Two weeks to 15 October 2021
Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.
UK
Autumn Budget - 27 October
On 27 October, Chancellor Rishi Sunak will deliver the latest Spending Review and Autumn Budget. With recent changes to National Insurance already announced and with the COP26 conference just a few days later, should we expect any blockbuster changes this Autumn?
- PwC Budget predictions
Our tax specialists, economists and industry experts give their thoughts below on what may be in store on our website here. - Autumn Budget 2021 Reaction webcast
Register here to join us on Thursday 28 October 2021 at 9.30am to discuss the implications of the Budget announcements on business and bookmark our Budget hub where we will add further analysis as it’s available.
Political agreement reached on historic new international corporate tax framework
On 8 October, 136 out of the 140 countries of the OECD Inclusive Framework on Base Erosion and Profit Shifting politically committed to potentially fundamental changes to the international corporate tax system. Details can be found in the OECD section below.
Patent Box & Losses
Where companies are loss making, a common assumption is that the patent box is of no benefit, but this is not always the case. There are a number of reasons why the qualifying income streams may be profitable even where there is an accounting loss. Read more.
The R&D tax incentives regime - trends and important changes
The latest UK Government statistics on R&D tax credits, both in respect of the Small and Medium Enterprise (“SME”) scheme and Research and Development Expenditure Credit (“RDEC”) scheme, show a continuing trend: the number of claims, the number of claimant companies and the value of R&D expenditure continues to climb. The UK R&D regimes are the most utilised R&D incentives in the world (based on the latest OECD data) and a current HMRC consultation is focusing on ensuring the reliefs are appropriately targeted, encouraging innovation but also minimising the risks of abuse of the regime. Read more.
Syndicated loan scheme - HMRC updates guidance on this WHT relief scheme
On 13 October 2021, HMRC published updated guidance on how companies and syndicate managers can use the Syndicated Loan Scheme to claim relief for withholding tax suffered on payments of UK-source interest on syndicated loans where the overseas lending members are corporations, and where a Syndicate Manager acts on behalf of all the members of the syndicate. In particular, contact details for HMRC’s Large Business - DTT Team have been updated.
Tax Treaty updates
HMRC has published the text of tax information exchange agreement (TIEAs) for the following countries:
- UK/Bahamas
Tax Information Exchange Agreement, exchange of information signed 29 October 2009, entered into force on 7 January 2011. - UK/Dominica
Tax Information Exchange Agreement, exchange of information signed 31 March 2010, entered into force on 23 December 2011. - UK/Macau
Tax Information Exchange Agreement, exchange of information signed 3 September 2014, entered into force on 20 May 2015. - UK/San Marino
Tax Information Exchange Agreement: exchange of information - in force, which was signed by the UK and San Marino in February 2010 and entered into force on 27 July 2011. - UK/Saint Christopher (Saint Kitts) and Nevis
Tax Information Exchange Agreement: exchange of information signed 18 January 2010, entered into force on 19 May 2011.
Scotland consults on tax policy and the budget
The Scottish Government is consulting until 26 October on its approach to tax policy, through Scotland’s first framework for tax, and how it should use devolved and local tax powers as part of the Scottish Budget 2022 to 2023.
Tax Accounting Insights: Year End Preparation 2021
In the next live Tax Accounting Insights webcast, taking place on 22 October, we will be discussing the areas we view as critical to year end preparation, including: 1) Deferred tax asset recognition and forecasting; 2) Approach to provisioning related to uncertain tax positions (UTPs); and 3) Uncertain Tax Treatment (UTT) legislation, and the interaction with your UTP process. To participate, you can register here.
PwC Global Annual Review 2021
Welcome to our 2021 Global Annual Review, where we look at the impact we are having on the world of business, the planet and society. And where we discuss our strategy – The New Equation – as well as our future plans for growth and our commitment to quality.
EU
EU amends its list of non-cooperative jurisdictions
The European Council revised its list of non-cooperative jurisdictions (Annex I, known as the tax blacklist) and accompanying state of play document (Annex II, known as the greylist) on 5 October 2021. Anguilla, Dominica and Seychelles were granted a supplementary review and were therefore moved from Annex I to Annex II, pending that review. Nine jurisdictions remain on Annex I (American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu). Six further jurisdictions were added to Annex II (Costa Rica, Hong Kong, Malaysia, North Macedonia, Qatar and Uruguay), three removed (Australia, Eswatini and Maldives as they have implemented all the necessary tax reforms) and one remains on it (Turkey). See this European Council press release.
See how the government of Hong Kong has responded to this below.
State aid
- ECJ rules the Spanish Financial Goodwill amortization regime constitutes an aid scheme
The European Court of Justice (“ECJ”), sitting as the Grand Chamber, recently dismissed all the appeals lodged by different beneficiaries of the regime and the Kingdom of Spain against the decisions of the General Court of the European Union in November 2018. The dispute between the Spanish Government, the impacted companies and the European Commission has been ongoing for more than fifteen years. Read more in this PwC EUDTG newsalert. - EU state aid case withdrawn against Gibraltar
The Gibraltar Government has welcomed confirmation from the European Commission that it has dropped its state aid case against the territory. In this recent press release, the Gibraltar Government said: "The Government is delighted to note that the European Commission has today (6 October 2021) announced that it has decided to repeal its decision to open infraction proceedings against the UK Government for the failure by the Gibraltar Government to recover illegal aid granted under the Income Tax Act 2010 to two multinational companies." - Commission invites comments on draft proposal to further facilitate implementation of aid measures promoting the green and digital transition
The European Commission is consulting until 8 December 2021 on a draft proposal to amend state aid rules under the General Block Exemption Regulation (GBER). The proposal includes:1) providing reduced tax rates for large energy-intensive businesses under the energy taxation directive; 2) introducing a green bonus for building renovation projects; 3) expanding the scope of the aid provided for start-up businesses; and 4) simplifying the conditions for granting R&D aid without prior notification and approval.
Council authorises the start of negotiations for an agreement in respect of Gibraltar
The European Council has adopted a decision authorising the opening of negotiations for an EU-UK agreement in respect of Gibraltar, as well as the negotiating directives. On this basis, the European Commission can now begin formal negotiations with the United Kingdom in respect of Gibraltar. The aim of the negotiations is to establish a broad and balanced agreement between the EU and the UK in respect of Gibraltar in view of the particular geographical situation and specificities of Gibraltar. See this European Commission press release.
EU tax proposals could stall key Gibraltar industry and cast Northern Ireland adrift
Gibraltar’s burgeoning bunkering industry could stall, and Northern Irish businesses competitiveness in Great Britain could be eroded if the EU adopts proposals altering tax rules, according to a new report from the Government’s influential European Scrutiny Committee.
European Parliament slams EU governments during debate on Pandora papers
Speaking during a debate in plenary with representatives of the Council and the Commission just days after the leaks were published, MEPs denounced EU governments for allowing taxes to be dodged en masse due to their inability to properly reform outdated tax laws. Read more in this European Parliament press release.
- Joint statement by the Forum on Tax Administration and the FTA’s Joint International Task Force on Shared Intelligence and Co-operation
Bob Hamilton, Chair of the OECD Forum on Tax Administration, and Chris Jordan, Chair of the JITSIC Network have released a statement confirming their commitment to a collaborative approach in identifying and addressing aggressive tax avoidance and tax evasion involving multiple jurisdictions once the data becomes available. - EU must step up its game against harmful tax practices, says European Parliament
The European Parliament has outlined its priorities for reforming EU policy on harmful tax practices as well as a blueprint for a new system to assess national tax policies. In this press release, MEPs proposals include: 1) updating legislation needed to tackle innovative tax schemes; 2) a minimum activity threshold would qualify companies to pay taxes in a certain territory; and 3) a total revamp of the EU’s Code of Conduct on Business Taxation.
CFE Tax Advisers Europe
- CFE Tax Top 5 – Round-up of EU Tax Policy News
The latest edition looks at the following: 1) Historical agreement on international taxation under OECD auspices; 2) EU updates ‘Blacklist’ of non-cooperative jurisdictions; 3) European Parliament resolution on EU Code of Conduct for business taxation; 4) EU climate policy support in advance of COP26; 5) UK to Introduce AML (Economic Crime) Levy. View previous editions here. - CFE’s Global Tax Top 10 – September 2021
The September edition includes: 1) Tax administrations accelerate digital transformation; 2) State of the Union: EU prioritises global tax deal & fair taxation; 3) Increasing pressure put on countries to reach global tax deal; 4) Save the Date: CFE professional affairs virtual conference – 25 November 2021; 5) FISC subcommittee tax priorities; 6) OECD paper on cross-border withholding tax relief procedures; 7) Blockchain Policy Forum; 8) Member States challenge legal basis for public CbCR; 9) CFE statement on the use of shell entities for tax avoidance purposes; and 10) Togo joins Inclusive Framework on BEPS.
OECD
136 countries reach political agreement on a new international corporate tax framework
On 8 October, 136 out of the 140 countries of the OECD Inclusive Framework on Base Erosion and Profit Shifting (IF) politically committed to potentially fundamental changes to the international corporate tax system. The group of 136 includes some countries that had expressed reservations about the deal in July such as Ireland, Hungary, Estonia, Barbados and Peru, but have now committed to the agreement. Pakistan, which had signed up to the agreement in July, has now withdrawn its support for the agreement. The agreement allows for some optionality in terms of implementation of both constituent pillars.
- See this OECD announcement
- Read our Tax Policy alert and our flyers on the Pillar 1 and 2 blueprints.
- Register for this webcast being held on 20 October, where our panelists and subject matter specialists will discuss the agreement, remaining work and implementation challenges, and what these mean for multinational enterprises, tax authorities, and other stakeholders.
OECD presents international tax update to G20 Finance Ministers and Central Bank Governors
The OECD report provides an overview of the latest developments in the OECD's international tax agenda, including the recent digital tax reform, as well as tax policy aspects of climate change, and progress made in support to developing countries in building sustainable tax systems.
Developing Countries and the OECD/G20 Inclusive Framework on BEPS
This OECD report takes stock of the progress made by developing countries through their participation in the OECD/G20 Inclusive Framework on BEPS. It considers the priorities and capacities of developing countries and examines how domestic resource mobilisation efforts could be further supported.
Tax and Fiscal Policies after the COVID-19 Crisis
The Italian G20 Presidency requested that this report be prepared for G20 Finance Ministers and Central Bank Governors to provide a first look at how tax policies can support inclusive and sustainable growth beyond the COVID-19 crisis.
Report on Tax Policy and Climate Change
This report was submitted to G20 Finance Ministers and Central Bank Governors in September 2021 (and also published as Attachment B to the OECD Secretary-General Tax Report to the G20 Finance Ministers and Central Bank Governors, released on 13 October 2021), to inform them on the role of greenhouse gas emissions pricing in climate change mitigation policy packages. It focuses on carbon pricing, taking stock of current pricing patterns, identifying reform needs, impacts and opportunities, and comprehensive approaches to address political economy concerns.
Global Forum Secretariat hosts virtual workshop on effective use of data from automatic exchange of information
A workshop on the effective use of data derived from the Automatic Exchange of Financial Account Information (AEOI) was organised by the Global Forum Secretariat. Held virtually on 4-5 October, it was attended by 625 participants from 89 jurisdictions. Read more in this OECD item.
Other territories
International
Taxation of the digital economy
Keep track of the number of international initiatives that are underway to address the tax problems caused by digitalisation of our economy:
- Digital tax byte
The latest edition from 14 October includes announcements around a new OECD/G20 Inclusive Framework Statement on 8 October, while the Irish Budget on 12 October gave a little more detail on Ireland's plans and G20 Finance Ministers gave a brief endorsement. It also covers a Latvian proposal to introduce a DST and the news that Canada will progress its DST legislation but hold it in abeyance for now.
Environmental, Social and Governance ESG
- Talking Tax: harnessing opportunities to achieve ESG ambitions
The world’s attention will soon be on Glasgow as world leaders come together for COP26. In this decade for action, the tax system will play a key part. We want to support businesses to create sustainable value that meets Environmental, Social and Governance (ESG) goals and ambitions. This edition of Talking Tax explores potential tax changes and their impact for businesses, as well as the social considerations of employment taxes and the progress towards Net Zero. - Webcast replay - COP26 and Tax - Why you should pay close attention
If you missed this webcast, you can register here to watch our speakers bring their perspective on how we expect the COP26 agenda to unfold, as well as uncovering the ways in which it will set the future framework for the tax system.
Belgium
See here for latest updates.
Belgian government announces measures to transition Belgian economy post-covid
The Belgian Government recently reached an agreement on the Belgian budget which combines a number of measures to transition the Belgian economy after Covid in an environmentally balanced manner. Some of the most important tax related measures include: 1) the increase of resources for the transfer pricing of the Belgian tax authorities; 2) the gradual transition to E-invoicing for B2B transactions; 3) a number of environmental taxes aiming to stimulate the use of greener sources of energy (e.g. the introduction of an airplane tax for short flights) and also a number of measures aiming to support the economic weakest in society and to reduce the taxes on labour. See this PwC news item.
Canada
Ontario Not-for-Profit Corporations Act coming into force ─ What you need to know
The Ontario government has announced that the Not-for-Profit Corporations Act (ONCA), which provides a modern legislative framework for Ontario’s not-for-profit corporations, will finally come into force on 19 October 2021. Not-for-profit corporations in Ontario need to be aware of the provisions in the ONCA and ensure they understand and comply with this new governing statute. This Tax Insights provides an overview of the ONCA (including tax and accounting considerations) and next steps for not-for-profit corporations to consider. It also provides information on the new online Ontario Business Registry that will service Ontario not-for-profit corporations.
Gibraltar
EU state aid case withdrawn against Gibraltar
As reported above, the Gibraltar Government has welcomed confirmation from the European Commission that it has dropped its state aid case against the territory. In a recent statement, the Gibraltar Government said: "The Government is delighted to note that the European Commission has today announced that it has decided to repeal its decision to open infraction proceedings against the UK Government for the failure by the Gibraltar Government to recover illegal aid granted under the Income Tax Act 2010 to two multinational companies."
EU Council authorises the start of negotiations for an agreement in respect of Gibraltar
The European Council has adopted a decision authorising the opening of negotiations for an EU-UK agreement in respect of Gibraltar, as well as the negotiating directives. On this basis, the European Commission can now begin formal negotiations with the United Kingdom in respect of Gibraltar. The aim of the negotiations is to establish a broad and balanced agreement between the EU and the UK in respect of Gibraltar in view of the particular geographical situation and specificities of Gibraltar. See this European Commission press release.
EU tax proposals could stall key Gibraltar industry
Gibraltar’s burgeoning bunkering industry could stall if the EU adopts proposals altering tax rules, according to a new report from the Government’s influential European Scrutiny Committee.
Guernsey
2022 Budget
The Policy & Resources Committee has published the 2022 Budget, following an extraordinary year which has continued to see the pandemic affect many aspects of Island life and the economy. The latest figures indicate that Guernsey's economy has weathered the predicted impacts, and quickly set about a very strong recovery. Read more in this Government news item.
Guernsey publishes MLI synthesized texts of tax treaties with Luxembourg and Mauritius
The Guernsey Government has recently released the synthesized texts to explain how the BEPS multilateral instrument has modified its double tax agreements with Mauritius and Luxembourg which were signed in 2013.
Hong Kong
Hong Kong commits to amend its tax system by 2022 as EU puts it on ‘greylist’
With effect from 5 October 2021, the Council of the European Union (EU) added various jurisdictions, including Hong Kong, to Annex II to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes, commonly known as the 'greylist', following a review of their foreign source income exemption regimes. These jurisdictions have until 31 December 2022 to make necessary changes to their legislation in order to avoid being moved to the blacklist. It is understood that the HKSAR government has been working closely with the EU to understand and address their concerns about Hong Kong's territorial basis of taxation. The government sent a letter to the Code of Conduct Group (COCG) on 24 June 2021 committing to amend Hong Kong's tax system by 31 December 2022 with the amended system taking effect on 1 January 2023 with no grandfathering arrangement. Read more in this PwC News Flash.
India
Allahabad High Court quashes notices issued under section 148 of the Act issued on or after 1 April 2021 under the old reassessment regime
The Allahabad High Court has allowed writ petitions challenging the validity of notices issued under section 148 of the Income-tax Act, 1961. The High Court held that there was no conflict between the various relaxations issued by the Government under the Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020 and the amendments in the Finance Act 2021 pertaining to issuance of reassessment notices and that with effect from 1 April 2021, the amended provisions were applicable. See this PwC Tax Insights.
Ireland
Budget 2022
Budget 2022 announced on 12 October, was set against a backdrop of significant economic, political and societal uncertainty. In addition to the continuing fallout from COVID-19, the unprecedented challenges include climate change, housing, healthcare, international tax reform as well as the scale of Ireland’s fiscal indebtedness. Budget 2022 set in motion a strategy that will see Ireland realise recovery and sustaining success. See this Budget overview and our PwC Budget 2022 webpage for all the key measures introduced.
Italy
Factual assessment in criminal proceedings bind the tax courts
The Italian Supreme Court has ruled on the binding nature of a criminal judgement of acquittal in tax proceedings concerning the same facts (order no. 25632/2021), highlighting two important and closely connected issues: on the one hand, the fact that an external judgment is not subject to any procedural preclusion; on the other hand, more generally, the fact that the assessment on the same facts made in criminal proceedings is binding on the tax judge’s decision. See this PwC Italy tax blog.
Japan
Japanese tax audits focus on transfer pricing compliance
Due to the COVID-19 pandemic, the Japanese tax authorities’ audit activity and in particular, transfer pricing audits, which tend to be time consuming even under normal circumstances, are taking much longer to complete. Although slowed, regular corporation tax audits continue to be initiated and, perhaps related to the slowdown in transfer pricing audit activity, we have noticed that the regular corporate tax examiners have, over the past several months, increased and expanded their requests for transfer pricing related documentation and information. This newsletter summarizes the Japanese tax authorities’ audit activity under the COVID-19 pandemic and suggested actions that should be taken in preparation for an audit.
Netherlands
Bill introducing conditional source tax on dividend payments passed
In March 2021, the Bill introducing a conditional withholding tax on dividends was submitted to the Lower House of Parliament and on 30 September 2021 the bill was passed by the House of Representatives. The Conditional Withholding Tax on Dividends Act supplements the 2021 Withholding Tax Act and aims to prevent the untaxed flow of dividends from the Netherlands to low-tax jurisdictions and in abuse situations. Low-tax jurisdictions are countries with a statutory profit tax rate lower than 9% and countries included in the EU list of non-cooperative jurisdictions. See this PwC tax news item.
Dutch consultation on DAC7 legislation provides clarifications
The Dutch government published consultation documents on proposed legislation regarding the automatic exchange of information for digital platform operators. The goal of the proposed legislation is to implement the EU Directive expanding the scope of automatic exchange of information to EU and non-EU digital platform operators (“DAC7” of “Directive’) adopted earlier this year. The consultation is open for reactions until 8 November 2021. See this PwC tax news item.
Norway
Tax and VAT - Norwegian National Budget 2022
The Norwegian National Budget was presented on 12 October. See this article for an overview of the most important changes in 1) Personal Tax 2) Corporate Tax 3) VAT and 4) Excise Duties. The budget was presented on the last day of the government and it will be interesting to see if the new government will make any adjustments to the parts related to tax and VAT.
Singapore
Singapore eases CIT filing burden ahead of deadline
The Inland Revenue Authority of Singapore (IRAS) has issued a statement reminding taxpayers of the 30 November 2021 deadline this year for all companies to e-File their YA 2021 CIT Returns and has set out a number of measures that are intended to simplify filing, including a temporary measure for equipment provided to support employees to work from home.
Spain
ECJ rules the Spanish Financial Goodwill amortization regime constitutes an aid scheme
As reported above, the European Court of Justice (“ECJ”), sitting as the Grand Chamber, recently dismissed all the appeals lodged by different beneficiaries of the regime and the Kingdom of Spain against the decisions of the General Court of the European Union in November 2018. The dispute between the Spanish Government, the impacted companies and the European Commission has been ongoing for more than fifteen years. Read more in this PwC EUDTG newsalert.
South Africa
Tax Synopsis - September 2021
Topics in this issue include: 1) The tragedy of VAT apportionment; 2) Late payment of PAYE penalties: When is payment late and what are reasonable grounds to remit? 3) SARS’ new procedure for breaking South African tax residency; and 4) SARS watch.
Switzerland
COVID-19 webinar series
See here for upcoming and recorded webinars. For the latest updates on current topics, see this PwC Switzerland Insights page.
Code of Conduct Taxation 2021
The Federal Tax Administration, the Swiss Tax Conference and EXPERTsuisse in conjunction with IFF-HSG has announced a Code of Conduct, which is intended to facilitate the efficient application of legal provisions and to strengthen the long established relationship of trust between taxpayers, tax representatives and tax administrations.
Exchange of information on financial accounts
The Federal Tax Administration (FTA) has exchanged information on financial accounts with 96 countries. The FTA sent information on around 3.3 million financial accounts to the partner states and received information on around 2.1 financial accounts from them. The exchange took place within the framework of the global standard on the automatic exchange of information (AEOI). See this FTA news item.
Taiwan
Taiwan Tax Update - September 2021
Updates in this issue include: 1) Draft amendments to “Regulations Governing Reduction and Exemption of Income Tax of Foreign Special Professionals”; and 2) Input VAT from rent expense paid by employer for rental of employee dormitory is deductible against output VAT.
Thailand
Revised regulations issued for appeals and consideration of appeals under the Revenue Code
The Regulation of the Revenue Department regarding appeals and consideration of appeals under the Revenue Code was published in the Royal Gazette on 20 September 2021 and came into force retroactively from 28 June 2021. This regulation was issued to replace all previous regulations concerning appeals that were issued in 2003, 2004 and 2008. See this PwC Tax Insight.
US
House Ways and Means Committee “Build Back Better” reconciliation legislation
As reported in our last edition, House Ways and Means Committee Chairman Richard Neal (D-MA) released his ‘chairman’s mark’ of tax increase and tax relief proposals which was approved by the House Ways and Means Committee on 15 September as part of “Build Back Better” reconciliation legislation that the committee currently is developing. Congressional Democratic leaders are seeking to complete action on the legislation so it can be signed into law by President Biden before the end of this year. This is discussed in the latest episode of our Cross-border tax talks series from 8 October, see below.
Texas Appeals Court exempts equipment to process extracted material from sales tax
The Texas Court of Appeals has held that a mine operator was entitled to an exemption from sales and use tax for equipment used to extract and process coal because the equipment qualified as tangible personal property used in manufacturing, processing, or fabrication of tangible personal property for ultimate sale. The Court rejected the Comptroller’s argument that (1) the coal constituted real property; (2) the taxpayer did not meet the requirements for ‘processing’; and (3) exempt processing does not include the severance of minerals or other physical materials from the earth. Read more in this PwC Tax Insights.
Subscribe for US tax alerts
You can sign up for Tax Alerts issued by the US to be emailed to you. Subscribe using the link on this page.
Webcasts & podcasts:
- Tax Readiness: Simplifying the complexity of tax reporting
Please join us on Wednesday 20 October 2021 at 7pm for this webcast where we will explore effective solutions to meet extensive tax reporting requirements in a prioritised, cost efficient manner, as well as planning for what's around the corner in this ever-changing regulatory environment. Register here. - Cross-border tax talks - Playing by House Rules: More analysis of the Ways & Means bill
In this episode from 8 October, Doug McHoney (PwC's US International Tax Services Co-Leader) is back in Westminster Studios with Nita Asher (PwC International Tax Services Partner), who served as legislative council at the Joint Committee on Taxation from 2017 to 2018. Doug and Nita pick up from the previous podcast with Sherry Grabow, and discuss the legislative climate; covering, among other topics: the legislative process for tax reform, how this iteration of reform differs from 2017, granting of regulatory authority, impact of proposed changes to Section 163(n), the wholesale changes proposed to BEAT; clarification to foreign personal holding company income; and new foreign tax carryforward rules.
Previous episodes in this fabulous series of podcasts can be found here, as well as on Spotify, YouTube and other streaming services.
- Tax Readiness: The state impact of the BBA partnership audit rules (State and local tax perspective)
The 2015 Bipartisan Budget Act (BBA) formed the federal partnership audit provision to replace and simplify the 1982 TEFRA Act of 1982 partnership audit rules. In this episode, PwC professionals from the State and Local Tax practice discuss the effects on, and reactions from, states on these updated federal provisions.
Replays
A number of previous webcasts are available for replay in our US tax reform hub here, including:
- Tax Readiness: Elevating Tax in a Hot Deal Market
In this replay from 29 September, PwC professionals from our Tax, Deals and Value Chain Transformation practices had a timely discussion on the important role tax plays in the current deals environment including a discussion of opportunities for the tax department to add value as an integral part of the deal process. - Tax Readiness: Q3 financial reporting considerations
In this webcast which took place on 22 September, our panel of Tax Accounting Services (TAS) specialists took a deep dive into relevant tax accounting matters and recent tax developments. Watch the replay here. - Tax Readiness: US tax legislation advances under budget reconciliation
Watch the replay from this webcast held on 21 September 2021, in which our policy specialists explored the tax proposals being considered by the House of Representatives as part of “Build Back Better” reconciliation legislation, potential issues and challenges facing tax executives, and what companies should be doing in anticipation of potentially large scale changes.
Other updates
For regular updates on this topic, check out our US tax reform hub on The Suite here.
Vietnam
New Circular guiding the Tax admin law 2019 and Decree 123/2020 on invoices
On 17 September 2021, the Ministry of Finance released a new circular guiding certain provisions of the Law on Tax Administration 38/2019 and Decree 123/2020 on invoices and documents. Circular 78 will take effect from 1 July 2022 and taxpayers are encouraged to implement e invoices before this date.Read more in this PwC NewsBrief.