Mexico’s 2020 Tax Reform—What To Expect?

The tax overhaul in Mexico is intended to improve revenue collection and provide strengthened legal tools for the tax authorities. José Carlos Silva and Jorge Ramón Galland Ríos look at the provisions in the reform with a focus on those which address BEPS-related measures and tax evasion.

For decades, the Bloomberg Tax International Forum has convened international tax experts from all over the globe. In this series, Forum members will regularly share their views on […]

By |February 28th, 2020|

Cayman Islands Added To The EU Blacklist Of Non-Cooperative Jurisdictions For Tax Purposes

On 18 February 2020, the ECOFIN committee of finance ministers of the EU resolved to add the Cayman Islands to the EU blacklist of non-cooperative jurisdictions for tax purposes. Their reasoning was short:

“[The] Cayman Islands does not have appropriate measures in place relating to economic substance in the area of collective investment vehicles.”

This is despite Cayman having passed a new statute – the Private Funds Law and The Mutual Funds (Amendment) Law – which […]

By |February 26th, 2020|

Exempt Organizations May Claim A Refund For Amounts Paid Under The TCJA’s “Parking Lot Tax”

The Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Relief Act”) has retroactively repealed a provision known as the “parking lot tax.” The now-repealed provision, which had been codified in Internal Revenue Code Section 512(a)(7) (“Code Section 512(a)(7)”), increased an exempt organization’s unrelated business taxable income (“UBTI”) by amounts paid or incurred for certain nondeductible qualified transportation fringe benefits, certain parking facilities, and on-premises athletic facilities. It was called the “parking lot […]

By |February 25th, 2020|