OECD: Terms of reference for peer review of BEPS action 6
On 29 May 2017 the OECD released the document that will form the basis of the peer review of the minimum standard on treaty shopping. This minimum standard arises from Action 6 of the project on base erosion and profit shifting (BEPS). Action 6 is
See MoreOECD: Implementation Guidance on Hard to Value Intangibles
On 23 May 2017 the OECD issued a public discussion draft entitled Implementation Guidance on Hard-to-Value Intangibles. The draft is issued under Action 8 of the project on base erosion and profit shifting (BEPS) and invites comments on the guidance
See MoreOECD: Guidance on implementation of the Common Reporting Standard
On 6 April 2017 the OECD released further information to support the consistent implementation of the Common Reporting Standard (CRS). This guidance includes a series of additional frequently asked questions (FAQs) related to the CRS and the second
See MoreOECD: Inclusive framework issues further guidance on CbC reporting
On 6 April 2017 the Inclusive Framework on BEPS released additional guidance on the implementation of country by country (CbC) reporting under BEPS Action 13. The guidance clarifies some issues surrounding the information to be included in the CbC
See MoreUK: Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017
The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364) were made on 13 March 2017 and came into force on 14 March 2017. The Regulations amend the Corporation Tax Act 2010 c. 4 provisions regarding the 45% tax on
See MoreBulgaria: Updated list of tax havens published
The Finance Ministry has published an Order No. ZMF-1303 on 21st December 2016 regarding an updated tax haven list. This list applies from 29th December 2016 contains the following countries: Antigua and Barbuda, the Bahamas, Brunei, Christmas
See MoreOECD: Updated report provides further guidance on BEPS action 4
On 22 December 2016 the OECD released more guidance on action 4 of the action plan on base erosion and profit shifting (BEPS). The latest guidance is an updated version of the report providing more detail on the measures outlined in the BEPS report
See MoreOECD: Inclusive Framework holds regional meeting in Europe
On 14 to 16 December 2016 the OECD’s Inclusive Framework held a regional meeting for Eastern Europe and Central Asia. The meeting was held to discuss the measures recommended by the OECD project on base erosion and profit shifting (BEPS) including
See MoreUK: Report highlights HMRC tax investigations of high net worth individuals
The UK’s National Audit Office has noted that the tax authority HMRC is currently pursuing around a third of the UK’s wealthiest people for a total of around GBP 1.9 billion in underpaid tax. The National Audit Office (NAO) is a watchdog that
See MoreOECD releases schedule for peer reviews under BEPS Action 14
On 31 October 2016 the OECD made available the first schedule for peer reviews of countries under Action 14 of the action plan on base erosion and profit shifting (BEPS). Action 14 is concerned with ensuring that dispute resolution mechanisms for
See MoreOECD: Update on Convention on Mutual Assistance in Tax Matters
The OECD announced on 28 October 2016 that 106 jurisdictions globally have now signed the Multilateral Convention on Mutual Assistance in Tax Matters, the latest signatory being the Cook Islands. The OECD notes that this Convention is the most
See MoreOECD: 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 More