TAX

The U.S. Department of Agriculture’s Agricultural Marketing Service has issued a final rule that, effective 15 July, will remove the cotton import de minimis provision, which exempts importers from paying the cotton fee on cotton or cotton-containing products when the line item value is US$2.00 or less. More

The European Commission has proposed an anti-corporate tax avoidance package, which could impact Hong Kong traders and those they supply to, active within the EU. The measures are intended to align corporate tax laws of the EU Member States, and to coordinate the EU Member States’ international action in the context of tax avoidance measures and treaties. More

The U.S. Department of Agriculture’s Agricultural Marketing Service is seeking comments by 11 January on a proposal to amend the Cotton Board Rules and Regulations to remove the cotton import de minimis provision. The Cotton Research and Promotion Program assesses a fee on U.S. cotton producers as well as importers of cotton and cotton-containing products. However, importers are exempt from paying the cotton import fee if a line item on CBP documentation is US$2.00 or less. More

In the framework of a meeting among EU officials of 24 September 2015, a Discussion paper on an External Strategy for Effective Taxation was prepared, to launch a debate on effective taxation in the EU. The paper discusses a common EU approach on the application of defensive or incentive tax mechanisms, in relation to third countries. More