The IRS is establishing a new division focused on collecting taxes hidden within companies that transfer their tax obligations to shareholders. These types of businesses, known as “pass-through” or “tax-transparent entities,” often take the legal form of limited liability partnerships, S-corporations, full partnerships, and sole proprietors. The new division will be part of the IRS […]

The European Parliament has voted in favor of DAC8, the updated tax reporting rules for digital assets aimed at facilitating automatic exchange of information on digital assets among EU tax authorities. The eighth version of the DAC (previous directives pertained to various aspects of financial oversight) introduces requirements for tax reporting on digital asset transactions. […]

The European Union is set to kickstart the first phase of its pioneering plan to introduce the world’s first border carbon tax next month, mandating importers to report CO2 emissions from the production of goods being brought into Europe. The aim of the new regime is to prevent undermining the EU’s domestic industry by foreign […]

the European Commission has introduced a vital set of initiatives aimed at halving compliance costs for major cross-border enterprises within the European Union. The proposal, named “Business in Europe: Foundations of Income Taxation” (BEFIT), seeks to simplify compliance for both businesses and tax authorities by introducing a new unified set of rules for determining the […]

The IRS in the United States has turned to artificial intelligence to effectively monitor the wealthiest Americans and combat tax evasion in multi-billion-dollar partnerships. This new technology aims to streamline tax matters involving hedge funds, direct investment groups, real estate investors, and major law firms. AI will analyze vast amounts of financial data, including transaction […]

The collective wealth of crypto investors has reached the multi-trillion dollar mark. Of the total 88,200 crypto millionaires, nearly half (40,500) hold their assets in bitcoins. According to the Crypto Wealth Report from Henley & Partners, the total market value of cryptocurrencies is $1.180 billion and there are 425 million cryptocurrency holders worldwide. The study […]

Switzerland are diving into consultations for a bill designed to fortify their anti-money laundering framework, a move aimed at elevating the country’s integrity and competitiveness as a financial and business hub. The proposed measures align with global standards, introducing a federal register of beneficial owners and imposing due diligence in high-risk legal activities. Recognizing the […]

In a significant anti-money laundering operation last week in Singapore, ten individuals were arrested as law enforcement seized cash, valuables, and automobiles with a collective value of nearly one billion dollars. Singaporean police have disclosed information regarding the members of this criminal syndicate, revealing them to be Chinese nationals with familial and friendly connections. Interestingly, […]

In August, the Chinese Ministry of Finance, in collaboration with the tax authorities, issued over 20 normative acts (NPA) with a single objective: to extend the tax incentives that are currently in effect until the end of 2023. These incentives primarily aim to support small businesses (reducing taxes for the businesses themselves and providing indirect […]

In a significant legislative development, the Parliament has approved a new bill (No. 7456) that brings forth substantial alterations in corporate tax rates and economic policies. The revisions outlined in the bill encompass a range of key modifications: Corporate Tax Rate Adjustments: Commencing in the year 2023, there will be a noteworthy increase in the […]