UK: Notification of uncertain tax treatment
On 20 July 2021 the UK government published a policy paper, together with draft legislation, on the notification of uncertain tax treatment by large businesses. This would require large businesses to notify HMRC when the tax treatment of an item is
See MoreUK: Consultation on basis periods for income tax
HMRC has issued a consultation document setting out a proposed simplification of the income tax system in relation to basis periods for computing income tax. This would be intended to simplify compliance procedures for small unincorporated
See MoreOECD: Global Forum publishes peer review reports on transparency and exchange of information
On 24 June 2021 the Global Forum published peer review reports on transparency and exchange of information for five more countries. The peer review reports examine the legal and regulatory framework in each country and its compliance with the
See MoreOECD: 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 MoreIMF: A Post-Pandemic Assessment of the Sustainable Development Goals
An IMF discussion note published on 29 April 2021 entitled A Post-Pandemic Assessment of the Sustainable Development Goals, written by Dora Benedek, Edward Gemayel, Abdelhak Senhadji, and Alexander Tieman, looked at a framework for developing
See MoreOECD: Revenue Statistics for Latin America and the Caribbean 2021
On 22 April 2021 the OECD published Revenue Statistics in Latin America and the Caribbean 2021 . This is a joint publication of the OECD with the Inter-American Center of Tax Administrations (CIAT), the Economic Commission for Latin America and the
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: Tax Administration – Digital Resilience in the COVID-19 Environment
On 21 April 2022 the OECD’s Forum on Tax Administration (FTA) issued a publication entitled Tax Administration: Digital Resilience in the COVID-19 Environment. The report comments on the results of a digital resilience survey of 32 member
See MoreOECD: Peer review reports under BEPS Action 14
On 15 April 2021 the OECD released peer review assessments under Action 14 of the project on base erosion and profit shifting (BEPS) which aims to make dispute resolution mechanisms more effective. These stage two monitoring reports relate to
See MoreIMF: Fiscal Monitor Looks at Tax Policy for the Recovery
The IMF Fiscal Monitor for April 2021 entitled A Fair Shot discusses actions in response to COVID-19 and looks at policies that can prepare for a greener and more durable recovery. Low-income countries currently have large budget deficits and
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 MoreUK: Call for Evidence on the Tax Administration Framework
On 23 March 2021 the UK government published a call for evidence entitled: The Tax Administration Framework: Building a 21st Century Tax System. The government has already published a ten-year tax administration strategy called Building a
See MoreUkraine: National Bank increases the interest rate from March 2021
On 4 March 2021, the National Bank of Ukraine has decided to increase its key policy rate from 6% to 6.5% per annum with effect from 5 March 2021. The interest rate has a tax effect on the late tax payment interest and
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 MoreLuxembourg Parliament approves Bill on the deduction of interest and royalties expenses
On 28 January 2021, the Luxembourg Parliament has approved Bill No. 7547 introducing a non-deductibility of interest or royalties paid to associate enterprises established in countries that are “blacklisted” as being “non-cooperative” for
See MoreColombia increases the value of tax unit for 2021
On 11 December 2020, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued Resolution No. 000111 in the official website. The Resolution increases the tax unit value (Unidad de Valor Tributario - UVT)
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
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