Latest news with #Pillar2
Fibre2Fashion
11 hours ago
- Business
- Fibre2Fashion
OECD Pillar 2 taxes not to apply to US firms: Scott Bessent
US Treasury Secretary Scott Bessent recently indicated about a forthcoming deal among G7 nations allowing US firms to be excluded from certain taxes imposed by other nations. Around 140 nations had concluded an agreement in 2021 to tax multinational companies under the auspices of the Organisation for Economic Cooperation and Development (OECD). This deal has two pillars, the second of which sets a minimum global tax rate of 15 per cent. "After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests," he said in a series of posts on microblogging platform X. US Treasury Secretary Scott Bessent has indicated about a forthcoming deal among G7 nations allowing US firms to be excluded from certain taxes imposed by other nations. "After months of productive dialogue….on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests," he said on X. "OECD Pillar 2 taxes will not apply to US companies." "OECD Pillar 2 taxes will not apply to US companies," he wrote, adding that officials will work to implement the agreement across the OECD-G20 Inclusive Framework in the coming months. "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," Bessent added, referring to a bill currently before US lawmakers that would slash social programme spending for tax cuts. Section 899 will allow the US government to impose levies on companies with foreign owners and on investors from countries perceived to impose unfair taxes on US businesses. Fibre2Fashion News Desk (DS)
BBC News
14-04-2025
- Business
- BBC News
Jersey government's spare funds to be retained amid tariff war
US trade tariffs and volatility in financial markets could lead to a change for Jersey's spare funds, a scrutiny panel Elaine Millar, Minister for Treasury and Resources, said savings in the island's Stabilisation Fund were "virtually exhausted".She said any spare funds may be retained in contingency rather than transferring it to savings because "locking it up may not be the best course of action".Corporate Services Scrutiny Panel chairwoman Deputy Helen Miles said it was concerning the island's financial buffer was depleted, adding: "Global volatility will impact our island and prudence is needed." Funding risks Miles said the minister had been transparent about the changes since the trade war began."If this leads to a global recession, then this will impact Jersey," she said."What is also concerning is that the Pillar 2 tax revenues, which had been earmarked to help finance the hospital, might not now materialise as expected which is increasing pressure on public funds to finance the build."She said the island may not be able to afford to finance regeneration plans, including the redevelopment of Fort Regent, as money would need to be borrowed in addition to the new hospital costs.
Yahoo
07-04-2025
- Business
- Yahoo
Thales, Saildrone pitch a windsurfing fleet of submarine spotters
MILAN — Thales Australia has partnered with Saildrone to integrate a towed array sonar system with the Surveyor unmanned surface vessel, promising navies the ability to pinpoint underwater threats through silent operation. The companies' tie-up follows sea trials, funded by the United States Office of Naval Research, during which Saildrone's Surveyor USV, equipped with Thales' BlueSentry sensor package, operated almost uninterrupted for 26 days. Conducted off the coast of California, the tests demonstrated that the systems detected and classified underwater and surface threats, with an uptime averaging more than 96%, according to Saildrone. In the context of underwater drones, the notion of 'uptime' generally refers to the percentage of time the system is available and able to perform its intended missions continuously. 'The trials showed that, under wind propulsion, the Surveyor provided a near-zero self-noise environment, significantly improving the detection capabilities of the BlueSentry sonar system,' a Saildrone press release stated. A fleet of USVs, integrated with these sonar arrays, is intended to be able to operate for extended periods of time, autonomously patrolling large ocean areas and reduce the costs of coverage, per the Thales website. The companies said that the team-up could pave the way for greater 'naval interoperability' between the trilateral AUKUS partners – Australia, the United Kingdom and the United States – and deliver on the security partnership's technology-focused Pillar 2 scope. That line of work is intended to harness the joint industrial and innovation bases of the three countries to ensure that their respective militaries are equipped with advanced and interoperable capabilities. While during the trials the systems relied on Starlink and Iridium satellite communications, Saildrone recently announced a GPS-denied option not reliant on satellites.
Yahoo
04-04-2025
- Business
- Yahoo
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.
Yahoo
02-04-2025
- Business
- Yahoo
Tax Systems acquired by Providence Equity Partners
Providence Equity Partners has acquired Tax Systems, a UK-based tax and accounting software provider, from Bowmark Capital. Financial terms of the transaction were not disclosed. Providence, a firm specialising in investments across media, communications, education, and technology sectors, stated that its funding will drive Tax Systems' ongoing platform growth and innovation. The investment aims to enhance tax and regulatory compliance solutions while expanding into both established and new markets. Established in 1991, Tax Systems provides software and solutions designed to digitise tax compliance, allowing tax professionals to automate workflows, improve compliance, reduce risk, and extract valuable insights from their tax operations. According to Providence, the company supports a client base of more than 1,500, including multinational corporations, more than 80% of the leading accounting firms in the UK and Ireland, and around 40% of FTSE 100 companies. Providence senior managing director and co-head of Europe Karim Tabet said: 'We are excited by the opportunity to partner with Tax Systems. Throughout Bowmark's ownership, the company has developed into a specialist leader in regulatory and compliance software. We believe this is a large and fragmented category, with constant changes and strong digitisation trends that provide potential for numerous growth avenues.' Since being acquired by Bowmark in 2019, Tax Systems is said to have doubled both its revenue and profits. The company, which was listed on AIM, has built a cloud-native, multi-tax technology platform and recently introduced Pillar2, an AI-driven SaaS solution designed to navigate the complexities of the OECD's global Pillar Two compliance and reporting requirements. Tax Systems CEO Bruce Martin said: 'We have enjoyed an excellent and rewarding partnership with Bowmark, whose support has been instrumental in strengthening our position in core markets, expanding our product suite, and successfully entering new geographies. 'As we move into our next phase of growth, we are excited to be partnering with Providence, who recognise the strength of our business and the significant opportunities ahead. Their support will help us accelerate our expansion and innovation as we continue building the leading tax compliance software platform in EMEA.' In December 2023, Tax Systems announced the acquisition of TaxModel, a Dutch company specialising in tax technology. "Tax Systems acquired by Providence Equity Partners " was originally created and published by International Accounting Bulletin, 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.
