ITR (magazine)

Last updated
ITR
Managing editorAnjana Haines
CategoriesLaw
FrequencySeven times a year
Founded1989
Company Euromoney Institutional Investor
Country UK
Based in London
LanguageEnglish
Website internationaltaxreview.com
ISSN 0958-7594

ITR, previously known as International Tax Review, is a business-to-business publication focused on news analysis of tax policy and tax advice from around the world. This remit includes transfer pricing, corporate tax and indirect tax, particularly VAT and sales tax. [1] The magazine provides in-depth and strategic coverage of policy developments at the EU and the OECD, particularly the latter's BEPS project. [2]

Contents

History and content

International Tax Review was launched in London in November 1989 [3] [2] to cater to the tax services industry, publishing academic papers and covering court judgments on tax law. Over the years ITR has interviewed numerous politicians, including European commissioners Margrethe Vestager [4] and Pierre Moscovici, [5] as well as top tax professionals from companies such as Philip Morris, [6] Microsoft [7] and Johnson & Johnson. [8]

ITR follows the debate on tax avoidance, inequality and wealth distribution, often reporting on the Tax Justice Network and scandals like the Paradise Papers. In one case, ITR covered a debate at the OECD between low-tax advocate Arthur Laffer and tax campaigner Richard Murphy on the impact of tax competition, [9] whether it is possible to regulate tax competition [10] and what such a regulatory framework would look like. [11]

Range

Since the early 2000s, ITR has regularly organised conferences like the Global Transfer Pricing Forum, [12] Women in Tax [13] and the Indirect Tax Forum. [14] At the same time, the magazine has published the World Tax Guide [15] in which it rates law and accounting firms. This includes firms like Deloitte, EY, PwC and KPMG. [16] [17]

Awards

ITR's awards program recognizes leading tax and transfer pricing firms. The group hosts three award ceremonies annually, recognizing the best work carried out in the Asia-Pacific, EMEA and Americas regions. [18] [19] In 2020, Deloitte was announced as the biggest winner across the Americas. [20]

TP Week

ITR launched a sister publication called Transfer Pricing Week (later renamed TP Week) in 2007 to provide specialist coverage of international tax matters and policy, particularly issues like the arm’s length principle and controversies around EU state aid law. The publication ran until August 2019 when TP Week was wound up and the two platforms were merged into one.

Ownership

As part of the Legal Media Group (LMG), ITR is published by Euromoney Institutional Investor, one of the biggest finance and business publishing companies in Europe. Euromoney is a FTSE 250 company and was owned by the Daily Mail and General Trust Group until it was spun-off in 2019. [21]

Related Research Articles

Corporate haven, corporate tax haven, or multinational tax haven is used to describe a jurisdiction that multinational corporations find attractive for establishing subsidiaries or incorporation of regional or main company headquarters, mostly due to favourable tax regimes, and/or favourable secrecy laws, and/or favourable regulatory regimes.

Tax competition, a form of regulatory competition, exists when governments use reductions in fiscal burdens to encourage the inflow of productive resources or to discourage the exodus of those resources. Often, this means a governmental strategy of attracting foreign direct investment, foreign indirect investment, and high value human resources by minimizing the overall taxation level and/or special tax preferences, creating a comparative advantage.

<span class="mw-page-title-main">Indirect tax</span> Type of tax

An indirect tax is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax collecting authority does not suffer a corresponding reduction in income, i.e., impact and tax incidence are not on the same entity meaning that tax can be shifted or passed on, then the tax is indirect.

<span class="mw-page-title-main">Margrethe Vestager</span> Danish politician

Margrethe Vestager is a Danish politician currently serving as Executive Vice President of the European Commission for A Europe Fit for the Digital Age since December 2019 and European Commissioner for Competition since 2014. Vestager is a member of the Danish Social Liberal Party, and of the Alliance of Liberals and Democrats for Europe Party (ALDE) on the European level.

<span class="mw-page-title-main">Corporation tax in the Republic of Ireland</span> Irish corporate tax regime

Ireland's Corporate Tax System is a central component of Ireland's economy. In 2016–17, foreign firms paid 80% of Irish corporate tax, employed 25% of the Irish labour force, and created 57% of Irish OECD non-farm value-add. As of 2017, 25 of the top 50 Irish firms were U.S.–controlled businesses, representing 70% of the revenue of the top 50 Irish firms. By 2018, Ireland had received the most U.S. § Corporate tax inversions in history, and Apple was over one–fifth of Irish GDP. Academics rank Ireland as the largest tax haven; larger than the Caribbean tax haven system.

<span class="mw-page-title-main">Taxation in the Republic of Ireland</span> Irish tax code

Taxation in Ireland in 2017 came from Personal Income taxes, and Consumption taxes, being VAT and Excise and Customs duties. Corporation taxes represents most of the balance, but Ireland's Corporate Tax System (CT) is a central part of Ireland's economic model. Ireland summarises its taxation policy using the OECD's Hierarchy of Taxes pyramid, which emphasises high corporate tax rates as the most harmful types of taxes where economic growth is the objective. The balance of Ireland's taxes are Property taxes and Capital taxes.

<span class="mw-page-title-main">Euromoney Institutional Investor</span> UK-based information company

Euromoney Institutional Investor PLC is one of Europe's largest business and financial information companies which has interests in business and financial publishing and event organization. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by private equity groups, Astorg and Epiris, in November 2022.

A tax haven or tax den, is a jurisdiction with very low "effective" rates of taxation for foreign investors. In some traditional definitions, a tax haven also offers financial secrecy. However, while countries with high levels of secrecy but also high rates of taxation, most notably the United States and Germany in the Financial Secrecy Index ("FSI") rankings, can be featured in some tax haven lists, they are not universally considered as tax havens. In contrast, countries with lower levels of secrecy but also low "effective" rates of taxation, most notably Ireland in the FSI rankings, appear in most § Tax haven lists. The consensus on effective tax rates has led academics to note that the term "tax haven" and "offshore financial centre" are almost synonymous.

Digital goods are software programs, music, videos or other electronic files that users download exclusively from the Internet. Some digital goods are free, others are available for a fee. The taxation of digital goods and/or services, sometimes referred to as digital tax and/or a digital services tax, is gaining popularity across the globe.

<span class="mw-page-title-main">Offshore financial centre</span> Corporate-focused tax havens

An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."

A patent box is a special very low corporate tax regime used by several countries to incentivise research and development by taxing patent revenues differently from other commercial revenues. It is also known as intellectual property box regime, innovation box or IP box. Patent boxes have also been used as base erosion and profit shifting (BEPS) tools, to avoid corporate taxes.

<span class="mw-page-title-main">Base erosion and profit shifting</span> Multinational tax avoidance tools

Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to "shift" profits from higher-tax jurisdictions to lower-tax jurisdictions or no-tax locations where there is little or no economic activity, thus "eroding" the "tax-base" of the higher-tax jurisdictions using deductible payments such as interest or royalties. For the government, the tax base is a company's income or profit. Tax is levied as a percentage on this income/profit. When that income / profit is transferred to another country or tax haven, the tax base is eroded and the company does not pay taxes to the country that is generating the income. As a result, tax revenues are reduced and the government is detained. The Organization for Economic Co-operation and Development (OECD) define BEPS strategies as "exploiting gaps and mismatches in tax rules". While some of the tactics are illegal, the majority are not. Because businesses that operate across borders can utilize BEPS to obtain a competitive edge over domestic businesses, it affects the righteousness and integrity of tax systems. Furthermore, it lessens deliberate compliance, when taxpayers notice multinationals legally avoiding corporate income taxes. Because developing nations rely more heavily on corporate income tax, they are disproportionately affected by BEPS.

<span class="mw-page-title-main">LuxLeaks</span> Financial scandal revealed in November 2014

Luxembourg Leaks is the name of a financial scandal revealed in November 2014 by a journalistic investigation conducted by the International Consortium of Investigative Journalists. It is based on confidential information about Luxembourg's tax rulings set up by PricewaterhouseCoopers from 2002 to 2010 to the benefits of its clients. This investigation resulted in making available to the public tax rulings for over three hundred multinational companies based in Luxembourg.

The OECD G20 Base Erosion and Profit Shifting Project is an OECD/G20 project to set up an international framework to combat tax avoidance by multinational enterprises ("MNEs") using base erosion and profit shifting tools. The project, led by the OECD's Committee on Fiscal Affairs, began in 2013 with OECD and G20 countries, in a context of financial crisis and tax affairs. Currently, after the BEPS report has been delivered in 2015, the project is now in its implementation phase, 116 countries are involved including a majority of developing countries. During two years, the package was developed by participating members on an equal footing, as well as widespread consultations with jurisdictions and stakeholders, including business, academics and civil society. And since 2016, the OECD/G20 Inclusive Framework on BEPS provides for its 140 members a platform to work on an equal footing to tackle BEPS, including through peer review of the BEPS minimum standards, and monitoring of implementation of the BEPS package as a whole.

<span class="mw-page-title-main">Dinesh Kanabar</span> Indian taxation expert

Dinesh Kanabar is an entrepreneur and international tax expert. He is founder and CEO of Dhruva Advisors, one of the largest tax and regulatory boutiques in India that has been consistently rated as India Tax Firm of the year over the years. Prior to founding Dhruva, Dinesh held various positions, including Deputy CEO of KPMG in India and Deputy CEO of RSM.Dinesh works closely with some of the largest multi-national corporations and Indian business houses advising on business, tax and regulatory matters. He has worked on some of the largest mergers and acquisitions, corporate restructuring and tax litigation engagements in the country. He also works very closely with the Government of India on Tax Policy matters. Dinesh has been recognized as Asia Tax Practice Leader of the Year-2020 by International Tax Review, and he regularly pens articles on a variety of subjects ranging from tax to leadership.

Dhruva Advisors LLP is one of the largest tax and regulatory firms in India. The firm provides consultancy and regulatory services in Tax Strategy, Tax Litigation, Mergers & Acquisitions, Tax Compliance, Transfer Pricing & International Taxation, Indirect & Corporate Taxation, etc. Dhruva Advisors has been recognized as one of the fastest-growing Tax practicing firms in India, and by August 2020, it has grown to 8 offices, 6 in India, and one each in Singapore, Dubai. The firm serves some of the biggest corporate houses in India and has established a huge client base from various sectors like Defense, Automobile, IT, FMCG, Steel, Conglomerates, etc. The firm has emerged as a key player in the Tax domain in India and is competing with some of the major firms which includes the Big 4s, Grant Thornton and BDO.

<span class="mw-page-title-main">Conduit and sink OFCs</span> Classification of tax havens

Conduit OFC and sink OFC is an empirical quantitative method of classifying corporate tax havens, offshore financial centres (OFCs) and tax havens.

<span class="mw-page-title-main">Apple's EU tax dispute</span> Tax dispute involving Apple, Ireland, and the EU

Apple’s EU tax dispute refers to an investigation by the European Commission into tax arrangements between Apple and Ireland, which allowed the company to pay close to zero corporate tax over 10 years.

<span class="mw-page-title-main">Ireland as a tax haven</span> Allegation that Ireland facilitates tax base erosion and profit shifting

Ireland has been labelled as a tax haven or corporate tax haven in multiple financial reports, an allegation which the state has rejected in response. Ireland is on all academic "tax haven lists", including the § Leaders in tax haven research, and tax NGOs. Ireland does not meet the 1998 OECD definition of a tax haven, but no OECD member, including Switzerland, ever met this definition; only Trinidad & Tobago met it in 2017. Similarly, no EU–28 country is amongst the 64 listed in the 2017 EU tax haven blacklist and greylist. In September 2016, Brazil became the first G20 country to "blacklist" Ireland as a tax haven.

References

  1. ↑ "About Us". International Tax Review.
  2. 1 2 "International Tax Review | HeinOnline".
  3. ↑ "International tax review". Euromoney. September 18, 1989 – via catalogue.libraries.london.ac.uk Library Catalog.
  4. ↑ "Vestager, today and tomorrow: The EU's main woman on her state aid fight and future". International Tax Review. 12 July 2018.
  5. ↑ "Q&A: European tax commissioner Pierre Moscovici talks tax havens and the digital single market". International Tax Review. 12 December 2017.
  6. ↑ "Philip Morris International eyes the tax benefits of e-cigarettes". 31 October 2018.
  7. ↑ "J&J's proposal won't solve digital taxation, says Bill Sample". 11 June 2019.
  8. ↑ "Johnson & Johnson's Amos discusses her BEPS 2.0 proposal". 28 May 2019.
  9. ↑ "The tax competition debate part one: Is it harmful?". International Tax Review. 16 October 2018.
  10. ↑ "The tax competition debate part two: Is it possible to regulate?". International Tax Review. 17 October 2018.
  11. ↑ "The tax competition debate part three: What would a regulatory framework look like?". International Tax Review. 18 October 2018.
  12. ↑ "'Doughnut hole' offers escape from GILTI rules in 2018". International Tax Review. 20 September 2018.
  13. ↑ "Women in tax explain how to deal with gender stereotyping". International Tax Review. 8 March 2019.
  14. ↑ "Digital issues and EU VAT reform take centre stage at ITR's Indirect Tax Forum". International Tax Review. 30 April 2018.
  15. ↑ "ITR World Tax - the guide to the world's leading tax law and accounting practices". www.itrworldtax.com.
  16. ↑ "Deloitte receives more ITR Americas Tax awards | Press release". Deloitte India.
  17. ↑ "KPMG honoured in Euromoney's International Tax Review - KPMG Luxembourg". KPMG. October 28, 2016.
  18. ↑ Banes, Jessica. "Award-winning WTS Dhruva Sets Higher Goals To Achieve". Forbes ME.
  19. ↑ "Triple recognition at the International Tax Review Asia Tax Awards 2020 | Deloitte Malaysia | Tax". Deloitte Malaysia.
  20. ↑ "Americas Tax Awards 2020: The winners". International Tax Review. 24 September 2020.
  21. ↑ Nilsson, Patricia (February 25, 2019). "Daily Mail owner 'reviews options' for Euromoney service". Financial Times.
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