US rises from summer veto problems

Despite strong indications that 1999 would be a seminal year for US international tax simplification, the final legislative outcome proved lackluster. The year started out with the Clinton administration's fiscal year 2000 budget proposals. Summer arrived with the promise of major tax legislati...

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Bibliographic Details
Published inInternational tax review Vol. 11; no. 1; p. 33
Main Authors Hicks, Hal, Benson, David, O'Connor, Margaret
Format Magazine Article
LanguageEnglish
Published London Euromoney Institutional Investor PLC 01.12.1999
Subjects
Advance pricing agreements
Agreements
Banking law
Cash surrender value
Controlled foreign corporations
Credit cards
Estimated taxes
Federal court decisions
Fiscal policy
Interest rates
Life insurance
Proposals
Related party transactions
State court decisions
Subsidies
Tax court decisions
Tax courts
Tax legislation
Transfer pricing
United States > US
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Summary:Despite strong indications that 1999 would be a seminal year for US international tax simplification, the final legislative outcome proved lackluster. The year started out with the Clinton administration's fiscal year 2000 budget proposals. Summer arrived with the promise of major tax legislation to include numerous international provisions, but that effort also failed when the president vetoed the Taxpayer Refund and Relief Act of 1999. Included in the bill is a provision confirming that advance pricing agreements and related background information are confidential return information, and are not written determinations for purposes of the public inspection requirements of section 6110. Several tax court decisions are discussed.
ISSN:0958-7594