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Further developments in the BEPS project

September 14, 2015

A number of further publications have been released this quarter as part of the Organisation for Economic Co-Operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) project. These include: The 8 June 2015 publication by the OECD of a package of measures relating to “country- by-country reporting” (relevant to Action 13 of the BEPS project). This package includes model domestic legislation and international agreements …


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Glencore pays virtually no tax on Australian coal operations

September 14, 2015

Glencore is in trouble and took drastic action today to shore up its finances. One place they won’t find sympathy is in the court of public opinion. Last year, the Sydney Morning Herald revealed that Glencore paid virtually no tax over the previous 3 years on $15 billion in revenue in its massive coal mining operations in the country. The entire Glencore/Xstrata merger saga was …


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Nearly US$100 Billion Flowed Illegally through Myanmar from 1960 to 2013, Finds New GFI Report

September 14, 2015

WASHINGTON, DC – Nearly US$20 billion flowed illegally out of Myanmar between 1960 and 2013— draining domestic resources, driving the underground economy, exacerbating inequality, and facilitating crime and corruption—according to a new report released today by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization. Titled “Flight Capital and Illicit Financial Flows to and from Myanmar: 1960-2013,” the study finds that trade misinvoicing—the fraudulent …


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United States Tax Court Invalidated Treasury Regulation § 1.482-7(d)(2)

September 14, 2015

On July 17, 2015, the US Tax Court (en banc) ruled in favor of the taxpayer in Altera Corporation v. Commissioner, 1 holding that Treas. Reg. 1.482-7(d)(2), which was issued in 2003 requiring participants in qualified cost-sharing arrangements (“QCSAs”) to share stock-based compensation costs to achieve an arm’s-length result, was arbitrary and capricious and therefore invalid. Altera US, the parent company of an affiliated group …


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Boustany–Neal Innovation Box: Complex and Unsound Policy

September 14, 2015

Talk in Congress of establishing an innovation box (also called a patent box) has increased in recent days. An innovation box would lower tax on income earned from certain types of intellectual property (IP). Innovation boxes exist in several countries around the world, including many major U.S. trading partners. The purpose of the boxes is to lower the tax rate on certain types of highly …


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