When Goldman Sachs economist Jim O’Neill coined the BRIC acronym in 2001, his new term was born out of a desire to group together those countries viewed as emerging growth markets. The grouping worked because it was clear these countries shared common features, which marked them apart from the rest of the world. That being the case, it is no surprise that the tax structures employed in these countries often need to be different from those used elsewhere. Matthew Gilleard talks to taxpayers and advisers about such structures, what the common mistakes are, and what taxpayers can and cannot do, as compared to tax rules elsewhere.
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China’s largest overhaul of its tax administration system in 24 years, featuring enhanced enforcement powers, is underway, says Abe Zhao of FenXun Partners
However, the US president increased tariffs on imported Chinese goods to 125%; in other news, UK tax firm MHA expects to raise £102m from its London listing
Taxpayers with Brazilian operations should revisit their withholding positions in light of updated US guidance, writes Rafael Benevides, senior tax counsel at Meta
The MEGlobal Canada decision highlights taxpayers’ frustrations over split jurisdiction for TP assessments as well as a need for legislative reform, one expert tells ITR
The new tariffs could force companies to reroute logistics, renegotiate crucial deals or even uproot their production facilities, one tax expert tells ITR
The EU is preparing countermeasures to protect its interests, Ursula von der Leyen said; in other news, the NRA is suing the state of Colorado over a 6.5% tax on the sale of firearms