UK: HMRC launches Profit Diversion Compliance Facility

11 January, 2019

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

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UK: Double tax treaty with Isle of Man enters into force

27 December, 2018

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

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OECD: Peer reviews on BEPS Action 5 minimum standard

22 December, 2018

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

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OECD: Inclusive Framework report on preferential tax regimes

19 November, 2018

On 15 November 2018 the OECD published a progress report in relation to the work by the Inclusive framework on base erosion and profit shifting (BEPS) on assessing preferential tax regimes. The Inclusive Framework is implementing the monitoring

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UK: Consultation on the Corporate Capital Loss Restriction

16 November, 2018

On 29 October 2018 the government published a consultation document in relation to a restriction on the offset of corporate capital losses. The government is inviting comments from companies likely to be affected by the capital loss restriction and

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OECD: Guidance on synthesised texts clarifying the impact of the MLI

15 November, 2018

The OECD announced on 16 November 2018 that new guidance is available for the development of synthesised texts presenting a clear overview of the modifications by countries to their bilateral double tax treaties as a result of applying the

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OECD: Taxpayer input invited on seventh batch of Dispute Resolution peer reviews

15 November, 2018

On 15 November 2018 the OECD issued a request for taxpayers to submit input in relation to the seventh round of stage 1 peer reviews under action 14 of the OECD/G20 action plan on base erosion and profit shifting (BEPS). Action 14 is concerned with

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UK: Finance (No 3) Bill 2018 published

15 November, 2018

The Finance (No 3) Bill 2018 was published on 7 November 2018. The second reading of the Bill in Parliament took place on 12 November 2018. When it has completed its passage through Parliament the Bill will become the Finance Act 2019 . The Bill

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OECD: Inclusive Framework regional meeting for Eastern Europe and Central Asia

11 November, 2018

A regional meeting of the Inclusive Framework on base erosion and profit shifting (BEPS) for Eastern Europe and Central Asia was held in Armenia on 7 to 9 November 2018. Delegates from sixteen countries, international and regional organisations as

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UK: Consultation document on digital services tax

09 November, 2018

On 8 November 2018 the UK government issued a consultation document on the proposed digital services tax. Comments are invited from interested parties before 28 February 2019. As part of the budget proposals the Chancellor of the Exchequer

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Japan: Tax authorities publishes the synthesized text with Israel, New Zealand, Poland, Slovakia, Sweden and the UK

08 November, 2018

Recently, the Japanese tax authorities published the synthesized text of the Japanese tax treaties with Israel, New Zealand, Poland, Slovakia, Sweden and the United Kingdom (UK) as modified by the MLI. The synthesized text reflects the agreement

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Ukraine: Draft law on implementation of BEPS provisions

31 October, 2018

On 24 October 2018, Ukraine published a draft law on the implementation of some of the recommendation of the OECD/G20 reports on Base Erosion and Profit Shifting (BEPS). The draft law was developed by the Finance Ministry and National Bank supported

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World Bank: Report on the changing nature of work

25 October, 2018

On 12 October 2018 the World Bank issued World Development Report 2019: The Changing Nature of Work. The report notes that technology is creating jobs, increasing productivity and delivering effective public services and suggests that public fears

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OECD and World Bank call for streamlined approach to combating tax evasion and corruption

24 October, 2018

On 22 October 2018 the OECD and the World Bank produced a joint report on Improving Cooperation between Tax Authorities and Anti-Corruption Authorities in Combating Tax Crime and Corruption. The joint report was launched at the eighteenth

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UN: Committee of Experts Discusses International Tax Issues

22 October, 2018

The seventeenth session of the UN Committee of Experts on International Cooperation in Tax Matters took place in Geneva from 16 to 19 October 2018. Discussions at the seventeenth session considered issues for the next updates of UN publications on

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OECD: Tax Talk discusses progress on key tax issues

20 October, 2018

An OECD Tax Talk on 16 October 2018 discussed the latest developments on tax issues. Tax Challenges of Digitalisation In March 2018 the Task Force on the Digital Economy (TFDE) sent an interim report to the G20 on the tax challenges of

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OECD: CRS avoidance through residence and citizenship by investment schemes

20 October, 2018

On 16 October 2018 the OECD has published the results of its analysis of over 100 schemes for citizenship by investment and residence by investment (CBI/RBI) offered by jurisdictions that are committed to the common reporting standard (CRS). These

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OECD: Policy Note on Tax and Digitalisation

20 October, 2018

On 19 October 2018 the OECD issued a policy note on tax and digitalization. The policy note looks at the challenges to tax systems arising from the digital economy and the opportunities and risks presented. A review of the international tax rules to

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