The OECD’s BEPS project might be still underway, but the impact of its work and changing attitudes towards tax transparency is already being felt among UK corporates, according to separate surveys by PwC, Deloitte and EY.
The OECD invites comments by 18 June 2015 on a new discussion draft for action 8 of the BEPS action plan on the transfer pricing of hard-to-value intangibles.
The OECD has published its package of model legislation and competent authority agreements to help tax administrations implement the proposed requirement for multinational companies to report transfer pricing information on a country by country basis, starting in 2016.
Australia, Canada, Chile, Costa Rica, India, Indonesia and New Zealand are the latest countries to sign the Multilateral Competent Authority Agreement (MCAA) on automatic exchange of information under the OECD/G20 standard.
The UK and Kosovo signed a double taxation convention on 4 June 2015, which will replace the 1981 convention between the UK and the Socialist Federal Republic of Yugoslavia with respect to Kosovan taxes and will cover avoidance of double taxation and prevention of fiscal evasion with respect to t
HMRC has substantially revised its guidance on follower notices and accelerated payments, published in draft in July 2014, to support the ongoing drive for new anti-avoidance legislation.
The European Commission has agreed to relaunch work on establishing a common consolidated corporate tax base (CCCTB) for EU member states, as part of the tax transparency action plan to be launched later this month.
Colombia officially signed a FATCA intergovernmental agreement (IGA) with the US based on the model 1A IGA on 20 May.
The EU and Switzerland signed an agreement on the automatic exchange of financial account information of residents on 27 May to improve international tax compliance. This now brings Switzerland into line with the 2014 OECD/G20 global standard.
The OECD has established the ad hoc group of over 80 participating countries to work on the development of the BEPS multilateral instrument. The BEPS project sets out 15 actions, many of which cannot be tackled without amending bilateral tax treaties.