Treasury and the IRS have proposed regulations (REG-125693-19) to clarify the types of federal tax controversies that may be appealed to the IRS
Sec. 987 foreign currency regulations applicability date extended again
On Aug. 15, 2022, the IRS announced (Notice 2022-34) that it intends to defer by one more year the applicability date of certain foreign currency
Inflation Reduction Act includes 15% corporate minimum tax on book income
On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act, P.L. 117-169. For applicable corporations that report over $1 billion
Memo removes IRS procedural requirements for economic substance arguments
The IRS issued a memorandum to all Large Business & International Division and Small Business/Self-Employed Division examination employees to
What does it mean to delete Article 9 from the Foreign Trade Law of the People’s Republic of China?
On December 30, 2022, the 38th meeting of the Standing Committee of the Thirteenth National People's Congress adopted a decision to delete Article 9
VAT is about to be legislated! What adjustments are there?
On December 27, the draft value-added tax law was submitted to the Standing Committee of the National People's Congress for deliberation for the first
Big U.S. CFOs Urge Treasury to Reconsider Foreign Tax Credit Rules
On June 3, 2022, 28 Chief Financial Officers (CFOs) of major U.S. corporations (see notes for a list) signed a letter to U.S.
International Comparison of Inheritance Tax System and China’s Choice
The collection of inheritance tax The inheritance tax originated in ancient Egypt more than 4,000 years ago. The purpose of the levy was to raise
Shenzhen Customs and taxation implement coordinated management of transfer pricing of related imported goods, reduce tax compliance costs, and improve tax certainty
For a long time, the different requirements of customs valuation and tax transfer pricing have brought many problems to the tax compliance of