The EU Economic and Financial Affairs Council on March 16 in Brussels adopted directives on mutual assistance for the recovery of taxes and on the VAT reverse-charge mechanism for carbon emissions allowances; ECOFIN also agreed on a draft directive for ...

Nonresidents of Canada are taxable on gains realized on dispositions of taxable Canadian property (TCP), subject to relief under a tax treaty. Also, dispositions of TCP may require Canadian tax reporting. The budget will narrow the definition of TCP as ...

Swiss bank UBS is being investigated by a number of tax authorities as a result of the U.S. government's probe of the bank's violations of the IRS qualified intermediary program, UBS revealed in its 2009 annual report. In the report, releas ...

Swiss banking giant UBS has sent a letter to members of the Swiss parliament urging them to approve the agreement reached with the United States on the disclosure of client account information.

Rum producers Diageo PLC of the U.K. and the Bacardi Corp., headquartered in Catano (near San Juan), Puerto Rico, and incorporated in Bermuda, are clashing over Diageo's plan to move production to St. Croix in the U.S. Virgin Islands, where it would re ...

The Estonian government on March 11 said it will amend its rules on tax deductions for nonresident individuals in response to a January 22 action by the European Commission referring Estonia to the European Court of Justice.

The Chinese State Administration of Taxation (SAT) has set its 2010 tax audit revenue goal at a minimum of 1.5 percent of total tax revenues, according to a March 6 report on the Chinese Web site the Economic Observer Online. In 2009 the Ch ...

The Canada Revenue Agency has ruled that some deemed dividends, interest, and royalties to be paid by a Canadian unlimited liability company to a U.S. parent and subsidiary group would not be caught by the hybrid entity rule in new Article IV(7)(b) of ...

Canadian Finance Minister Jim Flaherty on March 4 presented the 2010 federal budget, which contains a number of significant tax initiatives.

The Canadian government has proposed its 2010 budget, which includes significant tax initiatives aimed at facilitating growth and job creation.

...[T]he IRS and the Treasury Department issued Notice 2008-91 to help U.S. multinationals deal with liquidity issues stemming from the U.S. credit crisis. Notice 2008-91 allows controlled foreign corporations to make short-term loans to their U.S. sha ...

The Russian government recently approved a model tax treaty that it will use as the basis for negotiating and concluding income tax treaties with other countries.

The Greek government on March 3 announced a plan to reduce its 2010 deficit by an additional 2 percent of GDP through a balance of spending cuts and tax increases.

China's State Administration of Taxation has issued new guidelines for the application of deemed profit methods to calculate the enterprise income tax on nonresident enterprises.

An Obama administration proposal to limit deductions for some reinsurance premiums paid to offshore affiliates would undermine U.S. tax policy and hurt U.S. competitiveness, according to opponents of the proposal.