RSM's FY2025 Global Tax conference focuses on key tax issues
RSM, a provider of assurance, tax and consulting services, hosted its Global Tax Conference for FY2025 in Amsterdam, Netherlands.
The event brought together tax experts from 49 countries to discuss critical international tax developments shaping the business landscape, the company said.
The conference followed a 'strong' year for RSM's global tax practice, which saw an 11% rise in annual tax revenues.
The three-day event provided a platform for RSM's global tax specialists to delve into technical areas including mergers and acquisitions, transfer pricing, and global indirect tax, through a series of specialist breakout sessions.
RSM International CEO E.J. Nedder said: 'The Global Tax Conference is a powerful opportunity for RSM to unite our global community and leverage our brand, expertise and vision. This enables us to continually strengthen our ability to deliver consistent, high-quality experiences for both our people and our clients.
'This conference is a celebration of collaboration, where innovation drives progress and enhances the value we create. 'One RSM' is more than just a theme – it reflects our commitment to shared success and our unwavering dedication to working together as one.'
Delegates at the conference also received forward-looking insights into the tax developments expected to shape the landscape in 2025, RSM said.
The three-day event, held under the theme 'One RSM,' explored the issues currently influencing global tax policy.
This covered the OECD's Pillar 2 framework, including the STTR adoption by developing countries, and the need for businesses to manage rising compliance and tax liabilities in a changing global tax environment.
Commenting on the complexities behind Pillar 2's implementation, RSM Netherlands director Juan Dosal said: 'As countries adopt varying interpretations and timelines for Pillar 2, multinational enterprises (MNEs) face significant compliance complexities, increased audit scrutiny, and the risk of double taxation.
'Some jurisdictions may delay implementation or introduce deviations from the OECD framework, creating a patchwork of rules that escalates operational costs and complicates tax planning.
'To navigate this, MNEs are centralising their Pillar 2 compliance strategies, leveraging advanced technology for real-time reporting, and proactively engaging with tax authorities to resolve ambiguities.
'While divergence in national policies raises concerns about short-term tax competition, there is growing evidence of a shift toward long-term global alignment.
"Initiatives like the EU's Directive on Administrative Cooperation (DAC9)—which introduces standardised reporting and central filing for MNEs by December 2025—are enhancing data-sharing and reducing administrative burdens.'
"RSM's FY2025 Global Tax conference focuses on key tax issues" was originally created and published by The Accountant, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
a day ago
- CNN
The ‘revenge tax' is dead before it even started
The Treasury Department and Congress on Thursday moved to kill a so-called revenge tax that was set to raise taxes on foreign investment and had spooked Wall Street and global business leaders. Treasury Secretary Scott Bessent on Thursday announced a deal with G7 partners that will exclude US companies from some global taxes in exchange for the US dropping Section 899 from Republican's 'One Big Beautiful Bill Act.' Bessent said in a post on X that he would ask Congress to remove Section 899 from the budget bill. Senator Mike Crapo and Rep. Jason Smith, who co-chair the joint committee on taxation, said in a statement Thursday that following Bessent's request, they would remove Section 899 from the bill. Section 899 was a tax code tucked in to President Donald Trump's budget bill that would have raised taxes on the income earned from US assets held by individuals or businesses in other countries with taxes the US perceived as unfair for American businesses. The provision would 'facilitate penalty taxes on foreign companies operating in the US if their home country is deemed to have a 'discriminatory' tax system,' analysts at Citi said in a note. The tax code was considered a 'revenge' tax because it was designed to retaliate against a global tax framework agreed upon in 2021 by the Biden administration and the Organization for Economic Cooperation and Development, according to Mark Luscombe, principal federal tax analyst at Wolters Kluwer. Former Treasury Secretary Janet Yellen had negotiated a tax agreement with other OECD countries that included setting a global minimum tax rate of 15%. Republicans had opposed the agreement and thought it was unfair, arguing it ceded authority on taxation, Luscombe said. The 'revenge tax' also was set to retaliate against digital services taxes, or taxes on US tech companies that provide services to users in other countries. Digital services taxes were perceived as 'discriminatory' by the Trump administration, said James Knightley, chief international economist at ING. Trump had previously signed an executive order on his first day in office announcing that tax deals agreed upon between the Biden administration and the OECD were null. Bessent's announcement leaves room for how the United States and other countries might negotiate on taxes. 'The Trump Administration remains vigilant against all discriminatory and extraterritorial foreign taxes applied against Americans,' Bessent said in his post on X. 'We will defend our tax sovereignty and resist efforts to create an unlevel playing field for our citizens and companies.' The so-called revenge tax, which had stirred debates on Wall Street and law firms across the Atlantic, is moot before it even went into effect. There had been back-and-forth debates in recent weeks about the implications of Section 899 and whether it would push global investors away from the United States. The provision had sent shivers up Wall Street's spine as it appeared to be another protectionist policy that would penalize global investors who put their money in the United States. 'Great concern had been expressed by Wall Street and affected stakeholders about the enactment of Section 899 and its impact on foreign investment in the United States, particularly in view of its complexity, potential scope of application and compliance obligations,' attorneys at law firm Holland & Knight said in a note. 'Those concerns have been alleviated for now.' International business groups were in Wasington in recent weeks negotiating with lawmakers. Jonathan Samford, CEO of the Global Business Alliance, which opposed Section 899, told CNN the provision would have 'squandered opportunity and more investment' and contributed to 'further isolation.' 'We're very pleased that President Trump and the administration have pursued this negotiation, and as a result, called for withdrawal of this punitive and discriminatory provision,' he said. 'I commend Chairman Smith and Chairman Crapo for focusing on making the United States the most competitive it can be.' Republicans this week had begun hinting that Section 899 might be negotiable. Director of the National Economic Council Kevin Hassett said in an interview with Fox Business on Wednesday that Section 899 might not be included in the final budget bill. 'You can try to retaliate, but it's probably better to work out an agreement than just have a tax fight, just like we're having tariff fights,' Luscombe said.
Yahoo
2 days ago
- Yahoo
Treasury Deal Kills ‘Revenge Tax' That Spooked Wall Street
(Bloomberg) — The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 'revenge tax' proposal from President Donald Trump's tax bill. US Renters Face Storm of Rising Costs Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Mapping the Architectural History of New York's Chinatown Squeezed by Crowds, the Roads of Central Park Are Being Reimagined US State Budget Wounds Intensify From Trump, DOGE Policy Shifts 'OECD Pillar 2 taxes will not apply to U.S. companies, and we will work cooperatively to implement this agreement across the OECD-G20 Inclusive Framework in coming weeks and months,' Treasury Secretary Scott Bessent said on social media Thursday. 'Based on this progress and understanding, I have asked the Senate and House to remove the Section 899 protective measure from consideration in the One, Big, Beautiful Bill,' he added. The congressional tax committee chairs, Representative Jason Smith and Senator Mike Crapo, quickly responded that 'at the request of Secretary Bessent and in light of this joint understanding to preserve U.S. tax sovereignty' they will remove 'proposed tax code Section 899 from the One, Big, Beautiful Bill Act.' The provision, officially known as Section 899 and informally known as the 'revenge tax,' was drafted by House Republicans and supported by the White House to counter several European countries, Canada, Australia and more nations from taxing US firms in a way GOP lawmakers argue is discriminatory. The tax has sparked fears on Wall Street that the proposal would make it much harder for foreign individuals and companies to invest in the US. The levy targets allies that have digital services taxes on US tech companies, as well as countries imposing a global minimum tax on corporations. The market reaction was largely muted. The Bloomberg Dollar Index declined for a fourth day, Treasuries rallied and the S&P 500 approached an all-time high, all largely before the deal was announced late Thursday afternoon. 'Removing Section 899 from the budget negotiations would potentially allow investors to breathe a sigh of relief,' said Gennadiy Goldberg, head of US rates strategy at TD Securities. 'That said, it's difficult to know if the market seriously expected this statute to make it into the final law.' The measure included in Trump's bill came to be known as the revenge tax because it would increase tax rates only for countries whose tax policies the US deems 'discriminatory.' Deputy Treasury Secretary Michael Faulkender told Bloomberg News on Wednesday that administration officials were close to a 'breakthrough' that would eliminate the need for the revenge tax proposal in Trump's tax bill. The Organization for Economic Co-operation and Development has been hosting global talks over corporate taxes, with some of the proposals drawing opposition from the US. The revenge tax targeted a part of the OECD's 15% global minimum tax that former Treasury Secretary Janet Yellen helped negotiate while former President Joe Biden was in office. Republicans and Trump administration officials have criticized the deal for ceding US taxing authority to other countries. The global minimum tax is part of a larger deal agreed to by more 140 countries at the OECD that seeks to impose a 15% minimum tax rate on multinational companies in every country where they operate. Trump's Treasury in recent weeks has pushed for the US tax system to be considered completely separate from the OECD's global tax framework, arguing that the US already robustly taxes income that American companies earn overseas. 'It's definitely a positive development for non-US investors who invest frequently in the US,' said Scott Semer, partner with Torys LLP in New York. 'It'll definitely be helpful to provide certainty to investments.' (Updates with Republican statement on removing measure from Trump bill.) How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push America's Top Consumer-Sentiment Economist Is Worried Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Bloomberg
2 days ago
- Bloomberg
Treasury Deal Kills ‘Revenge Tax' That Spooked Wall Street
The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 'revenge tax' proposal from President Donald Trump's tax bill. 'OECD Pillar 2 taxes will not apply to U.S. companies, and we will work cooperatively to implement this agreement across the OECD-G20 Inclusive Framework in coming weeks and months,' Treasury Secretary Scott Bessent said on social media Thursday.
