Proposed EU Transfer Pricing Directive - TEI Comments
On January 3, 2024, TEI submitted a comment letter to the European Commission regarding its proposal for a transfer pricing directive. TEI's comments focused on the need to coordinate certain of the proposed directive's term definitions with how those terms are defined in other multinational settings, clarification to how corresponding and compensating adjustments are handled, as well the need for coordination of the transfer pricing rules with VAT and Customs duties, among other things. TEI's comments were prepared under the aegis of its EMEA Direct Tax Committee. Benjamin R.
TEI Submits Comments on Notice 2023-63 and Section 174
On November 24, 2023, TEI submitted comments in response to a request for comments in Notice 2023-63 regarding section 174. TEI's comments included concerns over scope, cost allocation methods, software development definitions, the parties required to capitalize costs when research is performed under contract, and the treatment of costs incurred pursuant to long-term contracts.
TEI Comments on Canadian Digital Services Tax
On September 8, 2023, TEI submitted comments on a revised draft of the Canadian Digital Services Tax (DST) to Canada's Department of Finance.
TEI Canadian Commodity Tax Comments and Liaison Meeting with British Columbia Ministry of Finance
In preparation for a liaison meeting between members of the TEI Canadian Commodity Tax Committee and the British Columbia(“BC”) Ministry of Finance on June 27, 2023, TEI submitted comments on a number of issues relevant to that province.
TEI Comments on Proposed Regulations on the Transferability of Certain Credits
On August 14, 2023, TEI submitted comments in response to a request for comments in proposed regulations under section 6418 regarding the transferability of certain credits to unrelated taxpayers.
TEI Comments on Proposed and Temporary Regulations on Elective Payments for Certain Credits
On August 14, 2023, TEI submitted comments in response to a request for comments in proposed and temporary regulations under section 6417 regarding elective payments for certain credits. TEI's comments included concerns over burdensome pre-filing registration requirements and over limitations on the taxpayers able to make elective payment elections, namely partners in partnerships and shareholders in S corporations.
GloBE Information Return - TEI Comments
On October 6, 2023, TEI submitted comments to the OECD and European Commission regarding the GloBE Information Return ("GIR") under Pillar Two of the OECD's two pillar approach to the tax challenges arising from the digitalization of the economy. TEI's comments focused on the volume of information required to be reported on the GIR, statute of limitations issues, timing of tax filings, and tax payment issues, among other things. TEI's comments were prepared by its EMEA Direct Tax Committee. Benjamin R. Shreck, TEI Tax Counsel, coordinated the preparation of TEI's comments.
Canadian Pillar Two Implementation - TEI Comments
On September 29th, TEI submitted comments to the Canadian Department of Finance regarding its proposed legislation to implement Pillar Two of the OECD's project on the taxation of the digitalization of the economy. Canada's legislation, entitled the Global Minimum Tax Act, encompasses most, but not all, of the necessary Pillar Two rules for Canada to comply with the global minimum tax regime.
Canadian Bare Trust Reporting - TEI Comments
On September 27th, 2023, TEI submitted comments to the Canada Revenue Agency regarding new rules for reporting "bare trusts arrangements." TEI's comments focused on the compliance burden the new rules would impose on corporations and other businesses, which in most cases would be duplicative of other reporting requirements already imposed on such entities, among other things. TEI's comments were prepared by its Canadian Income Tax Committee, whose Chair is Steve Saunders of Atco. Benjamin R. Shreck, TEI Tax Counsel, coordinated the preparation of TEI's comments.
Canadian EIFEL Rules - TEI Comments
On September 13, 2023, Tax Executives Institute, Inc. ("TEI") submitted comments to the Canadian Department of Finance regarding proposed legislation that would implement an excessive interest and financing expenses limitation ("EIFEL"). TEI's comments addressed the proposed implementation date of the EIFEL rules, the need to except existing debt obligations from the rules for a period of time, and issues surrounding the group ratio election, among other things. TEI's comments were prepared under the aegis of its Canadian Income Tax Committee. Benjamin R.