The OECD has issued its final base erosion and profit-shifting (BEPS) recommendations to combat annual revenue losses estimated at US$100–240bn. The challenge now is to ensure measures are implemented consistently and coherently.
OECD recommendations hailed as ‘important milestone’, and the challenge now is to ensure measures are implemented consistently and coherently.
David Boneham (Deloitte) reviews a recent First-tier tribunal decision that uses FA 1996 s 84(1) – the ‘fairly represent’ loan relationship rule – as an anti-avoidance provision stopping accounting principles being used as a way of taking profits out of the tax net.
A survey conducted by Christian Aid suggests that a large majority of FTSE companies would not actively oppose the introduction of a legal requirement for them to make their country by country reports public, while some would actively support it.
The government is consulting until 23 October 2015 on the impact the current anti-money laundering and terrorist financing regime is having on business, and specifically the role of supervisors in that regime. See www.bit.ly/1PCnZ05.
Ross Munro (Harneys) interviewed by Jo Edwards for LexisNexis legal news analysis and LexisNexis®PSL tax.
Loan relationships and accounting standards