Avocado Roundup is a quick review of top tax, legal, and climate news stories. It’s written by humans.
- France’s dismal real estate market has cost the city of Paris close to 200 million euros ($214.2 million) so far in 2023 in lost revenues from property transfer taxes, and the drop could reach as much as 300 million euros for the full year, as high interest rates dissuade potential buyers. That could put Mayor Anne Hidalgo in a jam for funds, just as anger over the city’s huge property tax hikes was starting to ease, according to a report. (Le Figaro)
- Meanwhile, some French companies are seeing their property owners’ tax double this year, an effect of a recent updating of property value database used to calculate the levy. (LegiFiscal)
- Pricewaterhousecoopers Australia felt more aftershocks from its tax leaks scandal this week, as the Big Four firm got dumped by a major Australian bank client and also had to announce hundreds of job cuts. (Reuters
UK HMRC Sends Out Pillar Two Letters
- The UK tax authority, HM Revenue & Customs, sent out a second batch of letters to major companies it considered might be required to register for the global minimum tax and/or domestic top-up tax under OECD Pillar Two rules set to take effect next year. (ICAEW.com)
- Artificial intelligence startup Black Ore Technologies Inc., which recently raised $60 million in financing, launched its first product, Tax Autopilot, a tax preparation tool aimed at accountants. (PYMNTS)