost of the recipe. There are myriad issues to be concerned about when related entities are setting prices for things like intangible assets which are very hard to place a real world market value on–there is always the risk of shenanigans. Transfer pricing, a critical yet contentious aspect of global taxation, is prone to manipulation as multinationals navigate the complexities of international tax law. I argue for the adoption of an open-source, public-facing AI model that can offer consistent and reliable valuations, providing a safe harbor for compliant taxpayers.AI's prowess lies in its ability to simulate market conditions and assign value to transfers between controlled entities, including intangible assets. This technology promises to bridge the gap where no market repository exists, offering a novel approach to assessing arm's-length transactions. The significance of precise valuation is underscored in transfer pricing, where the crux of compliance hinges on mutual understanding between taxpayers and regulators regarding valuation factors.By analyzing vast datasets and applying sophisticated algorithms, AI can deliver precise, consistent valuations with reduced administrative burdens. Such an approach not only fosters transparency but also mitigates the risk of non-compliance and associated penalties. As I emphasize, this is a critical juncture for regulators to incentivize adoption through the provision of benefits, alongside the traditional enforcement measures.The complexity of international transfer pricing regulations has escalated following initiatives like the OECD's base erosion and profit shifting (BEPS) project. This backdrop makes the case for AI even stronger, as it aligns with efforts to combat tax avoidance and ensure that income correlates with the economic activities generating it. AI models, if properly developed and utilized, could revolutionize the practice by making compliance more manageable and equitable, particularly for developing countries.Looking ahead, the integration of AI into the tax domain appears inevitable. The challenge lies in who will dominate the development and application of these models. With strategic investment, AI tools could be made universally accessible, dramatically reducing compliance costs and promoting tax justice. This vision for the future leverages AI to encourage transparent compliance, potentially reshaping international trade and taxation for the better.Using AI Would Provide Greater Transfer Pricing Tax Transparency Get full access to Minimum Competence - Daily Legal News Podcast at www.minimumcomp.com/subscribe

BEPS 2.0 represents a monumental shift in global taxation. Multinational enterprises face multiple challenges, including adapting their tax operations, data acquisition, and infrastructure in response to these changes.  Brian Foley, EY's Global Tax Accounting and Risk Advisory Services Leader; Jason Yen, Tax Principal in the International Tax and Transaction Services Practice at Ernst & Young LLP; and Jay Wright, Tax Partner in the US National Tax, Accounting and Risk Advisory Services Practice at Ernst & Young LLP, discuss the intricate technicalities of Pillar Two, emphasizing its role in establishing a global minimum tax rate of 15%. EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

In this episode, panelists discuss recent BEPS 2.0 activity around the globe and US Congressional response to BEPS 2.0.

A review of the week's major US international tax-related news. In this edition: US Congress returns from recess, government spending and possible tax package on the agenda – IRS to release CAMT package shortly – Treasury official offers US position on BEPS Pillar One – OECD Working Paper addresses global minimum tax and MNE taxation – EY releases 2024 International Tax and Transfer Pricing Survey, respondents say BEPS 2.0 project expands risk of double taxation.

A review of the week's major US international tax-related news. In this edition: OECD/G20 Inclusive Framework releases BEPS 2.0 Pillar Two Administrative Guidance on GloBE rules – OECD announces new BEPS Pillar One MLC timeline – US-Chile income tax treaty enters into force – US Congress adjourns until January 2024 – Congressional JCT releases Bluebook on tax legislation in 117th Congress.

A review of the week's major US international tax-related news. In this edition: US Treasury and IRS issue FTC guidance addressing BEPS 2.0 Pillar Two GloBE top-up taxes – IRS CAMT regs delayed to 2024, but CAMT Notice released – IRS announces active compliance campaign on CAMT – Stock buyback excise tax guidance still on track for 2023 release – IRS official says PTEP targeted notice coming soon – US government plans to finalize foreign government investment exemption regs in 2024 – IRS working on crypto-asset reporting framework regulations.

A monthly review of US international tax-related developments. In this edition: US Congress approves new CR, complicates options for year-end tax bill – House Ways and Means Committee clears US-Taiwan tax bill – Tax Court rules non-US partnership was securities dealer engaged in US trade or business, liable for partnership WHT – US court denies DRD after applying economic substance doctrine – IRS issues proposed regs on QBUs, including simplified elections for determining Section 987 gain or loss but restrictions on loss recognition – OECD, country officials discuss BEPS 2.0 Pillars One and Two.    

A review of the week's major US international tax-related news. In this edition: US-Taiwan tax bill moves forward – OECD to release additional BEPS 2.0 Pillar Two guidance by year-end.

A review of the week's major US international tax-related news. In this edition: US Congress passes CR to fund government past 17 November deadline – Government officials offer update on CAMT, stock buyback excise tax and PTEP regs – Chilean Congress approves US-Chile tax treaty with US reservations – US proposing new deadline for signing BEPS 2.0 MLC on Amount A of Pillar One – 48 countries pledged to implement OECD Crypto-Asset Reporting Framework by 2027.

A review of the week's major US international tax-related news. In this edition: US Treasury and IRS release proposed regulations on Section 987, income and currency gain or loss with respect to QBUs – US court denies Section 245A DRD deduction based on economic substance – Hungary authorizes signing of new US-Hungary CCA for exchange of CbC reports – OECD, senior government officials discuss BEPS 2.0 Pillars One and Two.

A review of the week's major US international tax-related news. In this edition: IRS officials provide update on FTC guidance – US Treasury official comments on BEPS 2.0 project – US engaging with Canada on proposed DST – Senate Finance Committee approves new IRS Chief Counsel.

A review of the week's major US international tax-related news. In this edition: US House Ways and Means Committee delegation meets with OECD officials on BEPS 2.0 – IRS opens CAP program for 2024 tax year – IRS announces major new compliance initiative focused on large partnerships, corporations, high-income taxpayers and “promoters abusing tax rules on the books.” 

A review of the week's major US international tax-related news. In this edition: Congress begins August recess, House Ways and Means tax bill fails to reach floor – Senate Finance Committee announces it will mark-up US-Taiwan tax legislation in September – IRS issues proposed consolidated return regulations – OECD will address BEPS 2.0 Pillar Two arbitrage tax planning.

This week, Conan D'Arcy is joined by International Policy Practice Director Jon Garvie to explore global taxation in the tech sector. In many ways, backlash over perceived low rates of tax paid by large tech multinationals served as the root of the European tech-lash. Conan and Jon explore what has changed in the intervening years, the state of the OECD's BEPS initiative, and what corporates should be watching for in the coming year. If you or your business are exposed to the trends discussed in this episode, you can reach out to Conan, Jon, or the wider Global Counsel team by clicking here. Hosted on Acast. See acast.com/privacy for more information.

In this episode of the “GILTI Conscience” podcast, David Farhat, Nate Carden and Stefane Victor are joined by Mike Gaffney of Atlantic Global Risk to talk about tax insurance and its role in addressing uncertainty in tax laws. Mike describes the workings of tax insurance, including the length of a typical policy, particularly surrounding a deal, and explored ideas such as deciding what covered tax position to insure and how various jurisdictions come into play.The conversation takes listeners through the impact that evolving international tax law has had on tax insurance; what multinationals need to consider when exploring a policy; recognizing risk, particularly surrounding BEPS; and tax insurance in an M&A transaction.

If Amount B is supposed to simplify transfer pricing, why does it seem so complicated? Listen as we break it down. In this episode we explore the major announcement regarding Amount B released this week by the OECD with our KPMG knowledge leader from London. On Monday July 17, we got the latest update from the OECD on its efforts to simplify transfer pricing through Amount B, part of its BEPS 2.0 initiative to address the tax challenges of digitalization. What will this mean for multi-nationals cross-border transaction, transfer pricing policy, and future transfer pricing planning? Will Amount B actually apply to digital businesses? With all of the news regarding Amount B, we will break down the announcement and address some of the potential implications.

A review of the week's major US international tax-related news. In this edition: OECD releases BEPS 2.0 Pillars One and Two technical documents – House Ways and Means Tax Subcommittee hearing on BEPS sees Republicans criticize Biden Administration's policy – IRS PTEP proposed regs on track for release later this year.

A review of the week's major US international tax-related news. In this edition: OECD releases outcome statement on BEPS 2.0 Pillars One and Two progress – US Congress considering action on a US-Taiwan tax agreement – US senators reissue crypto-assets legislative proposal, request more information – Joint Committee on Taxation issues digital asset report.

Why can't all my profit just go to an offshore haven? KPMG explains Asset Management transfer pricing in a post-BEPS world. Investment committees, sub-advisors and referral fees - Oh My! How should asset management tax practices battle the nuances of splitting highly lucrative asset management returns across their global footprints? In an industry which faces commercial pressure, non-tax regulators, and a minefield of BEPS exclusions, navigating the specific intercompany relationships within asset management may seem daunting. Tax authorities are taking very different approaches to the asset management industry, and conquering the compliance and planning opportunities has never been more timely. As part of our Industry Series, Exploring Transfer Pricing tours different industries with specialists to discuss some of what makes their industry of focus unique, and how that might impact the transfer pricing.

Key Takeaways:Pillar Two comes in effect for accounting periods beginning on or after 1 January 2024 for multi-national companies with global revenue in excess of Euro 750m.Complexity will arise from both the detailed calculations involved as well as timing related to the phased-in approach by jurisdiction as to when each country will require implementation of global tax rules. Immediate steps to be undertaking by multinationals include an impact assessment and inventory of entities in different jurisdictions to determine potential increase in effective tax rates or cash tax increase, as well as financial statement and tax return compliance.Establish a strategic roadmap that considers accounting, systems, policy choices, resources, controls, disclosures and reporting requirements.Create the proper governance structure to properly monitor and drive accountability in both current and future decisions impacting the business. Resources:OCED Releases Additional Pillar Two Guidance

Conversations surrounding transfer pricing practices rarely span to include the myriad regulations throughout Africa. However, across the continent, there are vast distinctions between countries that are thriving under new international tax rules and others that are struggling to keep up. Lolade Ososami, a partner and head of the tax team at Udo Udoma & Belo-Osagie, says that transfer pricing has grown and evolved in Africa over the last decade. When the OECD released the BEPS action plans in 2018, it had a huge impact on tax practitioners, particularly in Nigeria. Zach Pouga, a partner in the International Tax Group at Ernst & Young, encounters transfer pricing in nearly every aspect of his work. He frequently deals with BEPS 2.0, Pillar One and Pillar Two when advising his clients regarding their presence in Africa, as well as helping governments across Africa understand the complexity of new tax rules. In this episode of the GILTI Conscience podcast, Lolade and Zach join our hosts to dive into the evolving world of international tax throughout Africa. From how U.S. multinationals operating in Africa approach transfer pricing to how Africa-based companies and regional governments are branching out, Lolade and Zach explore the complexities of transfer pricing and international tax.

From concerns over tax compliance to adoption of the OECD's Pillar One and Pillar Two models, in this latest episode Deloitte leaders Albert Baker and Mike Steinsaltz sit down to discuss what's top on the agenda for more than 160 senior tax and finance executives from across the globe who participated in Deloitte's 2022 Global Tax survey: BEPS and beyond.