OECD: Tax Talk Summarises Latest Tax Developments
An OECD Tax Talk held on 29 January 2019 summarised the latest tax developments. Tax and Digitalisation A Policy Note agreed by the Inclusive Framework was issued in January 2019. A public consultation document is to be released in February 2019
See MoreOECD announces progress made in addressing harmful tax practices
On 29 January 2019 the OECD released a publication entitled “Harmful Tax Practices – 2018 Progress Report on Preferential Regimes”. This contains results to show that jurisdictions are pursuing their commitment to the standard on harmful tax
See MoreEU: Free trade agreement with Japan enters into force
The EU-Japan free trade agreement has been ratified by both parties and enters into force on 1 February 2019. Under the agreement certain goods originating in Japan for import into the EU or originating in the EU for export to Japan may be eligible
See MoreOECD: Inclusive Framework issues policy note on digital economy
The Inclusive Framework on base erosion and profit shifting (BEPS) has issued a new Policy Note under action 1 of the action plan on base erosion and profit shifting (BEPS) entitled Addressing the Tax Challenges of the Digitalisation of the Economy.
See MoreEuropean Commission to launch proceedings against UK over VAT treatment of commodity traders
It is reported that the European Commission is planning to take a case to the European Court of Justice (ECJ) in relation to the value added tax (VAT) treatment of commodity traders in the UK. The European Commission argues that although the UK may
See MoreUK: New protocol to double tax agreement with Israel
On 11 January 2019 the UK and Israel signed a protocol to update the double tax agreement between the two countries, incorporating tax treaty related recommendations of the OECD project on base erosion and profit shifting (BEPS). The protocol will
See MoreUK: Double Tax Agreement with Guernsey in force
The comprehensive Double Taxation Agreement and Protocol between the UK and Guernsey was signed on 2 July 2018 entered into force on 7 January 2019. When the agreement is in effect in relation the 1955 Arrangement between Guernsey and the UK for the
See MoreEU: Report by European Commission on investor residence schemes
On 23 January 2019 the European Commission issued a report on citizenship by investment and citizenship by residence schemes operated by a number of EU Member States. The report looks at current practices and identifies some of the risks from such
See MoreEuropean Commission opens in-depth investigation into Netherlands tax rulings
On 10 January 2019 the European Commission announced that it has opened an in-depth investigation into tax rulings granted by the Netherlands to companies in the Nike group. The rulings may have given the companies an unfair competitive advantage
See MoreOECD to launch Corporate Tax Statistics
The OECD announced on 11 January 2019 that a new report and dataset entitled Corporate Tax Statistics is to be published containing internationally comparable statistics and analysis relevant to the debate on tax policy. These statistics that will
See MoreUK: HMRC launches Profit Diversion Compliance Facility
On 10 January 2019 HMRC launched the Profit Diversion Compliance Facility targeting multinational companies using arrangements that may result in a liability to the diverted profits tax (DPT). These arrangements generally involve the reduction of
See MoreIMF report looks at the economic outlook in Panama
On 28 December 2018 the IMF published a report on its website following the conclusion of consultations with Panama under Article IV of the IMF’s articles of association. Economic growth in Panama is estimated at 3.7% for the first half of 2018,
See MoreUK: Double tax treaty with Isle of Man enters into force
The double tax treaty between the UK and the Isle of Man entered into force on 19 December 2018. The treaty replaces the 1955 Arrangement between the UK and the Isle of Man for the avoidance of double taxation which ceases to have effect from the
See MoreUK: Annual Report of Code of Practice on Taxation of Banks
On 19 December 2018 the annual report of the Code of Practice on Taxation for Banks was published. The Code was first introduced in 2009 with the objective of changing the behaviour of the banks in relation to tax avoidance. The banks occupy a
See MoreUK: Double tax treaty with Jersey enters into force
The double tax treaty between the UK and Jersey entered into force on 19 December 2018. The treaty replaces the 1955 Arrangement between the UK and Jersey for the avoidance of double taxation which ceases to have effect from the dates on which the
See MoreUK: Draft guidance on taxation of insurance companies
On 13 December 2018 HMRC issued for consultation draft guidance on the corporation tax treatment of insurance companies writing life insurance and other long term insurance business. The Life Assurance Manual is primarily written for HMRC staff
See MoreUK: HMRC publishes guidance on taxation of cryptoassets
On 19 December 2018 HMRC published a paper on the taxation of cryptoassets for individuals. HMRC defines cryptoassets or cryptocurrencies as cryptographically secured digital representations of value or contractual rights that can be transferred;
See MoreOECD: Peer reviews on BEPS Action 5 minimum standard
On 13 December 2018 the OECD published the 2017 Peer Review Reports on the Exchange of Information on Tax Rulings. The peer reviews were conducted as part of the follow-up work and monitoring of developments in line with the recommendations of the
See More