OECD: Tax Transparency in Africa 2021
On 26 May 2021 the OECD published Tax Transparency in Africa 2021. The 2021 edition indicates that there has been progress in African countries on development of capacities in tax transparency and exchange of information (EOI); and progress in
See MoreOECD: Case Study on Strengthening Tax Transparency in Uganda
On 16 April 2021 the OECD issued a tax and development case study entitled Strengthening tax transparency to combat tax evasion, illicit financial flows and profit shifting in Uganda. The case study looks at how international and development
See MoreOECD: Exchange of Information commences under Global Standard on Substantial Activities
From 31 March 2021 twelve low tax jurisdictions have begun exchanging information under the global standard on substantial activities. The OECD’s Inclusive Framework aims to ensure through application of the global standard that substantial
See MoreOECD: BEPS Action 5 Peer Review Transparency Framework
On 22 February 2021 the OECD issued a report outlining the details of the new peer review framework for the peer reviews under Action 5 of the OECD/G20 action plan on base erosion and profit shifting (BEPS). Action 5 relates to action to combat
See MoreOECD: Global Forum Capacity Building Report 2021
On 17 February the Global Forum on Transparency and Exchange of Information for Tax Purposes issued its capacity building report for 2021 entitled Developing Capacities in Times of COVID-19. The report outlines the support activities engaged in
See MoreUK: OECD rules on cross-border arrangements to replace DAC 6
On 4 January 2021 HMRC confirmed that the EU rules on mandatory reporting of cross-border tax arrangements involving an EU member state (DAC 6) will mostly cease to apply in the UK from 2021. Under the EU rules set out in DAC 6, cross-border tax
See MoreOECD: Assessing Compliance by Financial Institutions with Automatic Exchange of Information
On 8 December 2020 the OECD published a document entitled Automatic Exchange of Information: Guide on Promoting and Assessing Compliance by Financial Institutions. The guide has been put together with the help of the of the tax administrations of
See MoreOECD: Global Forum issues peer review reports on transparency and exchange of information
On 1 September 2020 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes issued nine new second-round peer review reports containing details of their review and assessment of the compliance by nine jurisdictions
See MoreUK: New Financial Institution Notice Introduced
Under legislation included in the Finance Bill 2020/21 a new Financial Institution Notice (FIN) is to be used by HMRC to require financial institutions to provide relevant details about a specific taxpayer. Unlike the previous procedure the new
See MoreOECD: Report to the Meeting of G20 Finance Ministers
On 18 July 2020 the OECD published the tax report prepared for the virtual meeting of G20 Finance Ministers and Central Bank Governors hosted by Saudi Arabia. The OECD report notes that the tax agenda has been made even more relevant in the
See MoreOECD: Meeting of the Inclusive Framework on BEPS
On 1 July 2020 the OECD Secretary General delivered the opening address for the July 2020 meeting of the Inclusive Framework on base erosion and profit shifting (BEPS). The countries involved in the Inclusive Framework are working towards
See MoreOECD: Model Rules for Reporting by Platform Operators
On 3 July 2020 the OECD published Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy. This follows a consultation on draft proposals earlier in the year. The growth of online platforms that
See MoreOECD: Tax Transparency in Africa 2020
On 25 June 2020 the OECD’s Global Forum on Transparency and Exchange of Information launched Tax Transparency in Africa 2020 which is a Progress Report of the Africa Initiative up to and including 2019. The Africa Initiative was set up in
See MoreOECD: Global Forum issues peer review reports on transparency and information exchange
On 6 April 2020 the OECD’s Global Forum on Transparency and Exchange of Information released eight new peer review reports containing assessments of how far the jurisdictions have complied with the international standard on transparency and
See MoreEU: Four more jurisdictions added to blacklist
On 18 February 2020 the European Union (EU) added Panama, Palau, the Seychelles and the Cayman Islands to its blacklist of non-cooperative jurisdictions for tax purposes. The decision was taken at the meeting of the EU economic and finance
See MoreOECD: Peer review reports on exchange of information on tax rulings
On 23 December 2019 the OECD released the 2018 peer review reports on the exchange of information on tax rulings. The reports cover implementation of the minimum standard under action 5 of the OECD action plan on base erosion and profit shifting
See MoreIndia issues Notification on CbC exchange agreement with the U.S.
On 25 April 2019, India published Notification No. 37/2019 from the Department of Revenue in an extraordinary version of the Official Gazette. India and USA have signed a Bilateral Competent Authority Agreement and Inter – Governmental Agreement
See MorePortugal legislates law on automatic exchange of financial information
The Assembly of the Republic of Portugal adopted Legislative Decree 17/2019 on 14 February 2019. The law amends the current implementation of the rules governing the automatic exchange of information in tax matters under Council Directive 2014/107 /
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