The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.

The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax.

The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.

Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.

The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.

Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.

While there are many factors that affect a country's economic performance, taxes play an important role. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities.

How does tax policy shape a nation's competitiveness? Today, we’re diving into the showdown between the US and China, exploring how China’s enticing tax incentives pose a formidable challenge to America’s economic supremacy.

On tax policy, Harris carries forward much of President Biden’s FY 2025 budget, including higher taxes aimed at businesses and high earners. She would also further expand the child tax credit (CTC) and various other tax credits and incentives while exempting tips from income tax.  

States that tax GILTI increase filing complexity, drive up the cost of tax compliance, and introduce unnecessary economic uncertainty and legal risk. 21 states and DC continue to tax GILTI despite these challenges.

Trump’s proposal would bring the US more in line with most other developed economies, which tax only those who live and work within their borders.

We estimate Trump’s proposed tariffs and partial retaliation from all trading partners would together offset more than two-thirds of the long-run economic benefit of his proposed tax cuts.