regulations

How to Calculate BEAT Tax | Bloomberg Tax

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How to Calculate BEAT Tax | Bloomberg Tax

Bloomberg Tax offers expert resources for international tax planning and compliance, including information on foreign tax credits, transfer pricing, cross-border transactions, and global tangible low-taxed income. They provide a BEAT Final Regulations OnPoint for detailed analysis of final BEAT regulations issued by the IRS, as well as a BEAT calculation template to simplify challenging calculations and save time during compliance and provision. Bloomberg Tax Workpapers combines spreadsheet control with automatic data transformation and timesaving tax functions in one solution.

Consumers warned about internet shopping platform

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Consumers warned about internet shopping platform

The Cypriot Union of Consumers and Quality of Life has warned consumers about purchasing items from the internet platform Temu, which does not respect European consumer safety legislation. The organisation calls on the government consumer protection service to investigate the platform and take measures. Temu was hit with a European Union complaint over a potential breach of online content rules under the EU’s Digital Services Act. BEUC lodged a grievance with the European Commission and 17 of its members in various countries also filed complaints with their national authorities against Temu for using manipulative practices and breaching the EU’s Digital Services Act.

New York City Announces Anticipated Deviations from Recently Promulgated New York State Corporate Tax Regulations

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New York City Announces Anticipated Deviations from Recently Promulgated New York State Corporate Tax Regulations

The New York City Department of Finance is expected to deviate from the New York State corporate tax reform regulations in several key areas, including the application of unincorporated business tax sourcing rules for corporate partners, authorizing deviations from statutory apportionment methods based on individual facts and circumstances, allocating income from passive investment customers using an 8% fixed allocation, increasing the threshold for taxpayers to use a billing address “safe harbor,” and retaining excess inclusion in income for holders of residual interests in real estate mortgage investment conduits.

4 considerations for companies seeking compliance with the corporate alternative minimum tax – Thomson Reuters Institute

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4 considerations for companies seeking compliance with the corporate alternative minimum tax - Thomson Reuters Institute

The corporate alternative minimum tax (CAMT) was reintroduced in 2022 as part of the Inflation Reduction Act, imposing a 15% minimum tax on large corporations with three-year average annual adjusted financial statement income (AFSI) exceeding billion. This new CAMT is based on AFSI, not taxable income, and impacts about 150 companies according to the U.S. Congress’ Joint Committee on Taxation. Corporate tax departments need to understand CAMT rules, analyze tax liability, consider financial reporting implications, and engage in strategic planning to navigate the complexities of remaining compliant with the new regulations.

Here’s what the economy could look like with a Biden or Trump presidency

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Here's what the economy could look like with a Biden or Trump presidency

The text discusses the potential impact of a Biden or Trump presidency on the US economy. The analysis covers eight major economic categories, including domestic manufacturing, higher education, healthcare, housing, labor, taxes, tariffs, and trade. Biden and Trump have different plans and approaches to these economic categories based on their past records as president and their campaign promises. Biden focuses on issues like lowering prescription drug costs, investing in the future, supporting workers and small businesses, and ensuring fair taxation. Trump, on the other hand, has proposed plans such as protecting American car manufacturers, imposing tariffs on foreign-made cars, and focusing on fossil fuels. The text also highlights the differences in their views on student loan debt, healthcare, housing costs, labor unions, taxes, tariffs, and trade policies.

Last-minute laws passed by House before June elections

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Last-minute laws passed by House before June elections

– The House plenary passed laws related to regulations for local government bodies and operating permits for hotels before adjourning for the upcoming June elections.
– MPs approved a law extending the grace period for hotels lacking a full operating permit until the end of 2024, with a requirement to submit ‘as-built’ plans in the meantime.
– The transitional period for hotels to secure an operating permit has been extended by another six months.

Navigating the complexities of Cyprus tax: A comprehensive guide

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Navigating the complexities of Cyprus tax: A comprehensive guide

The Cypriot government encourages entrepreneurs to open new businesses in Cyprus, which has seen a steady increase in foreign attention in recent years, especially in the tourism and business sectors. Understanding the Cyprus tax authorities and income tax in Cyprus is essential before starting a business in the country.

Temu faces EU scrutiny over alleged consumer protection violations

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Temu faces EU scrutiny over alleged consumer protection violations

Temu, a popular e-commerce app in the EU with 75 million monthly users, is under scrutiny for potential breaches of consumer protection laws. The European consumer rights organization BEUC and national bodies have filed complaints alleging the use of manipulative design tactics to pressure users into purchases, lack of transparency on seller information, and violations of the Digital Services Act. Temu has pledged to cooperate and investigate the allegations. Similar concerns have been raised in Germany and South Korea, with the app expected to face stricter compliance requirements as a “very large” digital platform under the DSA.

Global trade disruptions and their impact on tax and trade

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Global trade disruptions and their impact on tax and trade

Fact: The disruptions in global trade routes, such as those at the Suez Canal and Panama Canal, have significant tax implications for multinational corporations, affecting transfer pricing, profit attribution, intangible property, withholding taxes, and customs duties.

Much to be done to crackdown on construction waste, minister says

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Much to be done to crackdown on construction waste, minister says

Construction and demolition debris makes up 25-30% of all waste produced in Europe. Measures have been taken in Cyprus to manage this waste, including creating treatment facilities, improving environmental controls, and increasing recycling rates. Despite efforts, illegal dumping continues to be a problem.