Hong Kong signs multilateral competent authority agreement on exchange of CbC reports
Hong Kong joined the multilateral competent authority agreement on the exchange of country-by-country reports (CbC MCAA). The CbC MCAA was signed by Hong Kong on 27 July 2018. The purpose of the CbC MCAA is to set forth rules and procedures as may
See MoreUkraine signs MLI to implement tax treaty related BEPS measures
On 23rd July 2018, Ukrainian Acting Finance Minister Oksana Markarova signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The minister expressed that the signing of the MLI makes
See MoreG20 Finance Ministers issue communiqué
Following their meeting of 19 and 20 2018 the G20 Finance Ministers issued a communiqué covering the topics discussed. Issues affecting international tax are summarized below: Technology The communiqué notes that the benefits of technological
See MoreOECD: Academy for Tax and Financial Crime Investigation Opens New Centre
On 22 July 2018 the OECD Secretary General and the Treasury Minister of Argentina presided over the signing of a Memorandum of Understanding to set up a centre of the OECD Academy for Tax and Financial Crime Investigation. The OECD Latin America
See MoreOECD: Inclusive Framework Issues Progress Report
The OECD’s Inclusive Framework on base erosion and profit shifting (BEPS) has issued a progress report of its activities in the year to June 2018. The report indicates that significant developments have taken place in BEPS implementation during
See MoreOECD: Report on Improving Tax Certainty Prepared for G20 Finance Ministers
On 23 July 2018 the OECD released a report on approaches to improving tax certainty, prepared for the G20 Finance Ministers who met on 19 and 20 July 2018. The report focuses first on developments in the OECD and G20 countries such as the
See MoreOECD: Tax Report by the Secretary General to the G20 Finance Ministers
On 23 July 2018 the OECD released the tax report from the OECD Secretary General to the G20 Finance Ministers. The G20 Finance Ministers met on 19 and 20 July 2018. Tax Challenges Arising from Digitalisation An interim report issued in March
See MoreOECD: Global Forum issues peer reviews on tax transparency and information exchange
On 16 July 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published peer review reports assessing the level of compliance by seven countries with the international standard on tax transparency and
See MorePlatform for Collaboration on Tax: taxation of offshore indirect transfers
On 16 July 2018 the Platform for Collaboration on Tax (PCT) published a new draft of its toolkit on the taxation of offshore indirect transfers of assets. The PCT was set up by the IMF, OECD, UN and World Bank at the request of the G20 of countries
See MoreOECD: Discussion Draft on Transfer Pricing for Financial Transactions
On 3 July 2018 the OECD released a discussion draft on financial transactions in relation to BEPS actions 8 to 10 (ensuring that transfer pricing outcomes are in line with value creation). This has been issued as part of the follow-up work on the
See MoreOECD and IGF issue draft toolkit on costing behavioural responses to tax incentives
On 18 June 2018 the OECD published a draft toolkit to help developing countries identify and cost the potential behavioural responses by mining investors to tax incentives. Comments on the draft toolkit are invited from interested parties by 6 July
See MoreOECD considers updating guidance on transfer pricing for intragroup services
The OECD is considering revising the guidance in Chapter VII (intragroup services) of the transfer pricing guidelines. A consultation has been held, for which the closing date for comments was 20 June 2018, and the comments from interested parties
See MoreOECD: Working Party considers revising Chapter IV of the transfer pricing guidelines
The OECD is considering revising the guidance in Chapter IV (administrative approaches) of the transfer pricing guidelines. A consultation has been held, for which the closing date for comments was 20 June 2018, and the comments from interested
See MoreOECD: Multilateral Instrument ratified by Serbia
The OECD has reported that on 5 June 2018 Serbia deposited with the OECD Secretary General its instrument of ratification in relation to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
See MoreLuxembourg: Cabinet approves a bill for the ratification of BEPS MLI
On 15 June 2018, the Luxembourg Cabinet approved a bill ratifying the Multilateral Agreement on the Implementation of Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), which Luxembourg signed on 7 June 2017. Upon
See MoreOECD: Global Forum Issues Peer Review Reports
On 4 April 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published peer review reports on nine countries. The reports assess the countries’ compliance with the agreed international standards in
See MoreOECD: Further guidance on attribution of profits to permanent establishments
On 22 March 2018 the OECD issued a report entitled “Additional Guidance on the Attribution of Profits to Permanent Establishments, BEPS Action 7”. This latest guidance follows the issue of a discussion draft on 22 June 2017 containing guidance
See MoreSlovenia deposited its instrument of ratification of the MLI
The OECD announced on 22 March 2018 that the multilateral monvention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) will first enter into force on 1 July 2018, following Slovenia’s deposit of the fifth
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