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International Tax Articles

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June 22, 2016

IRS to Impose Reporting Requirements on Foreign-Owned Disregarded Entities

U.S.-disregarded entities that are owned by a foreign person would be treated as domestic corporations under proposed regulations issued on May 6 by the IRS.

The proposed new rules would apply for purposes of the reporting, record maintenance, and other compliance requirements that apply to 25% foreign-owned domestic corporations. These changes are intended to provide the IRS with improved access to information that it needs to satisfy its obligations under U.S. tax treaties, tax information exchange agreements and similar international agreements, as well as to strengthen the enforcement of U.S. tax laws. (more…)

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Categories: International Business Issues
Tags: Foreign-owned, Form 5472, IRS, Reporting Requirements,
June 16, 2016

India to Treat Income From Unlisted Share Transfers as Capital Gains

India’s Central Board of Direct Taxes (CBDT) recently clarified that income from the transfer of unlisted shares will be taxed as a lower rate capital gain rather than as business income.

The tax department’s move is aimed at avoiding tax disputes/litigation and maintaining a uniform approach. However, such treatment isn’t applicable in situations where:

  • The genuineness of transactions in unlisted shares itself is questionable,
  • The transfer of unlisted shares is related to an issue pertaining to lifting of the corporate veil, or
  • The transfer of unlisted shares is made along with the control and management of the underlying business.

(more…)

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Categories: International Business Issues
Tags: Capital Gain, CBDT, Income, India Income Tax Act, Transfers, Unlisted Shares,
June 9, 2016

IRS issues audit tips on adjustments made in transfer pricing deals

In a new International Practice Unit (IPU), the IRS provides audit tips to its examiners on a taxpayer’s affirmative use of Internal Revenue Code Section 482, “Allocation of Income and Deductions.” That section of tax law gives the IRS the authority to make adjustments between or among members of a “controlled group,” if a controlled taxpayer hasn’t reported its true taxable income. (more…)

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Categories: International Business Issues
Tags: Adjustments, Audit Tips, Code Section 482, IPU, IRS, Transfer pricing,
June 6, 2016

Delphi Wins IRS Appeal, Will Be Treated as UK Corporation

Delphi Automotive PLC, one of the leading suppliers of technology and devices allowing development of self-driving vehicles, won an appeal with the IRS allowing the company to be treated as a U.K. tax resident for U.S. federal tax purposes. The tax agency claimed in 2014 that Delphi, whose top executives are still in Troy, Mich., should be treated as a U.S. corporation for income tax purposes even after it reincorporated in the U.K. (more…)

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Categories: International Business Issues
Tags: Corporation, Delphi, IRS, UK, Won,
June 3, 2016

India to treat income from unlisted share transfers as capital gains

India’s Central Board of Direct Taxes (CBDT) recently clarified that income from the transfer of unlisted shares will be taxed as a lower rate capital gain rather than as business income.

The tax department’s move is aimed at avoiding tax disputes/litigation and maintaining a uniform approach. However, such treatment isn’t applicable in situations where:

  • The genuineness of transactions in unlisted shares itself is questionable,
  • The transfer of unlisted shares is related to an issue pertaining to lifting of the corporate veil, or
  • The transfer of unlisted shares is made along with the control and management of the underlying business.

(more…)

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Categories: International Business Issues
Tags: Asset, Capital Gain, CBDT, India, Indian Income Act, Unlisted Share Transfer,
June 3, 2016

EU Competition Commissioner Answers Queries on State Aid Probes

The European Union (EU) Commissioner for Competition, Margrethe Vestager, answered questions about the European Commission’s investigations of illegal state aid to certain multinational enterprises (MNEs), including Apple and McDonald’s.

She told the European Parliament’s committee, to examine practice in the application of the EU state aid and taxation law (TAXE 2), that her office has reviewed approximately 1,000 rulings, of which around 600 were related to the so-called “Luxleaks.” The Luxleaks disclosures showed that tax rulings by Luxembourg allowed more than 300 MNEs to reduce their tax bills. (more…)

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Categories: International Business Issues
Tags: EU, Margrethe Vestager, MNEs, TAXE 2,

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