JCT Estimates Costs of Delaying Health Taxes: Today, the Joint Committee on Taxation (JCT) released a report (JCX-2-18) on the estimated revenue effects of the continuing resolution (Extension of Continuing Appropriations Act, 2018) passed on January 22. The report estimates that the continuing resolution’s suspension of certain health-related taxes (specifically, the medical device excise tax, the excise tax on high cost employer-sponsored health coverage and the annual fee on health insurance providers) would cost the government approximately $31.3 billion over 10 years.
European Council Removes Eight Jurisdictions From Tax ‘Blacklist’: Today, the European Council announced that it has removed eight jurisdictions from the European Union’s (EU) list of non-cooperative jurisdictions. The eight jurisdictions—Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia, and the United Arab Emirates—have been moved to a separate category of jurisdictions “subject to close monitoring.” According to a press release, the EU’s list is “intended to promote good governance in taxation worldwide, maximising efforts to prevent tax avoidance, tax fraud and tax evasion.”
European Commission Releases Report on Union Customs Code: The European Commission has published a report on the implementation of the Union Customs Code (UCC). As noted in the report, the UCC “defines a legal framework for customs rules and procedures in the EU customs territory that is adapted to modern trade realities, such as the global integration of production and delivery systems, e-commerce and modern communication tools.”