Overview
European Commission Proposes New Rules for Cross-Border Conversions or Divisions: The European Commission proposed rules that would prevent companies from moving their registered offices to letterbox companies located in other EU countries to create tax advantages. Similar rules are provided for cross-border company divisions. The proposals are part of a package of company law rules aimed at making it easier for companies to convert, merge, or divide across borders within the EU.
OECD Issues Report on Wage Taxes: Today, the OECD released Taxing Wages 2018, a report on the taxation of wages in OECD member countries. According to the report, workers in OECD countries paid just over a quarter of their gross wages in tax in 2017 and roughly half of countries saw small increases in the personal average tax rate.
Miscellaneous Guidance:
In Notice 2018-41, the Treasury Department and the IRS announced their intention to issue proposed regulations to provide guidance to assist taxpayers in complying with information reporting obligations for reportable policy sales of life insurance contracts under IRC § 6050Y.
Revenue Ruling 2018-13 supplements the schedules of prevailing state assumed interest rates set forth in Rev. Rul. 92-19 for purposes of IRC § 807 for certain insurance products issued in 2017.