Nigeria: Value Added Tax (Amendment) Bill 2015 passed by Senate
The amended Value Added Tax (VAT) Bill 2015 has been passed by the National Assembly on 13th October 2016. The Bill covers upwardly revised penalties and punishment for the commission of VAT violations. The Bill was passed by the Senate without
See MoreOECD: Kyoto meeting takes forward the new inclusive framework for tackling BEPS
An initial meeting was held in Kyoto on 30 June and 1 July 2016 to take forward the new inclusive framework for tackling base erosion and profit shifting (BEPS). Delegates representing more than 80 countries at various stages of development
See MoreOECD: Guidance on implementation of country by country reporting
On 29 June 2016 the OECD published guidance on aspects of country by country (CbC) reporting. The guidance covers the following aspects: Transitional filing options for multinationals voluntarily filing in the parent jurisdiction; The
See MoreEU agrees on draft Directive on anti-avoidance
On 21 June 2016 the EU’s Economic and Financial Affairs Council reached agreement on a draft Directive on tax avoidance practices following expiry of the required period for further issues to be raised. The draft Directive will be presented for
See MoreEU Finance Ministers reach preliminary agreement on tax avoidance proposals
It is reported that on 17 June 2016 the EU finance ministers reached preliminary agreement on a modified version of the European Commission’s proposals on countering tax avoidance originally released at the beginning of 2016. Original
See MoreIMF report comments on economic situation of Czech Republic
On 16 May 2016 the IMF published a report following conclusion of talks with the Czech Republic under Article IV of its articles of agreement. Following a 4.2% expansion of the economy in 2015 growth in the Czech Republic is expected to slow
See MoreOECD: Forum on Tax Administration discusses international tax cooperation
Participants from forty-nine delegations including regional and international tax organizations attended the Tenth Meeting of the OECD Forum on Tax Administration from 11 to 13 May 2016. The delegates confirmed their commitment to continuing
See MoreUK: Public Accounts Committee publishes report on tackling tax fraud
The UK parliament’s Public Accounts Committee (PAC) has published the results of an inquiry into how the tax administration HMRC is tackling tax fraud. The report entitled Tackling Tax Fraud was published by the PAC on 15 April 2016. As part of
See MoreUK: Consultation on reform to disclosure of VAT schemes and IHT hallmark regulations
On 20 April 2016 HMRC published a consultation document on reforms to the legislation on disclosure of value added tax (VAT) avoidance schemes and inheritance tax hallmark regulations for the purposes of the Disclosure of Tax Avoidance Schemes
See MoreOECD: Joint Statement on Illicit Financial Flows from Africa
A joint statement was released on 19 April 2016 by the OECD secretary general and the Chair of the High Level Panel on Illicit Financial Flows from Africa. Illicit financial flows include money laundering, tax evasion and international bribery and
See MoreFive European countries to exchange information on beneficial ownership
On 15 April 2016 it was announced that Britain, France, Germany, Italy and Spain have agreed to exchange information on beneficial ownership of companies and of "trusts with tax consequences". The five European countries will explore the best way to
See MoreEU proposals on country by country reporting
In the Action Plan on a Fairer Corporate Tax System issued in March 2015 the European Commission proposed to implement in the European Union (EU) the proposals under Action 13 of the OECD’s action plan on base erosion and profit shifting (BEPS).
See MoreUK: Budget to be announced this week
The UK budget for 2016/17 is to be announced on 16 March 2016. As the UK’s economic outlook is not as favorable as outlined at the time of the Autumn Statement this year’s budget announcements are expected to contain some revenue-raising
See MoreFinland: IMF report on the value added tax compliance gap
On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Finland. The estimates of the VAT gap in Finland were made by the IMF for the years 2008 to 2014 under the Revenue Administration
See MoreDenmark: IMF report on the value added tax gap
On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Denmark. Estimates of the VAT gap in Denmark were made for the years 2008 to 2012. The IMF’s methodology for the Revenue
See MoreUK: Reverse charge mechanism for wholesale supplies of telecommunications services
Owing to the threat of intra community missing trader fraud the UK government has drawn up a statutory instrument to introduce the reverse charge mechanism for accounting for value added tax (VAT) on wholesale supplies of telecommunications services
See MoreUK: Examples published to illustrate hybrid mismatch rules
On 22 December 2015 the UK published some examples as part of the guidance on the hybrid mismatch rules. The examples are intended to illustrate the operation of the rules in practice. The hybrid mismatch rules will implement in UK legislation the
See MoreUK: Call for evidence on cash and the hidden economy
The hidden economy has generally been understood as an economy that uses cash to avoid leaving a record of transactions. Recently the decline in the use of cash within the UK economy has been highlighted as consumers and businesses use other methods
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