Greece: VAT compliant receipts to fight fraud
The Government has announced a monthly lottery on the basis of VAT compliant receipts issued to consumers for trying to reduce VAT fraud. From the last of October, every single VAT receipt issued in the country will display a unique number, which
See MorePoland: A new version of a draft bill to amend corporate income tax law
Recently, a new version of a draft bill to amend Poland’s corporate income tax law (and also to amend the individual income tax law) was submitted to the parliament. The amendment will most likely come into effect on 1 January 2018. Main changes
See MoreCanada: CRA delays implementation of advantage rules
The Canada Revenue Agency (CRA) announced that the proposed implementation date for applying the advantage tax rules to investment management fees will be delayed until January 1, 2019. The rule could tax investment management fees paid outside of
See MoreItaly: New anti-avoidance measures under the “allowance for corporate equity”
In Italy, a new decree which was published in the official gazette on 11 August 2017 modifies the existing anti-avoidance rules under the “allowance for corporate equity” regime in such a way that duplications of the tax benefit within a group
See MoreUK: Second Finance Bill of 2017 published
On 8 September 2017 the UK government published the second Finance Bill of 2017. This second Finance Bill was necessary because not all the legislative changes announced in the autumn statement 2016 and budget proposals for 2017 could be included in
See MoreIreland publishes a report on review of Corporation Tax Code
On 12 September 2017, the Minister for Finance and Public Expenditure & Reform, Mr. Paschal Donohoe T.D., has published the Review of Ireland’s Corporation Tax Code, undertaken by Mr. Seamus Coffey. Mr. Coffey was appointed as an independent
See MoreOECD: Further guidance on CbC reports
Further guidance has been issued by the OECD's Inclusive Framework on BEPS in relation to the implementation and operation of Country-by-Country (CbC) reporting under Action 13 of the project on base erosion and profit shifting (BEPS). This latest
See MoreUK: 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
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