Category: OECD

Bahamas Converts Finland Taxation Deal To Automatic

THE Bahamas yesterday upgraded its tax information exchange agreement with Finland to the automatic variety, as it bids to meet global standards by September 2018. K P Turnquest, deputy prime minister, signed the Protocol to Amend the Tax Information Exchange Agreement between the Bahamas and Finland, with the latter’s ambassador...

International information exchange system to help fight tax evasion: Slovak officials

BRATISLAVA, Oct.18 (Xinhua) — International information exchange system could help fight tax evasion, said President of Slovak Financial Administration Frantisek Imrecze at a press conference here on Wednesday. According to Imrecze, the information exchange system has been available to the Slovak Financial Administration since Sept. 30, the Slovak tax office...

Switzerland agrees to share tax information on multinationals

ZURICH (Reuters) – Switzerland said on Wednesday it would start sharing information on the activities of multinationals in its territory with other countries in 2020, joining an international push to fight tax evasion. The new measures will force about 200 large companies in the low-tax haven to prepare country-by-country reports...

Singapore tax incentives meet global standards

Republic has implemented all four agreed standards under OECD’s tax/profit project An international body overseeing global tax practices has said that Singapore’s tax incentives meet the international standards on countering corporate tax avoidance. The Forum on Harmful Tax Practices (FHTP) said in a report yesterday that it had reviewed 164...

CbCR obligations for Italian entity members of US groups

Concerns have arisen over a temporary misalignment between the US country-by-country reporting regime and Italian legislation. Antonella Della Rovere and Federico Vincenti of Valente Associati GEB Partners explain. An agreement for the automatic exchange of country-by-country reports (CbCR) between Italy and the US (Agreement) came into effect on September 27...

Ag: Bahamas ‘Riding Behind Competitors’ In Financial Services

THE Attorney General yesterday lamented that “riding behind our competitors” had caused “incalculable” damage to the financial services industry, accusing the former government of failing to act on tax information exchange changes. Carl Bethel QC, addressing the Senate, said the Christie administration had “done nothing’ for three years in relation...

Greek Revenue Services, US IRS Sign Agreement for Tax Data Exchange

The US IRS announced this week on its website that the US has entered into a bilateral competent authority agreement with Greece to exchange country-by-country reports on multinationals. The agreement between the IRS and the Greek Independent Authority for Public Revenue, signed September 27, puts into effect a 2015 deal...

Ireland Seeks Comment on International Tax Strategy Plans

The Irish government is inviting businesses and practitioners to provide feedback on its plans to update its international tax strategy, including how Ireland should incorporate the OECD’s transfer pricing guidelines into national law and implement the European Union’s anti-tax avoidance rules. The consultation, which runs until the end of January...

CBDT seeks suggestions on framing of rules on country-by-country reporting

New Delhi [India], Oct.6 (ANI): In keeping with India’s commitment to implement recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, the Department of Income Tax has invited comments from stakeholders and the general public. It has said that these comments and suggestions on...

Greenland joins Global Forum on Transparency and Exchange of Information for Tax Purposes

On 29 August 2017, Greenland officially joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. Greenland thereby declared its commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information. On 8 February 2017...

The common reporting standard – your foreign bank account could be coming to Nigeria

If you live in Nigeria and you have a foreign bank account; you should read this.If things go as planned, the FIRS will soon have access to information on the money and other financial investments that you have in your foreign bank account. This will happen when the Common Reporting...

BEPS Actions 8-10 Most Important For Latin American, Caribbean States

The Inter-American Center of Tax Administration (CIAT) has released a new statement summarizing the feedback from Latin American and Caribbean countries from ongoing discussions on countering base erosion and profit shifting. CIAT said it and a number of regional and international organizations have brought together policymakers from countries in the...

New Swiss tax data exchange deals raise red flags

The automatic exchange of tax information (AIE) between countries is generally seen as an effective way of cracking down on tax cheats. But what if a country uses the data to politically oppress its citizens? It’s a burning issue facing Swiss lawmakers. This week, Swiss parliament will begin a debate...

The OECD is focused on maintaining the integrity of the CRS

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS). There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53 Jurisdictions for 2018. The OECD is taking extra precautions to ensure that reportable financial information regarding...

FBR begins collecting individuals’ account details for OECD members

KARACHI: The tax authorities have kicked off a planned program under which they share foreign individuals’ financial-account information with the member countries of the Organization for Economic Cooperation and Development (OECD), sources said on Saturday/ The Federal Board of Revenue (FBR), issued a notification regarding the schedule for exchange of...

Public Country-by-Country Reporting; Taxpayers’ Rights

Appropriate Use of Country-by-Country Reports The OECD has now published Guidance (available here) on the appropriate use of Country-by-Country Reports (‘CbCRs’) by national tax authorities. This is in response to some valid MNE concerns that tax authorities may misuse CbCRs. “Appropriate use” is clarified as being for (i) high-level transfer...

Multinationals Fear Japan Reports Could Spur Outside Audits

Japanese multinational companies worry that filing their first country-by-country reports in 2018 will lead to a barrage of transfer pricing audits by developing countries. Companies are currently preparing their first country-by-country reports that must be filed with the National Tax Agency by the end of March 2018. Japan adopted country-by-country...

Interpreting double tax treaties in light of the BEPS multilateral instrument

Some double tax treaties are being amended by a multilateral instrument Establishing how a particular treaty is affected can be a complicated process The UK intends to publish amended DTTs and this will help, but the MLI has added an additional layer of complexity 18 Sep 2017 Speed Read LEGAL...

OECD releases guidance to ensure BEPS country-by-country reports are used appropriately.

Canada has implemented the country-by-country reporting requirement for large multinational enterprises (MNEs) contained in the 2015 Final Report on Action 13 of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan.  Canada’s legislation is found in s. 233.8 of the Income Tax Act (Canada), and is supported by the...

Argentina To Look To VAT To Fund Income Tax Cuts

Argentina is reportedly considering shifting the burden of tax towards consumption, to bring the country’s corporate tax rate down to a competitive level. Specific measures are expected to be tabled before lawmakers soon. It is anticipated that there could be a 10 percent cut to the corporate income tax rate,...

Brazil’s Tax System Is Barrier to OECD Membership

Brazil’s unique international tax rules present a significant challenge for both the OECD and Brazil, as the South American country seeks to join the international organization. However, the challenges aren’t insurmountable. The push for Brazil to join the Organization for Economic Cooperation and Development “is a little bit rushed,” Sergio...

SARS to crack down on multinational companies and subsidiaries’ tax returns

MEDIUM and large businesses with multinational ties will soon have to start supplying the South African Revenue Service (SARS) with more detailed reports of their relationships and transactions with connected entities residing in other countries. SARS has beefed up its Transfer Pricing Division and is now actively involved in the...

Changes to tax laws in sight for MNCs as the authorities adopt BEPS

MULTINATIONAL corporations (MNCs) in Malaysia will soon be seeing more tax law changes coming their way as the authorities get down to tackling base erosion and profit shifting (BEPS). This follows efforts by the Organisation for Economic Co-operation and Development (OECD), approved by G20 leaders, to formulate a 15-step action...

Corporate tax hike contradicts global trend

The government’s plan to impose more levies on large companies will undermine their competitiveness amid a rising global trend of tax reductions and further distort the country’s taxation structure, analysts say. A draft tax code revision unveiled early this month proposes raising the corporate tax rate for businesses with taxable...

US agrees to give Australia additional intelligence to chase tax avoiders

America has formally agreed to share detailed information of companies with the Australian government’s Tax Avoidance Taskforce. This means authorities get access to additional intelligence to track down US-based multinationals. This month, US authorities signed a country-by-country report exchange deal with Australia. It seeks to give authorities a broader picture...

Tech-based tax services gain pace to ensure businesses comply with global digital transparency standards

Global consultancy EY among firms now offering advanced services that redefine how companies face new developments in tax, audit and compliance Rigid new global initiatives to increase transparency of business data are giving rise to more advanced professional tax services, which employ innovative tools that include cloud computing, financial technology...