Listen to the article 6 min feedback. Corporate tax managers have had to negotiate their way through heightened turbulence ever since the Trump-led tax cuts and the Jobs Act became law in 2017. Today’s hot-button issue is the ongoing Organisation for Economic Co-operation and Development (OECD)-led global effort to impose a minimum 15% tax on … Read more
Abstract This paper offers a comprehensive analysis of Spain’s corporate tax system through the lens of the Laffer curve and Buoyancy index, assessing its efficiency in generating revenue. The study finds that Spain is nearing the Laffer curve’s optimal tax rate, beyond which tax revenue may decrease with rate hikes. The Buoyancy index reveals a … Read more
(The Center Square) — Several tax changes took effect on Monday, the start of fiscal 2025, including a decrease in Georgia’s personal and corporate income tax rates. House Bill 1015 lowers Georgia’s personal income tax rate to 5.39% from 5.49%, while HB 1023 sets the corporate income tax rate — previously 5.75% — to the same level as … Read more
Shareholders at three of the world’s largest oil companies recently turned down tax transparency proposals from an activist investor. At Chevron, a proposal to publicly report the company’s earnings and tax bills in every country where it operates was defeated on May 29; 85% of votes were against the proposal. The shareholders followed recommendations from … Read more
Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more
A recent paper in the Vanderbilt Law Review raised a fascinating question about the growing links between corporate tax policy and environmental, social and governance (ESG) strategy. As new global regulations like the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) start requiring corporations to disclose more detail than ever … Read more
Fact: The pharmaceutical industry pays the lowest effective tax rate in 2022 at 11.6%, with some companies like Pfizer and Abbvie paying even lower rates.
– The UAE has introduced a federal corporate tax to strengthen its economic future.
– The tax policy aligns with international standards and aims to solidify the UAE’s position as a global financial center.
– Corporate tax rates are set at 0% for annual incomes up to AED375,000 and 9% beyond that threshold.
– The UAE is committed to sustainable development goals and has reformed tax policies to support economic growth and inclusivity.
– The UAE has joined the BEPS programme and supports global tax fairness initiatives.
– Regulatory decisions have been made to guide the implementation of the corporate tax law in the UAE.
– The Ministry of Finance is conducting public awareness sessions to ensure understanding of the new tax law.
Tax transparency is becoming more common globally, with regulators, investors, and the public demanding greater visibility into corporate tax profiles. Companies are facing new tax reporting and disclosure requirements, such as expanded Financial Accounting Standards Board disclosures in the U.S. and public Country-by-Country Reporting legislation in the EU. Adapting to these changes and investing in suitable technology tools can help companies communicate their tax narrative effectively and enhance trust with stakeholders.