More than 130 countries agreed on Friday to rolling out historic changes to international tax rules, after leaders agreed to a new global minimum tax rate of 15 per cent targeted at companies with annual revenue of more than 750 million euros. ... - Continue reading
As known, Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the Agreement) was signed on 21.04.2017 after 6 years by 107 countries so far, including Turkey which approved the Agreement on 21.12.2019. According to the Agreement, the signatory countries will share the financial account information of the resident of the relevant country which is collected from the financial institutions every year automatically without any request. ... - Continue reading
Switzerland’s Federal Council, at its November 11 meeting, approved protocols to its existing bilateral tax treaties with Liechtenstein, Malta, and Cyprus. ... - Continue reading
Value Added Tax (VAT) is a consumption tax charged on most goods and services consumed in the EU. The tax is levied on the 'value added' to the product at each stage of production and distribution. ... - Continue reading
Multinationals with European Union operations need to be aware of the DAC6 reporting obligations, especially since there are situations in which multinationals will be required to report cross-border arrangements with local tax authorities. ... - Continue reading
The 137 member countries of the “Inclusive Framework on BEPS” are having a disaccord regarding a legislation for multinationals. ... - Continue reading
Facebook founder and CEO Mark Zuckerberg on Friday endorsed moves from the OECD set of free-market markets to reform how online giants have been taxed globally, even if this means firms like his spending more to federal governments. “We also need tax reform and I am thankful the OECD is… – Continue reading
An OECD-led group of 137 countries that work together on multinational group tax issues has released a consultation document and has requested public feedback to assist in a planned review of country-by-country reporting. The countries, known as the “Inclusive Framework on BEPS,” also scheduled a public consultation on the topic for March 17.... - Continue reading
The protocol is expected to take effect on 1 January 2020. ... - Continue reading
‘The new tax treaty between Australia and Israel will ensure the economic, trade and commercial relationship between our two countries is strengthened’. A “HISTORIC” new tax treaty between Australia and Israel has been hailed as “representing an important milestone in removing tax barriers and facilitating trade and investment” between the… – Continue reading
Honduras becomes 136th country to join “Inclusive Framework on BEPS” ... - Continue reading
The Global Reporting Initiative has issued a new international tax reporting standard that aims to ensure multinational companies are much clearer about how much they pay in taxes, and where. While the standard has no legal force, it could influence the ongoing debate in the U.S. and abroad on how… – Continue reading
Proposal would have forced firms to reveal profits made and taxes paid in each EU country ... - Continue reading
The OECD on November 15 published more than 300 comment letters that respond to its request for feedback on the Secretariat’s proposal for a “unified approach” to pillar one. ... - Continue reading
The OECD today announced that Jordan has become the 135th country to join the “Inclusive Framework on BEPS.” ... - Continue reading
October 8, 2019- New tax guidance for dual resident companies published by the Irish Tax and Customs ... - Continue reading
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
The OECD today published for stakeholders’ comments a proposal to advance international negotiations to ensure that multinational enterprises (MNEs), including digital companies, pay tax wherever they have significant consumer-facing activities and where they generate profits. The proposal – Secretariat Proposal for a Unified Approach – would re-allocate some profits and… – Continue reading
NAIROBI, Oct. 1 (Xinhua) — The East Africa Community (EAC) bloc plans to develop a regional tax treaty framework to boost regional integration, an official said on Tuesday. Doris Akol, commissioner general, Uganda Revenue Authority told Xinhua in Nairobi that once the treaty is in place the trading bloc will… – Continue reading
With £184 billion market capitalisation held by Jersey listed companies on global exchanges as of 30 June 2019, this briefing explores why Jersey vehicles remain such a popular choice for taking international businesses to market. ... - Continue reading
Iceland on September 27 became a party to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI) by depositing its instrument of acceptance of the agreement with the OECD. Iceland is the 89th jurisdiction to join the tax agreement. ... - Continue reading
YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading
In a development that surprised businesses and the stock market, India’s Finance Minister on Friday announced a significant reduction in the corporate tax rates. ... - Continue reading
The governments of New Zealand and Guernsey on September 18 signed protocol to their tax information exchange agreement, the New Zealand government has announced. ... - Continue reading
Despite OECD efforts to encourage countries to more swiftly and effectively resolve of cross-border tax disputes, overall mutual agreement proceedure (MAP) inventory continues to increase, OECD statistics released today revealed. ... - Continue reading
The OECD said its initiative to have minimum standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses has reached 116 jurisdictions and has shown major progress in the delivery of international tax transparency. The OECD’s second annual peer review report on the base erosion and… – Continue reading
