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India Proposes Rules to Ease Concerns About ‘Angel Tax’

India issued draft rules Friday to ease concerns over an “angel tax” on foreign investors introduced recently by India’s Finance Minister Nirmala Sitharaman as an amendment to the income tax law.

IMF Suggests US Consumption, Carbon, Other Taxes to Cut Debt

The US should use new and higher taxes as one tool to help put its debt on a downward path in the years to come, the International Monetary Fund said Friday.

UAE Clarifies Treatment of Assets in Corporate Tax Law

UAE corporate tax rules are starting to tax shape after the government released additional guidance on the transitional framework on Friday.

Australia Replaces Tax Board Boss in Run-Up to Senate PwC Probe

The Australian government said Friday that it had replaced the head of the body that regulates tax practitioners, just days before the opening of a parliamentary probe into the government’s use of outside consultants.

Canadian Investment Firm Loses $48 Million Tax Avoidance Case (2)

An investment firm broke anti-avoidance rules by trying to circumvent restrictions on the transfer of losses and tax attributes between companies, Canada’s top court ruled Friday.

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Spotlight on Boston Tax Controversy Attorney Kathleen Gregor

Our Spotlight series highlights the careers and lives of tax professionals around the world. This week’s Spotlight is on Kathleen “Kat” Gregor, a tax controversy attorney and litigator at Skadden, Arps, Slate, Meagher & Flom in Boston.

Hyundai Motor, LG Plan $4.3 Billion EV Battery Plant in US

South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. will invest 5.7 trillion won ($4.3 billion) to produce electric-car batteries in the US to comply with President Joe Biden’s clean energy tax law, which seeks to encourage domestic production and reduce reliance on Chinese suppliers.

Will the Global Minimum Tax End the Race to the Bottom?

In 2021, 137 countries agreed on a global minimum corporate tax rate of 15% for big global companies. This video explains why countries felt such a tax was needed and how it will work.

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Luxury Concierge Service Was Illegal Private Bank, US Says (1)

A businessman who claimed to operate a high-end concierge service featuring custom credit cards crafted from solid gold was actually operating an illegal private bank that provided discreet financial services to high-net-worth customers, prosecutors said.

FINANCE BRIEFING: Debt Deal Takes Shape With Two Year Cap

Republican and White House negotiators are moving closer to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter. The details agreed to are tentative and a final accord is still not in hand. Plus, the two sides have yet to agree on the amount of the cap.

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Greece Gazettes Decision Clarifying Declaration, Determination of Temporary Solidarity Contribution for Fossil Fuel Companies

The Greek Office Gazette May 18 published Decision No. A-1069, clarifying the declaration and determination procedure of the temporary solidarity contribution for companies operating in the oil, natural gas, coal, ...

Brazil Gazettes Normative Instruction Amending Individual Income Tax Rules

The Brazilian Official Gazette May 24 published Normative Instruction No. 2141, amending individual income tax rules. The normative instruction includes measures: 1) exempting interest on delayed employment payments; 2) exempting ...

United Kingdom Tax Agency Updates Guidance on Company Car Advisory Fuel Rates

The United Kingdom HM Revenue and Customs May 25 updated its guidance on advisory fuel rates (AFRs) for employer-provided company cars, to include rates taking effect June 1. The updated ...