OECD: Report to G20 on BEPS and global forum developments
A report by the OECD prepared for the meeting of the G20 Finance Ministers on 26 and 27 February 2016 summarizes the developments on the project on base erosion and profit shifting (BEPS) and other international tax initiatives. The report notes
See MoreOECD: Discussion draft on treaty residence of pension funds
On 29 February 2016 the OECD issued a discussion draft on the tax treaty residence of pension funds. Changes are to be made to the OECD Model to ensure that a recognized pension fund is treated for the purpose of the tax treaty as resident in the
See MoreOECD to broaden participation in BEPS
On 23 February 2016 the OECD agreed a new framework to broaden participation in the OECD/G20 project on base erosion and profit shifting (BEPS). The new framework will be submitted to the G20 Finance Ministers for approval at their meeting on 26 and
See MoreECJ: preliminary ruling on interest on VAT refund
The European Court of Justice (ECJ) gave a preliminary ruling on 21 October 2015 in the Kovozber case. Reference had been made to the ECJ by the Regional Court of Kosice (Slovak Republic) for a ruling on the following issues: 1. Should the first
See MoreEU Joint Transfer Pricing Forum meeting in February 2016
The next meeting of the EU Joint Transfer Pricing Forum (EU JTPF) is scheduled for 18 February 2016. The EU JTPF aims to provide tools for practical application of transfer pricing rules in the EU and ensure efficient transfer pricing
See MoreCanada: Tax measures regarding New Brunswick’s 2016 budget
The 2016-17 provincial budget of New Brunswick which was presented on 2nd February 2016. It includes measures as follows: The province’s rate of harmonized sales tax (HST) has increased from 13% to 15%; Increase the corporate income tax rate
See MoreECJ: Advocate General’s Opinion on Surtax on Large Pensions
On 28 January 2016, the Advocate General of the European Court of Justice (ECJ) issued an opinion in Case C involving a supplementary tax on large pensions. The case was referred to the ECJ by the Supreme Administrative Court of Finland. The
See MoreECJ: Ruling on VAT exemption for serviced residence
The European Court of Justice (ECJ) issued a decision in the case of Les Jardins de Jouvence SCRL v. Belgian State on 21 January 2016. An application was made in July 2014 by the Court of Appeal in Mons for a preliminary ruling from the ECJ. This
See MoreOECD: Multilateral Competent Authority Agreement for exchange of CbC reports
On 27 January 2016 thirty-one countries signed a Multilateral Competent Authority Agreement for the automatic exchange of Country by Country (CbC) reports. The Agreement will facilitate speedy implementation of the CbC reporting requirement as set
See MoreUK: Customs Vision for 2020
On 22 January 2016 HM Revenue and Customs issued the Customs Vision for 2020 setting out the aspirations of UK Customs in the next five years. These include the aim to facilitate legitimate trade, protect society and grow the economy. UK Customs
See MoreEU-Ukraine Deep Comprehensive Free Trade Agreement
The EU-Ukraine Deep Comprehensive Free Trade Agreement came into effect from 1 January 2016. On trade related matters the objective of the agreement is to progressively establish a free trade area within a transitional period of ten years from the
See MoreECJ: Advocate General issues opinion in BRE Ubezpieczenia case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 23 December 2015 in the case of Minister Finansow v BRE Ubezpieczenia Sp z.o.o. This case concerned a Polish insurance company (Aspiro) that provided insurance services
See MoreUK: Memorandum of Understanding on Northern Ireland Corporation Tax
A Memorandum of Understanding on the Northern Ireland Corporation Tax (NICT) was published by HMRC and the Department of Finance and Personnel for Northern Ireland (DFPNI) on 7 January 2016. The transfer to the Northern Ireland Assembly of the
See MoreSingapore: Changes to Transfer Pricing Guidelines
The Inland Revenue Authority of Singapore (IRAS) published the third edition of the e-Tax Guide on the transfer pricing guidelines on 4 January 2016. The latest changes are summarized as follows: Amended guidance on the cost-plus method (CPM);
See MoreAzerbaijan: Parliament Approves Tax Code Amendments to Introduce Excise Tax
Azerbaijan has introduced excise tax on precious metals, and set new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. Excise on imported diamonds will be set at AZN200 (USD255) per carat, at AZN2 per gram
See MoreECJ Rules in Fiscale Eenheid case
On 9 December 2015 the European Court of Justice (ECJ) issued a decision in the case of Staatssecretaris van Financiën v. Fiscale Eenheid X N.V. Fiscale Eenheid X NV was the name of a fiscal unity in the Netherlands, one of the companies of which
See MoreECJ: Advocate General’s opinion in the Gemeente Borsele case
The Advocate General of the European Court of Justice (ECJ) has issued an opinion in the Gemeente Borsele case. This concerns the question of whether a local authority should be treated as a taxable person for value added tax (VAT) purposes where it
See MoreWTO: Ministers Agree Nairobi Package
A number of measures have been implemented by Ministerial Decisions issued at the Tenth Ministerial Conference of the World Trade Organization (WTO) that concluded in Nairobi on 19 December 2015. Preferences for LDC services The waiver period
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