Related Posts -- Prior Weeks' Tax News
- January 2020
- December 2019
Tax News for February 2020
Tax Topic: India delays implementation of its technology company aimed tax
Tax Story Summary:
- India announced its plan to tax technology companies that lack a physical presence in India.
- The technology tax targets companies (without a physical presence in India) that earn income from adverting activities and data sales within the country. In addition, the companies must meet a revenue/users threshold to qualify.
- India announced that the expected technology tax will be implemented on April 1, 2022. The initial plan hoped to implement the tax a year earlier on April 1, 2021.
- The extended time will allow large technology companies to assess the effects of the tax law and develop tax planning strategies.
Tax Topic: The Alters Corporation tax case reaches the Supreme Court
Tax Story Summary:
- Altera Corp., owned by Intel, plans to appeal its loss in the U.S. Court of Appeals to the U.S. Supreme Court.
- The major tax case focuses on the tax treatment of stock-option compensation related to the valuation of assets for U.S. tax purposes of multinationals.
- The IRS argues that Altera should include the stock-based compensation it paid its employees that engaged in R&D in the agreement with the Cayman Islands subsidiary in the total assets valued for U.S. tax purposes.
- Altera argues that the it is a case of extreme administrative agency over-reaching. Additionally, it points out that the IRS failed to significant comments about the related transactions.
- The landmark tax case is being watched by large U.S. tech companies like Google, Apple, and Facebook as the case focuses on the movement of assets overseas.
Tax Topic: European Union blacklists the Cayman Islands
Tax Story Summary:
- The EU added the Cayman Islands to its list of blacklisted tax havens.
- The Cayman Islands join Oman, Fiji, Vanuatu, Panama, Palau and the Seychelles.
- The EU accuses the said places of failing to crack down on tax abuse.
- The Cayman Islands has no income tax, capital gains tax, or corporation tax, which creates a tax environment that encourages tax abuse.
- Leaders from the Cayman Islands are in contact with the EU relating to the reversal of the blacklisted status.
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