Tax Notes Talk
Tax Notes Talk
Oct 16, 2020
Delays Ahead: An Update on the OECD’s Global Corporate Tax Reform
26 min

Tax Notes Talk host David D. Stewart chats with Tax Notes chief correspondent Stephanie Soong Johnston and Tax Notes contributing editor Nana Ama Sarfo about recent developments on the OECD’s work to rebuild the international corporate tax system for the digital age.

For additional coverage, read these articles in Tax Notes:

Host: David D. Stewart
Executive Producers: Jasper B. Smith, Faye McCray
Showrunner: Paige Jones
Audio Engineers: Derek Squires, Jordan Parrish
Guest Relations: Nicole White

Simply Tax
Simply Tax
Damien R. Martin, CPA
AICPA Advocacy Updates: PPP & Beyond #113
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on Paycheck Protection Program (PPP) loan forgiveness. Here’s what’s covered: * Update on PPP loan forgiveness and related activity in Washington @01:16 * The latest with AICPA tax policy and advocacy efforts @06:51 * Ways the AICPA has made a difference in the guidance implementation process @17:58 * Key areas of focus going forward @21:12 * Closing thoughts @24:44 BIO FOR GUEST Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services, while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings. Learn more about our guest and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
28 min
Economy Watch
Economy Watch / Podcasts NZ
Global factories turn positive
Kia ora, Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect New Zealand. I'm David Chaston and this is the International edition from Today we lead with news that factories globally are chugging along nicely at present despite the pandemic risks. But first, there was another dairy auction overnight and it was very positive. Overall prices were up +4.3% in US dollars, and despite the ever-rising Kiwi dollar, they rose in local currency by +1.9%. This result was built on a +5.0% rise for WMP, and overall prices are back to where they were at the start of 2020 although in local currency we are still -7% lower as the ever-rising Kiwi dollar undermines the long-term gains. Today's result won't hurt farmgate payout forecasts however. In the US, a bipartisan group of lawmakers unveiled a $900 bln COVID-19 relief bill aimed at breaking a deadlock between Democrats and Republicans over new emergency assistance for small businesses and other industries. Perhaps some bipartisan action can now finally move them forward. But still no similar action for the jobless yet. Internationally, there were a raft of PMIs released overnight. The internationally benchmarked US factory PMI brought its steepest improvement since 2014 with that growth supported by faster upturns in output and new orders amid stronger domestic and foreign client demand. Having said that, it was almost exactly as analysts expected. The more widely-watched local version recorded a higher level, but one that was lower than for the prior month. It also has new orders and exports expanding. Globally, manufacturing expanded at one of its fastest rates in almost a decade during November. But it should be remembered that these improvements will face challenges from second and third pandemic waves before the vaccines start to be effective. Canada also turned in a good factory result, holding on to its prior month recovery. In Europe, their expansion was slower, but still marked, with gains in output and new orders. But job losses continued there. Germany stayed strong, France was weak. The UK was aided by 'Brexit-buying'. In China, their official factory PMIs were eclipsed by the private, internationally-benchmarked version indicating a good expansion there. In Hong Kong, retail sales were down almost -9% year-on-year in October and their September result was revised lower. In Australia, their central bank has left its policy rate unchanged at +0.1%. But it did change its language around inflation, moving more to the US Fed view that they want to see actual inflation bed in, rather than just inflation expectations rise, before they move again with policy changes. There were PMI releases for Australia as well. The AIGroup one fell back from a strong expansion in October to a weak one in November. But the Markit one moved to a stronger expansion from an already good level and now at a three year high. And in more Australian data, building consents for houses rose for the fourth consecutive month in October and are at the highest recorded level since February 2000. Their balance of payments on goods and services was a surplus in the September quarter of +AU$13.6 bln, lower than the +AU$22.3 bln June quarter surplus, but better than expected. Exports fell -6% and imports rose +3%. Overall, the OECD sees a brighter future for the world's main economies even if the recovery will be gradual. And although New Zealand took a bigger initial economic hit in the pandemic, it has bounced back faster and is in a better situation now, they say. In equity markets, Wall Street is starting the new month with a +1.3% rise in Tuesday trade for the S&P500. Overnight European markets rose about +1% although London did a bit of catchup gaining +1.9%. Yesterday, Tokyo ended up +1.3%, Hong Kong was up +0.9% and Shanghai rose +1.8% on the day. The ASX closed up +1.1%, but the NZX50 Capital index was the outlier, falling -0.3% on the day. The latest global compilation of COVID-19 data is here. The global tally is 63,478,000 and a +554,000 rise overnight. The largest number of reported cases globally are still in the US, which rose +174,000 overnight to 13,934,000. In Australia, they are not getting any major resurgence. The UST 10yr yield will start today up sharply at 0.92% and a +8 bps rise. The price of gold has recovered sharply today, up +US$27 to US$1811/oz. Oil prices are again a little softer today, and now under US$45/bbl in the US, while the international price is now just on US$47.50/bbl. And the Kiwi dollar has mover slightly higher, up to 70.6 USc this morning and that is its highest since April 2018 or a 30 month high. Against the Australian dollar we are much firmer too at 96 AUc and a +½c rise. Against the euro we are also holding at 58.6 euro cents. That means our TWI-5 will start today at 72.9 and a 20 month high. The bitcoin price has settled back today, now at US$18,836 and a -2.0% fall from this time yesterday. You can find links to the articles mentioned today in our show notes. And get more news affecting the economy in New Zealand from Kia ora. I'm David Chaston. We will do this again tomorrow.
6 min
The Fat Wallet Show from Just One Lap
The Fat Wallet Show from Just One Lap
Why do my returns suck? (#228)
In our second Fast Fatty, we spoke about Suzanne’s PPS account. PPS felt our assessment of their product was inaccurate. We offered them a right of reply. Read their reply here. Pru has had a rough start to her investment career. She had a financial advisor she was struggling to shake off. Just as she worked up the courage to let them go, the advisor got fired for committing fraud. This shocking news encouraged Pru to take a closer look at her investments. She was not happy with what she found. Many of you have expressed your frustration at the returns you’re getting from your investments this year. In this episode we help you and Pru figure out exactly what happened. As always, we explain how a high fee puts you at a disadvantage from the outset. Next, we discuss asset allocation, diversification and the general madness of the market. Being able to read investment documents is an important skill to develop. We wrote three articles to help you make sense of these documents. You can find them here, here and here. * Subscribe to our RSS feed here. * Subscribe or rate us in iTunes. Pru Discovery gave me a call and told me they were doing a forensic investigation into my financial advisor. It turns out they forged my signature on a policy document, as such Discovery did the heavy lifting for me and took them off my policies. The rage regarding the forgery forced me into action. I started the process of moving my TFSA from Sanlam to Easy. This led to me scrutinising my TFSA portfolio and you two won't believe this! (Or maybe you will) My portfolio has done FUCK ALL (Sorry Sean) since I started it in 2017!!!! I have actually lost R 20 000 of my contributions!!! I am so upset! Where I have gone wrong and what the FUCK happened????!!! Meanwhile, back at the ranch, my demo portfolio on Easy Equities has made a profit of R5000... There are not enough exclamation marks and expletives in this email to describe how I feel right now. Thank you again for all the help. The two of you are doing the Lord's work, literally. Dirk How can I determine how safe my investment is with respect to the investment issuer/provider/platform? Many investments are for the longer term. What guarantee can an investor have that the investment provider will still be around in the future? There seems to be an increasing number of issuers, platforms and providers. How can I determine the risk associated with them? What is the situation in the case where I buy an UT or ETF via a platform (e.g. AG/ABSAStockbrokers/EasyEquities/etc/etc/etc) that is issued by another issuer, for example, AG/Satrix/Sygnia? Rudzani Given that cash is no longer king, what is the implication for people like me who have significant equity in our bonds? Should we looking to invest it elsewhere in the meantime? The bond has served as a mechanism to reduce interest rate expense, bond term and easily accessible large sums of savings. I have ETFs and max out my TFSAs each year. I sadly hold some unit trusts but I got those before I knew about ETFs and have just left them. What are some strategies with the cash currently sitting in the bond? Do I just leave it? Christiaan is intrigued by the new ESG ETFs from Satrix, but he’s not convinced that the money will follow the ethics. He wants to know if we have any strong opinions about it. Brent I am investing in ETFs for the long haul. I’m maxing out tax free first, but I’m referring to non-tax free and non RA investments. Say I buy shares monthly for the next 30 years and then I want to sell some, how is tax worked out on that? I will have been buying shares at different prices over time and now I’m selling them at whatever the price is at the time of sale. Will SARS tell me how much tax I should pay? Will Easy Equities? If I bought shares in Ashburton 1200 for R50 in 2020, then R300 ten years later, then R1000 another few years after that. If I sell them for R1200 the tax on the first shares I bought would be huge, but not so much on the last shares I bought. Sarel I follow the one ETF strategy, buying the world, bought Asburton 1200 and MSCI world. I have resources to add some spice to the mix. Any opinions regarding Sygnia ISO and 4th IR. Suzanne is wondering whether she should continue investing in ETFs once she’s maxed out her R500,000 tax-free allowance? Guy I invest using EasyEquities and focus on ETFs primarily (I’ve been listening to your guidance). My main investments were Satrix Nasdaq, Emerging Markets and recently the Ashburton 1200 (you mention it so often I couldn’t ignore). I invest in shares through my USD account on EE but was wondering if it would be best to move the ZAR to USD and buy the MSCI World ETF from iShares / Blackrock. Jason My question is regarding index fund platform offerings in SA. As you know, this would be different to ETFs - not trading live on the exchange - but trading like unit trusts that have updated NAV daily. The Vanguard Index funds are the prime example, having the same constituents as the ETFs but not trading live. This allows one to purchase these passive instruments on auto instruction, without worrying about losing out a spread due to the product not being live on an exchange, like an ETF would. I have an account with EE and the recurring investment option often sees this spread resulting in some low volume ETFs being bought at a premium, which puts me off and spoils the opportunity of letting my portfolio function truly passively. Anyway, I hope you guys can help with suggestions or at least expand on the conversation about the recurring auto-invest instructions getting spreads horribly wrong from time to time.
1 hr 7 min
Model Citizen
Model Citizen
Niskanen Center, Will Wilkinson
Reactionary Conservative Thought after Trump
Donald Trump may be going away, but the coalition, movement, and intellectual tendencies that grew up around him aren't. For many, Trump seemed to herald a new dawn for reactionary conservative nationalism political thought aligned against pluralism, social justice and even liberal democracy itself. In a fascinating series of essays for Niskanen and the Bulwark, political theorist Laura Field has been probing to the philosophical underpinnings of the emerging illiberal right more insightfully than just about anyone. In this episode, we discuss the underlying assumptions animating thinkers like Patrick Deneen, Sohrab Ahmari, Adrian Vermuele, Yoram Hazony and Attorney General Bill Barr, among others. Why do they think liberal democracy is self-undermining? Why are they hostile to multicultural liberal pluralism. How do they think they know that liberalism leaves us empty, alienated and estranged from a profound human need for deep social connection? Are these guys like Captain Ahab on a deranged and futile hunt to destroy meaninglessness? We talk about all that and lots more, including whether left-wing postmodern thought is destroying liberal education. (Hint: It isn't.) Laura field is a Senior Fellow at the Niskanen Center and has taught political theory and the history of political thought as faculty at Rhodes College, Georgetown and American University, where she is currently a scholar in residence. Readings Meet the Reocons by Laura Field What the Reactionary Right Gets Dead Wrong about Liberal Democracy by Laura Field Love and Loyalty in the "Liberalocracy" by Laura Field Dear Republicans: Welcome to the New Establishment by Laura Field Why Liberalism Failed by Patrick Deneen Moby-Dick; or, the Whale by Herman Melville Credits Host: Will Wilkinson (@willwilkinson) Audio engineer: Ray Ingegneri Music: Dig Deep by RW Smith Model Citizen is a production of the Niskanen Center (@niskanencenter) To support this podcast or any of the Niskanen Center's programs, visit:
1 hr 37 min
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