Many proposals for greenhouse gas (GHG) tax legislation in the United States call for border tax adjustments (BTAs)—export rebates and import charges—to defend against GHG leakage and unfair competition in international trade caused by less stringent GHG policies in other nations. For similar reasons, the European Union also is seeking to establish a border tax on imports as it strengthens its GHG policies.
Without such border adjustments, key domestic constituencies in the United States and elsewhere—including labor, business, and communities where affected industries play a major role in regional economies—would oppose the GHG tax. However, trading partners, especially those major developing nations that would be disadvantaged by such a tax, could pose serious challenges, especially if BTAs violate World Trade Organization (WTO) obligations.
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Tax Incentives for Renewable Energy in Vietnam
California Franchise Tax Board Regulations
The California Franchise Tax Board recently proposed a new regulation that will add to the growing list of reasons for corporations to consider moving their headquarters to some other state. The new regulation purports to "clarify" existing law by establishing a sourcing rule for compensation paid to nonresident, nonemployee, and independent directors.
The FTB is floating this proposal in advance of formal rulemaking under the Administrative Procedure Act. It is seeking comments by November 5. Presumably, it will thereafter proceed with formal rulemaking. In the interim, the FTB may take the position that the regulation merely reflects current law.
Colorado DOR Adopts Excise Tax Regulations Concerning Alcoholic Beverage Licensing, Consignment,
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Vietnam's E-invoices: Decree 123 Delays Implementation Until July 2022
Vietnam recently issued Decree 123/2020/ND-CP (Decree 123) guiding the implementation of invoices and a postponement in the implementation of electronic invoices (e-invoices) until July 1, 2022. Earlier the deadline, for implementing the use of e-invoices was November 1, 2020.
While the postponement gives some relief, businesses are encouraged to implement e-invoicing before the deadline to mitigate any compliance issues.
As per Decree 123, the current invoicing regulations including Decree 51/2010/ND-CP , Decree 04/2014/ND-CP , and Decree 119/2019/ND-CP will remain effective during the transition period until June 30, 2022, except for some points such as the mandatory implementation of e-invoicing from November 2020.
IRS Finalizes T&E Expense Regulations - Tax - United States
On September 29, 2020, Treasury and the IRS issued final regulations under section 274 of the tax code that address the deductibility of business meal and entertainment expenses.
Before 2018, taxpayers generally could deduct 50% of client entertainment expenses if the entertainment was preceded or followed by "substantial and bona fide business discussions," as well as 50% of business meal expenses. Taxpayers also generally could deduct 100% of any meal expenses that were excluded from employee income as de minimis fringe benefits.
Treasury Releases Foreign Tax Credit Regulations
On September 29, 2020, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final foreign tax credit regulations (the "2020 Final Regulations") that include the allocation and apportionment of: (1) stewardship expenses; and (2) research and experimentation (R&E) expenses. The 2020 Final Regulations come after the Treasury and IRS issued proposed regulations (the "2019 Proposed Regulations") on December 17, 2019.
In response to comments, the Treasury and IRS made two important changes in the 2020 Final Regulations regarding stewardship expenses. First, the 2020 Final Regulations turn off the affiliated group rules for stewardship expenses. Thus, a taxpayer treats its US affiliates as separate entities in allocating and apportioning its stewardship expenses.
Everything you need to know about registering apps with the SAT
This as part of a draft decree that modifies and adds various articles of the Income Tax (ISR) and Value Added Tax (VAT) laws, so that said legislation has a stricter control mechanism so that the digital service providers from other countries do not incur serious tax omissions.
Aguirre affirms that this new legislation adds an "even floor" for foreign and national digital companies, since equalizing the burden of tax obligations encourages competition and the development of innovation. "Previously there was unfair competition, but it was due to a lack of regulation, now national and foreign providers of digital services are already in equitable conditions."
Happening on Twitter
Under my leadership, we achieved the most Secure Border in U.S. History! My opponent's insane immigration plan comp… https://t.co/aBnzhtmmK4 realDonaldTrump (from Washington, DC) Tue Oct 27 23:33:18 +0000 2020
We are implementing the UN Security Council resolutions single-handedly. Although it is the duty of the UN Security… https://t.co/z6bv9J0243 presidentaz (from Baku, Azerbaijan) Mon Oct 26 16:26:09 +0000 2020
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