EU Plans Lower Taxes on Clean Energy in Drive to Cut Power Bills

The European Union is developing plans to cut taxes on renewable energy and make electricity systems more flexible as high costs continue to weigh on the region’s economy.

Firm Tells IRS to Scrap ‘Outdated’ Inbound Transactions Rules

Current US rules governing the tax treatment of inbound corporate transactions are outdated and can block foreign companies that would like to become American, law firm Sullivan & Cromwell told the IRS Friday, urging removal of the regulations entirely.

Texas Instruments Fights $48 Million Foreign Intangible Tax Bill

Prominent global producer of analog semiconductors Texas Instruments, Inc., is suing the IRS, alleging the agency incorrectly adjusted its deductions taken for foreign-derived intangible income.

Hungary Guides on Global Minimum Tax Reporting, Info Exchange

The Hungarian tax and customs authority published guidance Thursday on how global minimum tax reporting and related international information exchange under EU rules will operate for in-scope entities.

Wealth Taxes Risk UK Growth for Little Revenue, Analysis Finds

Proposals to increase wealth taxes by those vying to become the next UK prime minister risk raising little extra revenue and could hit economic growth, according to new analysis.

Tax Developments

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Norway MOF Seeks Comments on Proposed Amendments to List of Non-Cooperative Jurisdictions

The Norwegian Ministry of Finance June 3 opened a consultation on proposed amendments to the list of non-cooperative jurisdictions for tax purposes, to align with the EU list. The proposal ...

Norway MOF Seeks Comments on Proposed Amendments to Supplementary Tax Act, Regulations Under Pillar 2

The Norwegian Ministry of Finance June 4 opened a consultation on proposed amendments to the Supplementary Tax Act and Regulations regarding the implementation of the OECD side-by-side package, in accordance ...

European Commission Issues June Monthly Infringement Package

The European Commission (EC) June 4 published tax decisions in the June monthly infringement package. The package includes decisions to send letters of formal notice to: 1) Germany, for adopting ...

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South Africa and Nigeria Drive AI-Enabled Transfer Pricing Audits

Robust taxpayer protection policies, transparent AI governance, strong data integrity practices, and meaningful human oversight are essential to ensuring that digital transformation enhances rather than undermines fairness, KPMG practitioners, Christian Wiesener, Barbara Mbaebie, and Akaoma Osele, say.

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Matt Levine’s Money Stuff: No SpaceX in the S&P

Matt Levine discusses universal basic AI stocks, public markets are the new private markets because of their reliance on private markets, an ETF tax break, and some of the potential of prediction markets.

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