Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- The European Commission Tuesday issued proposals to simplify big companies’ tax filing in the European Union by allowing them to apply one set of rules to determine their EU tax base, rather than dealing with 27 different EU member states tax systems, as they do now. The Commission said the proposed “Business in Europe: Framework for Income Taxation,” which builds on the OECD/G20 global minimum tax deal and also includes transfer pricing proposals, could slash compliance costs up to 65% for big groups operating in more than one EU member state. It could also make life easier for national tax authorities. Smaller companies could opt in to the new rules, which start to take effect in 2026. (EC.Europa.EU)
- The nongovernmental organization Oxfam International panned the Commission’s proposals as just a “reshuffle of outdated rules” and a “lost opportunity.” “This long-overdue reform fails to make big multinationals in Europe finally pay their fair share of tax. It gives them a free pass to continue booking taxes where they only have empty offices and siphon off their profits to EU tax havens,” said Chiara Putaturo, Oxfam EU’s tax policy adviser in a statement. (Oxfam.org)
- The US Census Bureau blamed an 8.8% drop in US real median household income after taxes in 2022 and a 12.2% surge in the after-tax poverty rate on expiration of two key pandemic era tax breaks. (Census.gov)
- Tax policies have played a major part in easing the impact of inflation on households and businesses, the OECD says in a new report. (OECD.org)
Tax Authorities, Rulings
- The former operator of Michigan marijuana dispensary faces a possible decade or more in prison after a Detroit federal jury convicted him of tax evasion and obstructing the Internal Revenue Service. (Justice.gov)
- Ireland’s revenue office published a list, covering April 1 to June 30, 2023, of persons for whom a court assessed a penalty relating to a settlement, or who were fined, imprisoned, or otherwise penalized for a tax or duty offense. The list also includes persons for whom the revenue office accepted a settlement offer or who paid a settlement in full. (Revenue.ie)
Lateral, Moves, Promotions
- EY plans to hire 1,000 people in Northern Ireland in the next five years, in areas including cybersecurity and other tech, as well as tax, audit, and consulting. (SiliconRepublic)
- DLA Piper launched a multidisciplinary space exploration and innovation practice to advise companies and investors on what it described as a “projected” $1 trillion dollar space industry. (DLA Piper)
- Legal recruiter Major, Lindsey & Africa launched a practice aimed at helping companies build successful boards. (MLAGlobal.com)
