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222 afleveringen, van nieuw naar oud
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Threading the Needle: Pillar Two and the IRA’s Green Energy Credits
19 april 2023 · 44 min
Doug McHoney (PwC's US International Tax Services Global Leader) is joined by Pat Brown, seven-time veteran of the podcast, and co-leader of PwC’s WNTS practice. Pat has previously worked in the private industry for 16 years, including several years as a VP of tax and director of tax policy. After Pat chooses his most and least favorite CBTT podcasts, Doug and Pat discuss green energy credits, the Pillar Two Model Rules and administrative guidance, how the US and UK R&D credits compare under Pillar Two, refundable credits, transferable credits, the equity investment inclusion election, and qualifying flow-through tax benefits. Lees meer
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Pillar Two: A Japanese perspective
5 april 2023 · 38 min
Doug McHoney (PwC's US International Tax Services Global Leader) is joined by Shin Yamaguchi at PwC’s 2023 International Tax Conference. Shin is a Tokyo-based International Tax Partner, where he leads PwC Japan’s Inbound Tax Practice. Doug and Shin discuss Japan’s latest tax developments, focusing on the Pillar Two rules (of course!), specifically, UTPR, IIR, Safe Harbours, QDMTT, the GloBE Information Return and effective dates. They also discuss the Japanese legislative process.Since the recording of this podcast Japan has enacted their 2023 Tax Reform Bill which includes the Pillar Two Income Inclusion Rule which applies on or after April 1, 2024. Lees meer
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Disequilibrium: The new geopolitical and macroeconomic landscape
28 maart 2023 · 39 min
Doug McHoney (PwC's US International Tax Services Global Leader) is joined by Craig Stonberg at PwC’s 2023 International Tax Conference. Craig is PwC’s Macro Intelligence Leader, and spearheads a team of analysts helping global businesses with geopolitical risks, macroeconomic volatility, and supply chain shifts. Doug and Craig discuss the geopolitical landscape, particularly in Asia and Europe; how a recession would affect multinational companies, the labor shortage that is particularly affecting women, the geopolitical part of the energy equation, and how multinational companies should be preparing for 2023 and beyond. Lees meer
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Pillar Two Readiness: Complex data and complex challenges
14 maart 2023 · 40 min
Doug McHoney (PwC's US International Tax Services Global Leader) is back in Westminster Studios with Kate Miller, a Director in PwC’s Tax Reporting and Strategy Practice. Doug and Kate discuss what is meant by Pillar Two operational readiness and PwC’s Data Input Catalog, including the data requirements, the necessity of resources, the Data Input Catalog, safe harbours, ERP and enterprise systems, the importance of working as a team, how software tools can help, and the power of a centralized rules engine. Lees meer
PwC’s Data Input Catalog
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Searching for Pillar Two clarity: The OECD’s Administrative Guidance
8 maart 2023 · 34 min
Doug McHoney (PwC's US International Tax Services Global Leader) records from PwC’s 2023 International Tax Conference, where he is joined by Phil Ramstetter, PwC International Tax Partner based in Chicago. Phil was formerly a tax policy consultant for Business at OECD (BIAC). Doug and Phil overcome conference background noise to discuss the recent administrative guidance, but start with a history lesson on Pillar Two, when it was merely the Digital Project. Topics covered include blended CFC regimes, GILTI, expense apportionment, loss-making jurisdictions, transition period transactions, common control, the outlook for future guidance and some of the remaining open questions. Lees meer
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Pascal Saint-Amans: The Pillar Two Origin Story
1 maart 2023 · 37 min
Doug McHoney (PwC's US International Tax Services Global Leader) records from PwC’s 2023 International Tax Conference, where he is joined by Pascal Saint-Amans, former Director of the OECD's Centre for Tax Policy and Administration and current partner with Brunswick, a strategic advisory firm. Doug and Pascal dive directly into the BEPS Project with an overview of the Pillar Two origin story, the challenges and successes of the project, harmful tax practices and the ways the OECD is trying to change tax systems, the natural complexity of tax, the future of tax incentives, compliance requirements, the private sector’s role in the policy process and much more. Lees meer
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Opening a CAMT of worms? Notice 2023-7
14 februari 2023 · 39 min
Doug McHoney (PwC's US International Tax Services Global Leader) is joined by Jason Black, a PwC WNTS partner in the Federal Tax Services Group. Doug and Jason start with words of wisdom for accounting majors before diving into a discussion of the Corporate Alternative Minimum Tax (CAMT), formerly known as the Inflation Reduction Act’s Book Minimum Tax. They cover the details of Notice 2023-7, including the safe harbor rules, depreciation adjustments, M&A considerations, comparisons to Pillar Two, and much more. Lees meer
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Pillar Two: GloBE Return and CbyC Safe Harbours
1 februari 2023 · 42 min
Doug McHoney (PwC's US International Tax Services Global Leader) is joined by Mike Olecki, PwC’s International Tax Services Global Technology Leader and partner in the Quantitative Services Tax Practice. Doug and Mike discuss the OECD Pillar Two documents released in December 2022, including the transitional CbyCR safe harbour, the potential for a permanent safe harbour, the GloBE Information Return, calculation challenges, and how technology can help. Lees meer
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2022 Year in Review
24 januari 2023 · 52 min
Doug McHoney (PwC's US International Tax Services Global Leader) is joined by Pat Brown, International Tax Partner and co-Leader of the Washington National Tax Practice to look back at the very eventful and tortured 2022 year in international taxation. They cover topics including US Congressional activities, Treasury’s 2022 regulations and guidance, recent international tax and transfer pricing rulings, and the progress made on Pillar One & Two. Lees meer
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New FTC Regs: Raise your creditability score
9 januari 2023 · 34 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Ninee Dewar, PwC International Tax Services Principal, to discuss the recently released 2022 proposed foreign tax credit (FTC) regulations. These regulations relax some of the stringent creditability requirements that were set forth in the 2021 final FTC regulations. Doug and Ninee dive into changes to the cost recovery requirement, the attribution requirement for withholding tax on royalty payments, and the definition of a reattribution asset for purposes of allocating and apportioning foreign taxes. Lees meer
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Propósito Principal: Mexican tax reforms
19 december 2022 · 36 min
Doug McHoney, PwC’s International Tax Services Global Leader, is joined by Mario Alberto Gutierez, International Tax Partner based in Mexico City, and Leader of PwC’s International Tax Practice in Mexico. Doug and Mario discuss Mexico’s implementation of the multilateral instrument, Mexican tax treaties and the potential for treaty abuse, how the 2022 Tax Act changes the game with regard to share transfers, the Maquiladora regime, the Mexican manufacturing industry more broadly including business transformations and ‘near shoring,’ and debt structures and the ‘inflation adjustment’ in Mexico. Not surprisingly, Pillar Two makes a cameo appearance. Lees meer
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UK Updates: Pillar Two is Coming
12 december 2022 · 34 min
Doug McHoney, PwC’s International Tax Services Global Leader, is in Barcelona, Spain at PwC’s Global Tax Symposium. On this episode, Doug is joined by Matt Ryan, a UK-based International Tax Partner with PwC. Doug and Matt discuss the UK’s parliamentary process, Liz Truss’s resignation, the corporate tax proposed changes, and Pillar Two, including a qualified domestic minimum tax, the income inclusion rule, and the under taxed payments rule. They also cover the finer points of UK’s treatment of asset transfers, deferred taxes, year-end adjustments, and the system and data requirements that companies must address. Lees meer
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Inbound Challenges: A Head of Tax Discussion
28 november 2022 · 38 min
Doug McHoney, PwC’s International Tax Services Global Leader, is at PwC’s Global Transfer Pricing Conference in Berlin, Germany, joined by Omri Yaniv, Global Head of Tax at Amdocs Ltd, based in Tel Aviv. Omri is a former PwC partner, and the first Tax VP from a non-US-parented company to appear on the podcast. Doug and Omri discuss the three pillars of Omri’s job, Amdocs’ tax department, the accounting talent war, recent global tax changes, and the potential changes on the horizon. Lees meer
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Transfer Pricing: A macroeconomic view
8 november 2022 · 34 min
Doug McHoney, PwC’s International Tax Services Global Leader, welcomes Horacio Pena, Tax Principal, Senior Economist and PwC’s Global Transfer Pricing Network Leader, to the podcast. Doug and Horacio provide the macroview of the transfer pricing environment, covering global inflation, China’s COVID restrictions, environmental volatility, the dollar’s strengthening against other currencies, regionalization, a brief touch on Pillar Two, country-by-country reporting, and more. Lees meer
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Pillar Two: A German Perspective
26 oktober 2022 · 39 min
Doug McHoney, PwC’s Global International Tax Services Leader, is at PwC’s Global Transfer Pricing Conference in Berlin, Germany. Doug honors Ocktoberfest by donning lederhosenis to host Arne Schnitger, PwC International Tax Partner based in Berlin. Arne hosts the German tax podcast Frisch Serviert - der Steuerpodcast. They discuss Pillar Two issues in the EU, the US, and Germany, the differences approaches each jurisdiction takes when calculating the tax, the US book minimum tax, GILTI, refundable credits, allocation of expenses, the German implementation process, tax return filing, operational readiness, German anti-hybrid rules, and German Section 49. Lees meer
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Currency Exchange: Getting your Dollars worth
10 oktober 2022 · 42 min
Doug McHoney (PwC's Global International Tax Services Leader) welcomes Rebecca Lee (Washington National Tax Services International Tax Partner). Doug and Rebecca discuss the many tax aspects of a strong US dollar, including cream skimming, foreign exchange gains and losses with branches and CFCs, previously taxed earnings, translational versus transactional gain or loss, and more. Can Doug and Rebecca go the entire podcast without mentioning a code section? Tune in to find out! Lees meer
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Reshaping US Transfer Pricing: Impact of Medtronic
27 september 2022 · 44 min
Doug McHoney (PwC's Global International Tax Services Leader) welcomes first-time guest Kristina Novak (Washington National Tax Services Transfer Pricing Principal) and returning guest Alex Voloshko (PwC’s Value Chain Transformation Leader) to discuss the Medtronic case. They highlight the key takeaways including intellectual property considerations, transfer pricing trends, licensing models, business transformation trends for customers, and of course, a brief discussion of how Pillar Two will fit in. Lees meer
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The Metaverse and Tax: A non fungible discussion
13 september 2022 · 47 min
Doug McHoney (PwC's Global International Tax Services Leader) welcomes Rebecca Lee, International Tax Services Principal in the Washington National Tax Practice for her sixth visit. Doug and Rebecca dispel myths associated with cryptocurrency and the metaverse. They break down definitions of some of the trickiest metaverse jargon, the tax implications of metaverse transactions, and where we are heading in the near future. Lees meer
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Let's make a Deal: What’s behind Pillar Two?
30 augustus 2022 · 53 min
Doug McHoney (PwC's Global International Tax Services Leader) welcomes back podcast regular Calum Dewar (Principal, International tax services) to discuss Pillar Two. This time Doug and Calum dive deep into the deals area, including the Pillar Two tax consequences of specific deal transactions and structures. They also talk about the recent release of both the South Korea and UK Pillar Two draft rules. Lees meer
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The IRA and Book Minimum Tax: Not a Pillar Two Podcast
17 augustus 2022 · 48 min
Doug McHoney (PwC's Global International Tax Services Leader) is joined by Aaron Junge in Westminster Studios. Aaron is International Tax Partner in PwC’s Washington’s National Tax Services and was previously Tax Counsel in the House Ways and Means Committee during the Tax Cuts and Jobs Act implementation. Doug and Aaron discuss the corporate alternative minimum tax (also called the ‘Book Minimum Tax’) and other Inflation Reduction Act tax provisions, which President Biden signed into law on August 16. More specifically, they cover the BMT effective date and its scope, what are applicable corporations, changes to the aggregation rules, what is applicable financial statement income, common adjustments, calculating the AMT foreign tax credit, and what guidance we might see from Treasury. Lees meer
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Risk modeling: Quantitative insights for business intelligence
10 augustus 2022 · 50 min
Doug McHoney (PwC Global International Tax Services Leader) is joined by Richard de Haan, PwC Global and US Risk Modeling Services Leader. Doug and Rich discuss climate risk modeling, the climate for risk in the C-Suite, how ESG is impacting business decisions, data sources (including geospatial data) for modeling, dealing with risk in the supply chain,the impact of AI and machine learning, and how visualizations help tell the story. Lees meer
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Living with Uncertainty: Fortune 50 SVP of Tax and Treasury
11 juli 2022 · 42 min
Doug McHoney (PwC's Global International Tax Services Leader) is joined by Tadd Fowler, Senior Vice President, Treasurer and Head of Global Tax Operations of Procter and Gamble and former PwC International Tax Services partner. Doug and Tadd discuss Tadd’s perspective as a Treasurer and Head of Tax, P&G’s approach to tax, working with the C-suite, connecting with Global and US policymakers, advancements in technology, the new FTC rules, Pillar Two, and much more. Lees meer
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100th Episode Special: The evolution of global structuring
22 juni 2022 · 37 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Mike Urse, current International Tax Partner and former US International Tax Services Leader for the 100th episode of the Cross Border Tax Talks podcast. Doug and Mike discuss the changing world of international taxation, focusing on the current status of holding companies, finance companies, and Intangible property companies. Mike provides insights and analysis from almost 40 years of international tax experience and sheds some light on the future state of play. Lees meer
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In the Clouds: Pillar 2 Operational Readiness
13 juni 2022 · 40 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined in Washington D.C. by Dom Megna, Tax Partner and leader of PwC’s US Tax Reporting and Strategy practice. They discuss the latest on Pillar Two developments, GAAP considerations, Enterprise Resource Planning Systems, the Cloud, the future of data collection, and more. Lees meer
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Back to School: Mindy Herzfeld’s Pillar 2 insights
25 mei 2022 · 47 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Mindy Herzfeld, professor of tax practice at the University of Florida Levin College of Law, where she teaches International Tax, to discuss Pillar Two rules.
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Green Book Proposals: Codifying Pillar 2 in the US?
9 mei 2022 · 45 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Pat Brown, PwC’s International Tax Policy Leader, making his sixth appearance on the podcast. Doug and Pat discuss the Biden Administration's fiscal year 2023 budget proposals as explained in the Green Book, how some of the proposals interact with the OECD’s Pillar Two Model Rules, and what taxpayers might expect. Lees meer
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Pillar 2 Commentary: A knowledge GAAP?
27 april 2022 · 51 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by PwC’s Calum Dewar, Leader of PwC’s Integrated Global Structuring practice. They discuss the Pillar Two Model Rules & Commentary and its potential impacts on the global tax system, transfer pricing adjustments, deals and more. Lees meer
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Spin the Globe Macroeconomic and Geopolitical trends
6 april 2022 · 40 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by PwC’s Dr. Alexis Crow, PwC’s Geopolitical Investing Practice Leader. They discuss macroeconomic trends, the geopolitical landscape, the inflationary environment, trade wars, global/economic impacts on various sectors,and much more. Lees meer
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The Final FTC Regs: Credibility for Creditability?
25 maart 2022 · 38 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by PwC’s Washington National Tax Services International Tax Leader Michael DiFronzo, former Deputy Associate Chief Tax Counsel International at the IRS. They discuss some of the practicalities of the creditability rules in the Final FTC regulations (see February 2022 CBTT episode with Wade Sutton for an overview of the regulations), particularly cost recovery, attribution requirements, an unintended incentive to offshore IP, and foreign jurisdiction considerations. Lees meer
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Whirlpool Appellate Decision: A new standard for subpart F?
9 maart 2022 · 40 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by PwC Value Chain Transformation Specialist Tom Quinn. They discuss the Sixth Circuit Court of Appeals ruling to uphold the US Tax Court’s May 5, 2020 decision, and concluded that a CFC’s income ‘attributable to’ a branch, in this case a manufacturing branch, per se is foreign based company sales income (FBCSI) under the statute if a ‘substantial tax deferral effect’ is found. They specifically discuss the Maquilladora structure, FBCSI, a ‘substantial tax-deferral effect’, the Court’s interpretation of the branch rule, and future implications for other taxpayers. Lees meer
Note: Since the recording of this podcast, the US Court of Appeals for the Sixth Circuit denied Whirlpool’s request for a rehearing. Whirlpool has 90 days from March 2, 2022, to petition for certiorari with the US Supreme Court.
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ATAD3 - impacting the financial services industry and more
24 februari 2022 · 44 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Puneet Arora, PwC ITS Partner and PwC’s Financial Services Consulting leader. They discuss the latest EU anti-tax avoidance directive (ATAD3), diving into the details and impact it could have on the financial services industry; the importance of modeling for Pillar Two; and the G in ESG, governance. Lees meer
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Double taxation ahead? Parsing the final FTC regs
7 februari 2022 · 40 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Wade Sutton, PwC ITS Partner in the Washington National Tax Practice office and former deputy international tax council at Treasury. They discuss the highly technical topics of the final foreign tax credit regulations, credibility of tax under Section 901, the definition of an income tax, DSTs, nonresident taxation, effective dates, digital services taxes, withholding taxes, nonresident capital gains taxes, Puerto Rican excise tax, BEPS 2.0 and much more. Lees meer
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All aboard! The Pillar Two train is leaving the OECD and EU stations
21 januari 2022 · 57 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Calum Dewar, PwC ITS Partner and leader of PwC’s Integrated Global Structuring Practice, heading our Outbound, Inbound, and Value Chain Transformation teams. Doug and Calum discuss Pillar Two Model Rules, the OECD/G20’s Inclusive Framework, the EU Directive, and more specifically the Income Inclusion Rule, the Under Tax Payment Rule and how country-by-country GILTI and the new final FTC regulations could impact the result for US MNCs. Lees meer
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Below the line: Getting tax a seat at the business table
6 januari 2022 · 45 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined in PwC’s DC studio by Mohamed Kande, PwC Vice-Chair and US and Global Advisory Leader. They discuss the need for proactive and intentional mentorship; relationship building in the virtual environment; the three different types of transformation trending in the market; and how (and why) tax should get a seat at the business table. Lees meer
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Tax reform: Digging in, before building back
14 december 2021 · 42 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Jeff Endress, US Outbound Tax Practice leader. They discuss the House-passed Build Back Better (BBB) bill, delayed effective dates, Section 163(n), foreign tax credits, country-by-country, the complexity of global tax, Pillar Two, uncertainties in the deals market, and the future of tax reform. Lees meer
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Why International Tax? One professional's career journey
30 november 2021 · 42 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Ugo Alisiobi, ITS Partner, based in our New York Metro ITS practice, for Ugo’s first time in St. Louis. They discuss their paths to careers in international taxation; the struggles, joys, and rewards of being an international tax practitioner; being proactive and authentic in your career; imposter syndrome; finding - and being - a mentor; and working at PwC. Lees meer
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Cryptocurrency Trends: Blockchain goes mainstream
10 november 2021 · 40 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by Rebecca Lee (PwC ITS Washington National Tax Partner), who specializes in cross-border financial transactions. They discuss trends in cryptocurrency, including ‘operation hidden treasure,’ taxation of cryptocurrency transactions, US tax reform, El Salvador’s adoption of Bitcoin as legal tender, blockchain in the insurance industry, Bitcoin as an exchange traded fund (ETF), the digitalization of trust, updates on non fungible tokens (NFTs), the impact of decentralized finance (DeFi) on capital markets, and market implications around the world. Lees meer
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BEPS 2.0 Update: not IF but when
26 oktober 2021 · 49 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is in PwC's brand new studio in Washington, DC with Will Morris (PwC’s Deputy Global Tax Policy Leader). Will also was appointed Chair to the American Chamber of Commerce to the European Union and Chair to the Business Industry Advisory Committee to the OECD. Doug and Will discuss the journey thus far to Pillar One and Pillar Two. They touch on, among other things, the future impacts on US-based multinational companies, what has changed in recent months, digital services taxes & unilateral measures, details of Amount A under Pillar One, possible winners and losers, segmentation, scoping, the potential new instrument needed for implementation, details of Globe under Pillar Two, including the minimum rate, and of course, the timeline for implementing these changes. Lees meer
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Playing by House Rules: More analysis of the Ways & Means bil
8 oktober 2021 · 45 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is back in Westminster Studios with Nita Asher (PwC International Tax Services Partner), who served as legislative council at the Joint Committee on Taxation from 2017 to 2018. Doug and Nita pick up from the previous podcast with Sherry Grabow, and discuss the legislative climate; covering, among other topics: the legislative process for tax reform, how this iteration of reform differs from 2017, granting of regulatory authority, impact of proposed changes to Section 163(n), the wholesale changes proposed to BEAT; clarification to foreign personal holding company income; and new foreign tax carryforward rules. Lees meer
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Tax Reform 2.0: the House "Ways" in
20 september 2021 · 43 min
Doug McHoney (PwC's US International Tax Services Co-Leader) is live at the Westminster Studios with Sherry Grabow (PwC's US International Tax Services Co-Leader) to discuss the international tax provisions in the recently released ‘Chairman’s Mark’ from the House Ways and Means Committee. Doug and Sherry cover, among other topics: Interest expense under new Section 163(n) and existing Section 163(j); changes to foreign derived intangible income (FDII), modifications to the global intangible low-taxed income (GILTI) regime, changes to the foreign tax credit rules; sweeping changes to subpart F income; a refreshed base erosion and anti-abuse tax (BEAT), and how taxpayers should prepare for potential changes to the tax rules. Lees meer
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Tax Reform 2.0: Hot topics in inbound taxation
1 september 2021 · 42 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) is live at the Westminster Studios with Tom Patten (ITS Partner based in London) to discuss current and future tax considerations for US inbound companies. Doug and Tom chew on toasted ravioli and sandwich structures and then cover, among other topics: the impact of a Pillar 2 regime on US inbound companies; the potential for replacing the base erosion anti-abuse tax (BEAT) with the Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) provision, impending changes and proposals to interest expense, further limiting the ability of domestic corporations to expatriate; the effects of Brexit on US inbounds; and the potential for Pillar 1 to spurn treaty negotiation and ratification. Lees meer
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A hundred year storm: BEPS 2.0 Update
20 augustus 2021 · 43 min
Doug McHoney (PwC's US International Tax Services Leader) is live at the Westminster Studios with Calum Dewar (Integrated Global Structuring Leader) to discuss the OECD’s Two Pillar solution to address the taxation of the digitalization of the economy. Doug and Calum cover, among other topics: Pillar 1 - the reallocation of profits of large multinational companies; Pillar 2 - a global minimum tax rate of at least 15%; the momentum to find a consensus agreement; the design challenges the OECD still faces; how PIllar 2 proposals compare to the US GILTI regime; the potential for carve outs and segmentation; the implementation obstacles in the United States; and the importance of US multinationals to engage with policy makers. Lees meer
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Bringing code to the Code: Tech trends in International Tax
4 augustus 2021 · 45 min
Doug McHoney (PwC's US International Tax Services Leader) is live at the Westminster Studios with John McDonald (Quantitative Solutions & Technologies Managing Director) to discuss the role of technology in tax. Doug and John cover, among other topics: the cross section of computer science and tax; the economics of the professional services industry; how TCJA has made taxation much more complex; the digital evolution of tax research; the power of definitions and testing to retain information; the usefulness of a graph data structure in tax; how centralized rules engines are superior to spreadsheets; the power of visualizations; the future of probability analysis in taxation, and the need for change management. Lees meer
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EU Update: State Aid, CBCR and Tax in the 21st Century
21 juli 2021 · 37 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) holds another post-vaccine session live at the Westminster Studios with Maarten Maaskant (PwC’s Foreign Tax Desk Leader) to discuss the latest happenings in the European Union (EU) from a legislative, administrative, and judicial perspective. Doug and Maarten cover, among other topics: both the Amazon and Engie state aid decisions in the EU General Court and their future implications; public country-by-country reporting; the European Commission (EC) proposal for a new instrument to address potential distortive effects of foreign subsidies; and the EC communication on business taxation for the 21st century. Lees meer
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Post Covid-19 globalization: Dead, dying, or here to stay?
1 juli 2021 · 42 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) sits down virtually with Dr. Alexis Crow (PwC's Global Leader of Geopolitical Investing Practice) to discuss the state of globalization, and more specifically, whether we have seen the end of globalization. Doug and Alexis cover how the landscape has shifted, and how we got to the current state; tensions within the technology sector, including a 'cold war' from a technology perspective; the globalization of the financial services sector; possible solutions for global cohesion; trends in tax and business from digital and environmental perspectives, and the increasing significance of Asia's role; climate policies and the 'greening' of financial flows; and the future of globalization, including what business leaders and investors should expect in a covid-recovering global economy. Lees meer
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Explaining the explanation: Biden’s Greenbook
8 juni 2021 · 59 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) holds the second post-vaccine session live at the Westminster Studios with Pat Brown (PwC WNTS Policy Co-leader) to discuss President Biden’s FY 22 Budget and the much anticipated and related explanations of such proposals, also known as the Treasury Green Book. Doug and Pat cover, among other proposals: increasing the US corporate income tax rate from 21% to 28%; increasing the global intangible low-taxed income (GILTI) tax rate to 21%; removing the qualified business asset investment (QBAI) provision; repealing the deduction for foreign derived intangible income (FDII); replacing the Base Erosion and Anti-Abuse Tax (BEAT) with a Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) provision; restricting deductions of excessive interest for disproportionate borrowing in the US; the status and likelihood of the OECD’s Pillars One and Two; and what companies should consider as potential tax legislation becomes more likely. Lees meer
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Environmental, social & governance (ESG): Taxing matters
26 mei 2021 · 41 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) is joined in person at the Westminster Studios by David Parrish (PwC's ESG Tax Leader) to discuss the umbrella term environmental, social, & governance. Doug and David cover: the definition of ESG; its effects on a company's business and footprint; the driving forces of NGOs, investors, consumers, and governments; the impacts it has on deals, capital investment, & tax; the alignment of ESG corporate strategies and goals; and the path forward from sustainability, transparency, and value chain perspectives. Lees meer
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Acción Inmediata: Mexico adopts labor subcontracting rules
11 mei 2021 · 42 min
Doug McHoney (PwC's US International Tax Services Leader) and David Cueller (PwC Mexico’s Tax and Legal Services Leader) discuss Mexican developments, including outsourcing reform and Mexico's current position in the OECD BEPS Project. Doug and David cover: the history of Mexico's outsourcing regime; recent disruptive changes made to various laws, including the Income Tax Law, VAT Law, and Labor Law; the specialized services exception; companies impacted by the recent law changes; the potential for penalties and tax fraud; relevant compliance concerns; and US tax considerations. They also discuss Mexico's BEPS-aligned legislation and the non-deductibility of payments to certain foreign entities. Lees meer
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Behind the scenes: a tax policy discussion with Chip Harter
5 mei 2021 · 28 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) and Chip Harter (Senior Policy Advisor in PwC's Washington National Tax Services Practice and former Deputy Assistant Secretary for International Tax Affairs in the Office of Tax Policy at the US Department of the Treasury) discuss Chip's experiences at Treasury and the latest outlook for tax policy. Doug and Chip cover: Chip's involvement in the review and publication of IRS regulations and the role of Treasury officials in the regulations' process; Chip's involvement in the Tax Cuts and Jobs Act (TCJA); Chip's thoughts on the global intangible low-taxed income (GILTI) regime and his reaction to the interplay of the foreign tax credit regime and GILTI; the history and recent updates to the GILTI high-tax exception; and the prospects for a 'true' global minimum tax and the outlook for agreement on the OECD's base erosion and profit shifting (BEPS) project. Lees meer
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SPACs: the confluence of A-list celebs and Sec. 7874
14 april 2021 · 39 min
Doug McHoney (PwC's US International Tax Services (ITS) Leader) and Thomas Groenen (PwC's US ITS-Financial Services Leader) discuss the renewed interest in special purpose acquisition companies (SPACs). Doug and Thomas cover: how Thomas made his way from the UK to the US; Thomas's advice for individuals interested in moving to the United States to become tax professionals; what a SPAC is and how it generally functions; the history of SPACs—dating back to the British 'South Sea bubble' in the early 18th century; how SPACs compare to and interrelate with IPOs; how and why individuals and entities invest in SPACs; the tax implications for SPAC investors; considerations regarding the SPAC's jurisdiction; the SPAC lifecycle, from founding to de-SPACing; the importance of choosing the correct investment vehicle (both corporate v. pass-through and domestic v. foreign); how the passive foreign investment company (PFIC) regime interplays with foreign SPACs; and the possible future of SPACs. Lees meer