Lauren Vella

Washington, D.C.

International Tax Reporter at Bloomberg Tax

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Articles

Senate GOP’s ‘Revenge Tax’ Still Packs Punch Despite Changes

1 week ago | news.bloombergtax.com | Lauren Vella

The Senate version of the “revenge tax” has key differences from the House proposal, but still provides the Trump administration significant leverage to pressure countries to eliminate what it calls “unfair” foreign taxes. The Senate’s iteration of proposed Section 899 delays the effective date for a year, giving countries time to change policies the Trump administration finds objectionable.
Senate Proposes Tax Hikes on Income Earned Overseas (1)

1 week ago | news.bloomberglaw.com | Chris Cioffi |Lauren Vella

Senate tax writers on Monday proposed a significant tax increase on companies’ foreign-earned income, going beyond the House version. Three marquee international tax rates from the 2017 GOP tax law would see boosts under the Senate’s legislation, according to a bill summary released Monday. The legislation would revise the effective rates to 14% for foreign-derived intangible income and global intangible low-taxed income.
Bermuda Wants Comments on Technical Amendments to Corporate Tax

4 weeks ago | news.bloombergtax.com | Lauren Vella

Bermuda is requesting public feedback on a series of technical amendments the government is making to its corporate income tax. The island’s finance ministry released its first consultation for the amendments Thursday, detailing changes to the Corporate Income Tax law, including how certain kinds of insurance companies are treated, filing requirements and conversion of foreign currency.
Push for tribal tax clarity comes amid dodgy credits

4 weeks ago | news.bloomberglaw.com | Kim Dixon |Lauren Vella |Chris Cioffi

A Democrat and a Republican in the House plan to revive legislation they hope will provide tribal tax parity and close loopholes in tribal tax law, an effort that comes amid the proliferation of so-called sovereign tribal tax credits the Treasury Department and IRS say don’t exist. The Tribal Tax and Investment Reform Act, sponsored by Rep. Gwen Moore (D-Wis.) and Rep.
GOP Bill Cements US Position on ‘Unfair’ Taxes, Official Says

4 weeks ago | news.bloombergtax.com | Lauren Vella

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
House retaliatory measure may sap revenue, investment

1 month ago | news.bloomberglaw.com | Lauren Vella

Retaliatory Taxes Could Spur Foreign Companies to Divest From USA new retaliatory measure included as part of the House’s mammoth tax package eventually will lose money for the US, raising concerns about the future of foreign direct investment and economic growth in the US. The House’s legislation creates Section 899 in the tax code to hit back against countries imposing discriminatory levies against American companies. It’s expected to bring in billions in revenue over the next several years.
House retaliatory measure may sap revenue, investment

1 month ago | news.bloombergtax.com | Lauren Vella

Retaliatory Taxes Could Spur Foreign Companies to Divest From USA new retaliatory measure included as part of the House’s mammoth tax package eventually will lose money for the US, raising concerns about the future of foreign direct investment and economic growth in the US. The House’s legislation creates Section 899 in the tax code to hit back against countries imposing discriminatory levies against American companies. It’s expected to bring in billions in revenue over the next several years.
International Provisions in GOP Tax Bill Face Senate Changes

1 month ago | news.bloombergtax.com | Lauren Vella

Companies scored wins after the House passed a multi-trillion-dollar tax bill that largely preserved the current tax rates on foreign-earned income. Republicans’ 2017 Tax Cuts and Jobs Act created a new international tax regime including a minimum tax on global intangible low-taxed income, or GILTI, a reduced tax rate on foreign-derived intangible income, or FDII, and a base erosion and anti-abuse tax, or BEAT.
Hong Kong Legislature Passes Its Global Minimum Tax Legislation

1 month ago | news.bloombergtax.com | Lauren Vella

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
Businesses Seek Senate Tax Sweeteners on Foreign-Earned Income

1 month ago | news.bloombergtax.com | Lauren Vella

Multinational companies, which won preservation of major foreign-income tax provisions in the mammoth House-passed tax bill this week, are looking to the Senate for changes that would lower their tax liability further. Business interests cheered that current tax rates on foreign income are largely the same as those from the 2017 GOP tax overhaul and are made permanent in the House bill. But they want to see the Senate include legislation introduced by Sen.