TEI Responds to European Commission’s Public Consultation Regarding the Reform of VAT Rates
TEI Comments on Section 987 Regulations
On March 7, 2017, TEI filed comments with the IRS regarding final, proposed, and temporary regulations addressing the recognition foreign currency gain of qualified business units under section 987. The Institute’s comments focused on the administrative and compliance complexity of the regulations, the costs taxpayers must incur to comply with the rules, the potential elimination of the recognition of economic losses, and the lack of adjustments available to taxpayers under section 481 upon adoption of the method required by the regulations for calculating foreign currency gain o
TEI Comments on Standards for Valuing the Personal Use of Corporate Aircraft
On February 10, 2017, TEI submitted comments to the Canada Revenue Agency suggesting how it should formalize its procedures for valuing an employee’s personal use of the employer’s corporate aircraft. The comments generally suggest that such valuation should be made by comparison to the highest available commercial airfare for a comparable itinerary because such a standard would be predictable, neutral among taxpayers, and simple to administer.
TEI Questions the Utility of Proposed Updates to ASC 740
On December 12, 2016, TEI submitted a comment letter to the Financial Accounting Standards Board concerning proposed changes to the disclosure requirements in ASC 740 (accounting for income taxes). TEI commended the FASB’s efforts to update this complex accounting standard, but also expressed its view that required tax disclosures are becoming confusingly detailed, subjective, and duplicative. TEI urged the FASB to reconsider whether the proposed updates truly achieve the FASB’s overarching cost-benefit and decision-usefulness objectives or simply add low value detail and confus
TEI Files Recommendations With British Columbia's Commission on Tax Competitiveness
On September 29, 2016, TEI filed a submission responding to the British Columbia Commission on Tax Competitiveness's call for feedback on how to improve BC's competitiveness. TEI's submission follows and builds upon its May 2016 liaison meeting with representatives from the BC Ministry of Finance Tax Programs and Tax Policy branches. TEI's principal recommendation is for BC to replace its current PST with a made-in BC value-added tax. TEI alternatively recommends several administrative and revenue-related changes to BC's provincial sales and carbon taxes.
TEI Comments on OECD Profit Split Guidance
On September 4, 2016, Tax Executives Institute, Inc., filed a letter with the OECD commenting on its public discussion draft regarding Revised Guidance on Profit Splits. The Institute's comments focused on the need for clear guidance regarding how the transaction profit split method of setting transfer prices should be applied in practice and the limited settings in which the method is appropriate.
TEI Comments on OECD PE Profit Attribution Draft
On September 2, 2016, Tax Executives Institute, Inc., submitted a letter to the OECD commenting on its July 4 public discussion draft regarding Additional Guidance on the Attribution of Profits to Permanent Establishments. The discussion draft consists of follow up guidance under Action 7 of the OECD’s base erosion and profit shifting (better known as BEPS) project.
TEI Comments on BEPS Multilateral Instrument
On June 29, 2016, TEI filed a comment letter with the OECD regarding its request for input on Development of a Multilateral Instrument to Implement the Tax Treaty related BEPS Measures under Action 15 of the OECD’s base erosion and profit shifting (BEPS) project.
TEI Proposes Changes to IRS on FATCA Form W-8BEN-E
On June 20, 2016, TEI submitted a letter to the IRS recommending certain changes and clarifications to the FATCA-related Form W-8BEN-E. The letter discusses ambiguities in the most recent version of the form, as well as a need to allow the use of the previous version of the form through the end of 2016.
TEI’s IRS Administrative Affairs Committee prepared this letter. Colleen C. Brown chairs the Committee, and TEI Tax Counsel John Schoenecker coordinated the preparation of TEI’s comments.
TEI Urges EU Member States to Reject Requests for a Generalised Reverse Charge Mechanism Pilot Program
On May 24, 2016, TEI submitted a letter to European Union Member States urging them to reject the Czech Republic and Austria's request for permission to introduce a pilot program implementing a generalised reverse charge mechanism. TEI acknowledged the existence and importance of the VAT gap and fraud schemes the proposed pilot is intended to address.