Avi Yonah, Reuven Shlomo
BEPS, ATAP, and the new tax dialogue : ¿a Transatlantic competition? / Reuven Avi-Yonah & Gianluca Mazzoni .-- , 2018
Resumen.
In the introduction of this article the authors state that the current tax reform legislation clearly relies on BEPS principles and in particular on the single tax principle. Part II analyses the three BEPS provisions included in Tax Reform Act 2017 (TRA17): a one-time "transition tax" on untaxed accumulated earnings and profits (E&P) of certain non-US corporations (new section 965); and two anti-base erosion and income shifting provisions, namely a foreign minimum tax on 10% US shareholders of CFCs to the extent the CFCs are treated as having "global intangible low-taxed income" (GILTI) (new section 951A) and a base erosion and anti-abuse tax (BEAT) that will be imposed in relation to deductible payments made by certain corporations to their non-US affiliates (new section 59A). Part III discusses one of the key BEPS action items that caused the most concern in the US, i.e. action 6 on the prevention of treaty abuse through inclusion of a principal purposes test. In part IV, the authors argue that Congress could have done more, especially with regard to the anti-hybrid rules for certain related party amounts of new section 267A since it does not have any significant impact on foreign-to-foreign hybrid planning.
IMPUESTOS
REFORMA
ESTADOS UNIDOS
FISCALIDAD INTERNACIONAL
Mazzoni, Gianluca
Intertax 0165-2826 v. 46, Issue 11, November 2018, p. 885-904
BEPS, ATAP, and the new tax dialogue : ¿a Transatlantic competition? / Reuven Avi-Yonah & Gianluca Mazzoni .-- , 2018
Resumen.
In the introduction of this article the authors state that the current tax reform legislation clearly relies on BEPS principles and in particular on the single tax principle. Part II analyses the three BEPS provisions included in Tax Reform Act 2017 (TRA17): a one-time "transition tax" on untaxed accumulated earnings and profits (E&P) of certain non-US corporations (new section 965); and two anti-base erosion and income shifting provisions, namely a foreign minimum tax on 10% US shareholders of CFCs to the extent the CFCs are treated as having "global intangible low-taxed income" (GILTI) (new section 951A) and a base erosion and anti-abuse tax (BEAT) that will be imposed in relation to deductible payments made by certain corporations to their non-US affiliates (new section 59A). Part III discusses one of the key BEPS action items that caused the most concern in the US, i.e. action 6 on the prevention of treaty abuse through inclusion of a principal purposes test. In part IV, the authors argue that Congress could have done more, especially with regard to the anti-hybrid rules for certain related party amounts of new section 267A since it does not have any significant impact on foreign-to-foreign hybrid planning.
IMPUESTOS
REFORMA
ESTADOS UNIDOS
FISCALIDAD INTERNACIONAL
Mazzoni, Gianluca
Intertax 0165-2826 v. 46, Issue 11, November 2018, p. 885-904