Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- Leaders of the world’s biggest economies this weekend called for “swift” implementation of proposed rules for a cross-border crypto-asset reporting framework, and updates to existing tax information exchange mechanisms, aimed at boosting jurisdictions’ ability to tax those assets. That was among conclusions in the final statement that Group of 20 country leaders issued to close the G20 summit in New Delhi, India.
- “We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions,” the G20 leaders statement said. (G20.org)
- The statement also reiterated G20 support for international work on a reform of global tax rules. It noted “significant” recent progress in work on a two-pillar program to address tax challenges arising from digitalization of the economy. The Organization for Economic Cooperation and Development, which is leading that work, presented a report to the leaders Friday detailing its key components. (LegalAvocado)
- The G20 also noted the OECD’s recent report to G20 finance ministers and central bank governors on enhancing international tax transparency on real estate. It acknowledged the Global Forum report on facilitating use of tax-treaty-exchanged information for non-tax Purposes. (OECD.org)
- Big Four accounting firm PricewaterhouseCoopers reportedly plans to give up millions of dollars in auditing work for US clients in a bid to reduce its conflict of interest risks. (Financial Times)
- The US Internal Revenue Service Friday said it plans to use artificial intelligence and other “improved technology” to go after wealthy individuals, partnerships, large corporations and promoters that don’t pay their fair share of taxes. (IRS.gov)
- The French government plans to index its update of tax brackets in the 2024 budget on inflation. The move, aimed at easing the inflation hit for taxpayers, could cost the government 5 to 6 billion euros ($5.34 billion to $6.43 billion) in revenues, according to a French-language report. (Les Echos)
- The United Arab Emirates federal tax authority published a new general guide for corporate tax. (Tax.gov.ae)
- Arnold & Porter added a six-lawyer trial team, including five partners and one counsel, to its product liability litigation practice group. They arrive from Kansas City, Missouri-based law firm Shook Hardy and Bacon, with most of the partners now based in A&P’s Washington headquarters and one in Houston, Texas. (ArnoldPorter.com)
