In this edition of CFO Insights, we examine the aspects of the IRA likely to be most important to CFOs. Keep in mind, though, that the IRA is a 730-page document loaded with new taxes and new tax credits, and many of the provisions still need to be clarified via regulations and other guidance from the IRS and the Treasury Department. Even though key features of the IRA take effect at the start of 2023, it could be well into next year or beyond before Treasury and the IRS issue final guidance on key IRA provisions.
Chief financial officers understand the importance of tax having a seat at the table in major business decision planning. According to Deloitte Global’s recent Tax Transformation trends survey, there is increased demand for strategic input from tax related to digital business models (69%), strategic transactions (51%), and supply chain restructuring (50%).
Bill 64 was adopted on September 21, 2021. The requirements contained in the bill introduce significant operational changes for private and public sector organizations with respect to their handling of personal information and the protection of privacy.
Bill 64 was tabled at Quebec’s National Assembly on June 12, 2020, adopted on September 21, 2021, and received assent on September 22, 2021.1 The requirements contained in this bill introduce significant operational changes for private and public sector organizations. Underlying these changes is a desire to increase individuals’ control over their personal information and increase transparency about organizations’ personal information practices.
Deloitte has published the results of its annual multinational survey regarding the OECD/G20 BEPS initiative and other tax topics; the survey results include coverage of respondents’ views on the OECD Pillar 1/Pillar 2 project, the “digital taxation” debate, tax transparency, tax governance, US tax proposals, and the impact of COVID-19.
In this issue of CFO Insights, we’ll help CFOs prepare for possible tax policy changes ahead. Which issues should they be most concerned about? How should that affect the guidance they give their VPs of tax and tax directors? And how likely is it that anything will change in the near term?
Following the acceleration in the shift towards digitalization, notably due to COVID-19, the Department of Finance Canada (Finance) proposed new rules on December 1, 2020 that may force foreign-based suppliers and digital platforms that facilitate supplies of tangible personal property (TPP), services, intangible personal property (IPP) or short-term accommodation to register to collect the Goods and Services Tax/Harmonized Sales Tax (GST/HST).
The Minister of Finance, Victor Fedeli, presented the 2019-2020 Ontario budget in the Legislative Assembly this afternoon. This year’s budget is projected to be a deficit and is focused on health care, child care, and education.
