Originally intended to be presented during the fall of 2020, and postponed due to the COVID-19 pandemic, a new United Kingdom budget will finally be published on March 3. Although normally most tax rate changes come into effect on budget day or soon after, 2021’s tax reforms might need to wait. Consultations on policies that […]
We’re about to launch a free six-week course in state taxation, and we’d like you to join us. This coming Tuesday, February 16th, the Tax Foundation will kick off its “State Tax Policy Boot Camp,” designed with lawmakers and legislative staff in mind, but ideal for anyone interested in gaining a better understanding of state […]
Key Findings In addition to its economic impact on Maryland businesses and the likelihood of serious legal challenges, Maryland’s proposed digital advertising tax is incredibly vague on vital definitions, creating uncertainty about where revenue is sourced and when it is subject to the tax. The legislation’s ambiguity could lead to double taxation, with multiple entities […]
The potential override of Gov. Larry Hogan’s (R) veto of a digital advertising tax (HB732) looms large over the current legislative session in Maryland, though it is only one of many tax proposals under consideration in the state. House Bill 732 passed with a veto-proof majority in 2020, and, if lawmakers override the governor’s veto, […]
Today, the United States puts into effect new 25 percent tariffs on $1.3 billion in French products. This comes as a response to France commencing collection of its digital services tax (DST) at the end of 2020. The tariffs will target several French cosmetics, handbags, and assorted soaps. Finance Minister Bruno Le Maire has said that […]
Executive Summary At first glance, New York faces projected budget shortfalls as arresting as the New York City skyline, and to meet the challenge, some have proposed taxes that would rival that skyline for staggering height. The challenge confronting policymakers is real, though perhaps not as dire as once feared. Its intensity depends on the […]
Spanish taxpayers are facing several tax hikes in addition to the two major taxes—a financial transactions tax (FTT) and a digital services tax (DST)—approved by Spain’s upper house less than two weeks ago. The coalition government this week presented the 2021 budget which includes a 53 percent increase in non-financial public spending from last year, […]
Note: Below is a brief excerpt from our new publication with the Centre for Policy Studies, A Framework for the Future: Reforming the UK Tax System, which is a comprehensive study of Britain’s tax system that identifies key areas for improvement in UK tax policy and provides recommendations that would support long-term growth without negatively impacting government revenues. To […]
Policymakers across the world are currently enamored by tax policies that target digital companies, and there are many policy efforts projects that are currently running in parallel. First, the OECD has been working on an approach that we learned last week is expected to wrap up by mid-2021. Second, many countries have been moving unilaterally […]
Monday, the OECD released blueprints for proposals on changing international tax rules alongside an impact assessment based on the overall design of the proposals. While the blueprints cover proposals both for changing where large multinationals owe corporate tax and designing a global minimum tax, there are still many unanswered questions. The OECD has been working […]