UK: Disclosure of offshore income and assets
In the period to 31 August 2017 taxpayers are receiving letters from their financial advisors warning them of their disclosure obligations in respect of offshore accounts and assets. Financial institutions providing offshore advice – referred to
See MoreOECD: Comments received on draft updates to Model Tax Convention
On 11 August 2017 the OECD published comments received on the draft 2017 updates to the OECD Model Tax Convention and commentary. The draft updates had been published for comment on 11 July 2017. Comments were received from the BEPS Monitoring
See MoreOECD: Global Forum releases compliance ratings on tax transparency
On 21 August 2017 the Global Forum on Transparency and Exchange of Information for Tax Purposes published the first ten results of the enhanced peer review process to assess compliance with international standards for the exchange of information on
See MoreUK: HMRC reveals details of employment remuneration tax avoidance schemes
HMRC has published details of tax avoidance schemes that are being used by employers, agencies and other intermediaries to avoid payment of income tax and national insurance contributions. These and other types of tax avoidance scheme are published
See MoreOECD updates guidance on country by country reporting
On 20 July 2017 the OECD published updates to the guidance on country by country (CbC) reporting requirements under Action 13 of the project on base erosion and profit shifting (BEPS). This guidance for tax administrations and multinational groups
See MoreIMF deputy managing director comments on tax and economic growth in Asia
On 12 July 2017 the IMF Deputy Managing Director Mitsuhiro Furusawa, speaking in Indonesia, commented on the importance of international tax developments for economic growth in Asia. He stressed the importance of revenue mobilization and
See MoreOECD: Inclusive framework meeting for francophone countries
The second regional meeting of the Inclusive Framework for the francophone countries was held from 3 to 5 July 2017 in Benin. The meeting was organized by the OECD in partnership with CREDAF, an organization that brings together the tax
See MoreG20 final communiqué comments on international tax
The final communiqué from the G20 summit held on 7 and 8 July 2017 covers international tax among other matters. The G20 reaffirmed its commitment to the implementation of the project on base erosion and profit shifting (BEPS) and encouraged
See MoreUK: HMRC wins case on loans from Employee Benefit Trust
On 6 July 2017 the Supreme Court ruled in favour of HMRC in a case involving payments from an employee benefit trust. Rangers Football Club (RFC) made payments to players and officials through an Employee Benefit Trust in the form of loans. This
See MoreOECD: Comments received on draft HTVI implementation guidance
On 5 July 2017 the OECD published comments received in relation to the BEPS discussion draft on the implementation guidance on Hard-to-Value Intangibles (HTVIs). The comments received focus on a range of points including the uncertainty arising for
See MoreOECD Director-General reports to G20 leaders
The OECD Secretary-General’s report to the G20 leaders was published on the OECD website on 5 July 2017. The report consists of an international tax update by the Director General and a progress report to the G20 by the Global Forum on
See MoreOECD: Update on Global Forum peer reviews
A report issued by the OECD on 28 June 2017 contains updates on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum has 142 member countries and aims to enhance global tax transparency, curtail
See MoreOECD: Meeting of Inclusive Framework on BEPS
On 22 June 2017 the third meeting of the inclusive framework on base erosion and profit shifting (BEPS) took place in the Netherlands with representatives of 83 countries and jurisdictions and 12 international and regional organizations. The
See MoreAustralia signs MLI to prevent tax avoidance
Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The Minister for Trade, Tourism and Investment, Mr. Steven Ciobo MP, signed
See MoreIsle of Man signs MLI to prevent tax avoidance
On 7 June 2017, the Treasury Minister of Isle of Man, Mr. Alfred Cannan MHK has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in
See MoreUK signs MLI to prevent tax avoidance
On 7 June 2017, United Kingdom has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in Paris. Total 68 countries, including
See MoreIreland signs MLI to prevent tax avoidance
On 7 June 2017, Finance Minister Mr. Michael Noonan T.D. has signed the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) on behalf of
See MoreTax Inspectors Without Borders: Annual Report for 2016/17
The organisation Tax Inspectors Without Borders (TIWB) has issued it Annual Report for 2016/17. The report covers the period from January 2016 to April 2017. TIWB aims to support developing countries in their efforts to raise more domestic tax
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