News

The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.

The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax.

Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.

The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.

Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.

The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.

The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns.

The OECD has released its annual Consumption Tax Trends report, which highlights that with VAT rates at an all-time high, governments should ensure they have effective VAT frameworks in place to tax e-commerce.

The Government of the British Virgin Islands has announced that it will seek to boost tax collections by modernizing tax administration, not by imposing new taxes.

French Minister of Finance Bruno Le Maire has reportedly said that France intends to collect the country's digital services tax in December 2020.