-
1 week ago | 
news.bloombergtax.com | Saim Saeed
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.
-
1 week ago | 
news.bloomberglaw.com | Saim Saeed
The European Commission is considering raising the minimum rates on cigarettes by almost 100% across the European Union. Average excise rates on cigarettes could be raised by up to 94% to lower smoking rates and raise revenue across the bloc, according to a draft impact assessment seen by Bloomberg. Further, the impact assessment also recommended “a high amount of excise duty” on heated tobacco products and liquids for e-cigarettes, which are currently not taxed at the EU-level.
-
2 weeks ago | 
bloomberg.com | Melissa Shin |Saim Saeed |Daniel Flatley |Ye Xie
US Secretary of Treasury Scott Bessent, US President Donald Trump and US Commerce Secretary Howard Lutnick. (Bloomberg) -- A measure in President Donald Trump’s sweeping domestic policy legislation designed to penalize countries with tax policies the administration considers unfair is causing a stir on Wall Street. Known as Section 899, the provision would create a new provision in the US tax code that would boost taxes on the US income of non-US-based businesses and individuals.
-
2 weeks ago | 
news.bloombergtax.com | Saim Saeed
EU countries have arrived at a “delicate balance” and could be close to an agreement on a bill that would overhaul the way EU taxes energy products, according to a document seen by Bloomberg. The draft report dated June 4 and written by Poland, which holds the EU’s rotating presidency, details the progress made on the bill, known as the Energy Taxation Directive, during the first half of the year.
-
3 weeks ago | 
news.bloombergtax.com | Saim Saeed
An association representing European tax advisers is calling on the EU to institute a “temporary pause” of its minimum tax law for international tax authorities to negotiate “an equitable, administratively workable solution that treats EU- and US-headquartered groups alike.” US-sought separate treatment under the global minimum tax deal “is not an acceptable substitute,” the group said in a draft opinion statement seen by Bloomberg.
-
3 weeks ago | 
news.bloombergtax.com | Saim Saeed
The European Commission on Wednesday published country-specific reports including policy analysis and recommendations for member states to reach their stated economic goals. In the so-called European Semester Spring Package, the commission issued targeted advice to the bloc’s 27 countries based on their proposed polices. The annual reports come as the bloc focuses on economic growth, after experiencing high inflation and borrowing as a result of the Covid-19 pandemic and the war in Ukraine.
-
3 weeks ago | 
news.bloombergtax.com | Saim Saeed
Two US Treasury officials demanded that international tax authorities treat the US minimum tax on foreign companies as equivalent to the global minimum tax framework agreed at the OECD. They said countries that apply the Organization for Economic Cooperation and Development’s minimum tax, known as Pillar Two, shouldn’t tax US companies under its provisions. The officials made their remarks Tuesday through video conferencing at a European Parliament tax subcommittee meeting.
-
3 weeks ago | 
bloomberg.com | Saim Saeed |Ewa Krukowska
Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union. A nationalist candidate backed by President Donald Trump won Poland’s presidential election, defeating the centrist mayor of Warsaw in a blow to the the country’s current government. Karol Nawrocki, a historian and former boxer who has made clear his core Catholic values while railing against migration and the EU’s efforts to fight climate change, took 51% of the vote.
-
4 weeks ago | 
news.bloombergtax.com | Saim Saeed
The European Commission will recommend eliminating tax hurdles for remote workers in startups in a bid to make the bloc more business-friendly. In a so-called Startup and Scaleup Strategy published Wednesday, the commission said it will publish a non-binding proposal next year meant to incentivize startup employees working remotely.
-
4 weeks ago | 
news.bloombergtax.com | Saim Saeed
Businesses welcome a plan being considered by EU countries to battle shell companies through existing law rather than a separate bill, but warn about increased complexity and administrative burdens. EU countries tentatively support folding certain provisions of the so-called Unshell bill into a law aimed at identifying aggressive cross-border tax planning, known as DAC6. But with the DAC6 law itself under fire from businesses and tax practitioners, countries want to see the fine print first.
