International Tax Bytes by Steve Towers

The measure will raise the state’s minimum wage gradually from $10.10 per hour, first to $12 on Oct. 1 and then in increments until it reaches $18 on Jan. 1, 2028. btaxgo.com/UBHdGno

With some family office and wealth management businesses fleeing Hong Kong for Singapore, the Chinese territory is proposing a new tax exemption regime to fight back. btaxgo.com/WIPSP35

A provision in the Covid-19 relief law President Joe Biden signed last year requires third-party networks, such as eBay and PayPal, to send 1099-K forms to taxpayers who have business transactions of more than $600 through their networks. btaxgo.com/VPsPAtV

The IRS has sent some 10,000 letters to taxpayers engaged in digital asset transactions since it required taxpayers to report ownership in 2020, an agency official said. btaxgo.com/kKNezj5

The IRS announced that interest rates will increase for the calendar quarter beginning April 1. btaxgo.com/mhZlsWR

India’s decision to impose a 30% tax on profits from cryptocurrency trading is turning out to be a boon for the country’s digital-asset exchanges. btaxgo.com/UPnX6TG

We used a New York FOIA request to obtain written homeowners’ appeals last spring and summer that shed light on New York City’s often frustrating property tax system. Here are their stories: btaxgo.com/AmWQwjS

EU countries are skeptical that President Emmanuel Macron will be able to use France’s six-month presidency of the bloc to jumpstart the implementation of a minimum corporate tax. btaxgo.com/MJrGm8g

As of late December, the IRS had a paper backlog of 10.3 million unprocessed returns, and about 5 million pieces of taxpayer correspondence that date back to at least April. btaxgo.com/XGu0JxO

Taxpayers and return preparers should gird for a challenging and frustrating tax season as many of the processing delays and customer-service shortages that have plagued the IRS for years will persist, Treasury officials said. btaxgo.com/bdVNmmv

Dozens of foreign investment funds in Portugal hope a European Court of Justice ruling will award them millions of euros in tax refunds. Others may follow. btaxgo.com/vtfPUkU

Canada has slammed the tax credit as a violation of the North American trade pact between the Canada, U.S. and Mexico, saying it amounts to unraveling five decades of integration in the auto sector. btaxgo.com/88ZEv5v

Over the next few weeks the IRS will transition more online applications to a new platform for authenticating user identities. #TaxTwitter btaxgo.com/lVmKPy8

Explainer on the agreement to overhaul the global tax system that would apply a minimum corporate tax rate of 15% around the world: btaxgo.com/hLVKsJB

The OECD-led effort to overhaul how and where multinationals are taxed still has technical details to address before companies understand the full impact of a pact announced last week. btaxgo.com/Sbr6XWo

The EU wants to standardize systems throughout the bloc for claiming withholding tax relief on cross-border securities investments. btaxgo.com/Qims4Kv

Singapore’s finance minister said that any form of wealth tax should fit into the nation’s progressive tax system, stressing that discussions on such a move are premature. btaxgo.com/gR0gbO0

House Democrats’ plan to limit a favorite tax break for private equity is more restrictive than it first appeared, according to investment advisers and attorneys. btaxgo.com/dCsK8ey

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes. btaxgo.com/ib7ykY7