OECD: Update issued on automatic exchange of information
On 20 October 2016 the OECD announced the establishment of the first series of bilateral relationships among jurisdictions committed to the automatic exchange of information from 2017. More than a thousand bilateral relationships are now in place
See MoreOECD: multilateral competent authority agreement for exchange of CbC reports
On 19 October 2016 the OECD announced that five more countries have signed the multilateral competent authority agreement for the exchange of country by country reports. This brings the total number of signatories to 49. The latest signatories in
See MoreEuropean Commission to investigate Luxembourg tax rulings
On 19 September 2016 the European Commission announced that it is commencing an investigation into the tax treatment of GDF Suez Group (now known as Engie) in tax rulings issued by Luxembourg. The tax rulings may in the view of the Commission have
See MoreUK: Consultation on tackling the hidden economy
On 26 August HMRC launched three new consultations containing proposals to tackle the hidden economy. Comments are invited from interested parties by 21 October 2016. Hidden economy: extended power to collect data from money service
See MoreUK: Strengthening tax avoidance sanctions and deterrents
The UK government issued a discussion document on strengthening tax avoidance sanctions and deterrents on 17 August 2016. In recent years the UK government has taken steps to tackle tax avoidance by introducing tougher measures and structural
See MoreOECD: Report to G20 finance ministers
On 26 July 2016 the OECD published on its website the report prepared for the meeting of the G20 finance ministers held on 23 and 24 July 2016. The report contains updates on progress on the implementation of the recommendations of the reports on
See MorePoland: President signs GAAR provisions
The President of Poland has signed the bill amendments to the Tax Code including the General Anti-Abuse Rule (GAAR) requirements on 7 June 2016 and it is likely that GAAR will be introduced in July 2016. GAAR provisions will provide some tax
See MoreUK: Consultation on secondary adjustments in transfer pricing legislation
On 26 May 2016 the UK has published a consultation document on the possible introduction of secondary adjustments into the UK transfer pricing legislation. This would in the opinion of the UK government help to ensure taxpayer compliance with the
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreOECD: JITSIC to discuss tax avoidance risks
A meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) network is to take place on 13 April 2016 to discuss further options for cooperation following the publicity surrounding the documents referred to as the Panama
See MoreOECD: Consultation document on treaty access for non-CIV funds
The OECD has issued a consultation document inviting comments on issues arising from the tax treaty entitlement of non-CIV vehicles. This consultation follows on from the final report on action 6 of the project on base erosion and profit shifting
See MoreUK: Responses to call for evidence on cash and noncompliance
On 24 March 2016 HMRC published a summary of responses to the call for evidence on cash, tax evasion and the hidden economy. The call for evidence had asked for views on the relative decline in the use of cash and its impact on tax compliance, the
See MoreUK: HMRC Clarifies Approach to Taxing Multinationals
The UK Parliament’s Public Accounts Committee is taking evidence on 11 February 2016 in relation to the tax affairs of multinational enterprises. In advance of the parliamentary hearing the UK tax authority HMRC has published a factsheet on its
See MoreEuropean Commission publishes Anti Tax Avoidance Package
The European Commission published its Anti Tax Avoidance Package on 28 January 2016. This package consists of the following main elements: Anti Tax Avoidance Directive The provisions of a proposed Anti Tax Avoidance Directive have been published
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 MoreAustralia: Multinational anti tax avoidance bill receives Royal Assent
On 11 December 2015, Further to its passing by Parliament on 3 December 2015 the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent. The Bill implements a new anti avoidance rule designed to counter the
See MoreAustralian Senate passes Government’s multinational anti tax avoidance measures
The Turnbull Government has secured the passage of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill, a critical piece of legislation, which will ensure major international companies operating in Australia but booking profits
See MoreUK: Autumn Statement Includes Measures Effective from 25 November 2015
The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 25 November 2015. The measures with immediate effect from 25 November 2015 are as follows: Loans to participators, trustees of charitable trusts: This measure affects
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