Daily Tax Update - March 18, 2015: The European Commission Proposes Mandatory Exchange of Tax Rulings and APAs

The European Commission Proposes Mandatory Exchange of Tax Rulings and APAs:  Today the European Commission announced a tax transparency package aimed at combating corporate tax avoidance.  The package includes a legislative proposal that would require member states to report every three months to all other member states on all cross-border tax rulings and advance pricing arrangements issued.  Member states would have the ability to request additional information on any particular ruling or pricing arrangement.  If approved, the proposal would apply to all rulings and pricing arrangements issued after the effective date, as well as all rulings and pricing arrangements issued within the last ten years that are still in force.  The purpose of the proposal is to ensure comprehensive and effective administrative cooperation between tax administrations and to avoid abusive tax planning.

Miscellaneous Guidance:
Revenue Ruling 2015-7 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate.