Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- The European Union’s executive branch is reportedly dropping a controversial proposal to use a so-called formulary apportionment method to divvy up taxation of multinationals’ profits across EU member states. The proposal was set to be released today with transfer pricing and other tax proposals. (Politico)
- The Italian Ministry of Finance released for comment a draft law that would transpose into national law the EU directive adopting the OECD-brokered agreement for a global minimum tax on multinational groups and large national companies. (MEF.gov.it)
- The world’s energy prices fail to take into account the environmental, health, and climate costs of using fossil fuels, according to a new report by the Platform for Collaboration on Tax. The platform, a joint initiative of the United Nations, OECD, IMF, and World Bank Group, says the report aims to help policymakers, businesses, and other stakeholders better understand the organizations’ various carbon pricing metrics. (Tax-Platform.org)
- Economists agree a carbon tax is the best tool for fighting climate change. But companies are impossibly in love with fossil fuel, a report says. (Banque de France)
- The US Internal Revenue Service is taking 2024 applications through Oct. 31 for its compliance assurance program. (National Law Review)
- A key French production tax known its acronym CVAE will be eliminated entirely for some 300,000 small companies in 2024, but about 220,000 big companies will have to wait as late as 2027 to be free of the levy, Economy Minister Bruno Le Maire said Tuesday. (Les Echos)
- A Manilla appeals court acquited Philippine American journalist and Nobel Peace Prize laureate Maria Ressa of tax evasion. (Washington Post)
- Sidley Austin and Haynes and Boone are advising tax-focused wealth-management company Avantax, Inc. on its agreement to be acquired by private equity firm Cetera Holdings for around $1.2 billion, including debt. Willkie Farr & Gallagher is advising Cetera. (GlobeNewswire)
