Starbucks is set to pay more tax in the UK after announcing it will move its European headquarters from the Netherlands to London. It has also pledged to create 1,000 new jobs in the country.
Guernsey is the first Crown Dependency to respond to the letter from David Cameron, UK Prime Minister, calling for a register of beneficial ownership information. The island nation is unlikely to support a register that is made publicly available, citing data privacy and human rights concerns as well as investment implications.
The Dave Camp-led House Ways & Means Committee this week approved the permanent extension of six extender tax provisions, including the research and experimentation credit, the controlled foreign corporation (CFC) look-through provision, and subpart F active financing.
Ron Wyden, Senate Finance Committee chairman, has released a tax extenders Bill. Business lobbyists will be delighted that extender provisions (various tax breaks that expired at the end of last year) are receiving attention sooner rather than later, while House Republicans may view this as a blow to their hopes for comprehensive action on tax reform.
David Cameron, UK Prime Minister, wants all British overseas territories to follow the UK in publishing a central registry of beneficial ownership information. Tax transparency is undoubtedly increasing, but this latest move has raised concerns that, if implemented, foreign investment into the UK would suffer.
French authorities have released draft guidelines for legislation enacted at the end of December targeting hybrid mismatch arrangements, an aspect of international tax practice the OECD is also seeking to tackle as part of its BEPS Action Plan.
