Category: OECD

Enhanced transfer pricing regime amidst the pandemic

Globally, the coronavirus disease 2019 (Covid-19) pandemic is requiring governments to design and implement strategies to cope with the deepening impact of the virus. They are introducing measures to cushion the blow from the economic downturn, such as drawing from reserves and intensifying tax collection efforts. As entire countries and… – Continue reading

Cyprus: Cyprus And Switzerland Agree Updated Double Tax Treaty

On 20 July 2020 Cyprus agreed an updated double tax treaty (DTT) with Switzerland. The signatory for Cyprus was Foreign Minister Constantinos Petrides, while his counterpart, Pierre-Yves Fux, signed on behalf of the Swiss Federal Council. The revised protocol will update the existing agreement, which has been in force since July 2014. Details of the protocol were published in the Official Gazette on the 24 July 2020 and are now undergoing the ratification process. ... - Continue reading

Canada: Don’t Let Your Dream Vacation Home Become A Tax Nightmare

Renting your foreign property may require you to disclose information to the Canada Revenue Agency (the "CRA"). A Foreign Income Verification Statement is required to be filed with the CRA where the adjusted cost base of the property exceeds CDN $100,000.  ... - Continue reading

OECD publishes model rules for tax reporting by gig economy platform operators

On 3 July, the OECD released model rules for tax reporting by platform operators that assist sellers in the sharing and gig economy. Following international efforts to address the tax challenges in the digital economy, this OECD guidance represents an important step towards transparency through the exchange of information. ... - Continue reading

OECD boss: Coronavirus crash will not be as bad as Great Depression

By now, the whole world is preparing for an impending global recession due to the COVID-19. Different experts are presenting their different views on the matter. While many are expecting a recession that will hit harder than the Great Depression, the secretary-general of the OECD, Angel Gurria does not seem to be sharing the same opinion. Here are more details. ... - Continue reading