Poland issues controversial transfer pricing risk assessment rules
New transfer pricing laws issued in Poland might not be too pleasant to multinationals' ears. Read on to know more. ... - Continue reading
Category: Multinationals
OECD releases 79 public comments responding to review of country-by-country reporting scheme
Is a public country-by-country reporting of multinationals' tax information to be expected soon? ... - Continue reading
Countries launch review of country-by-country reporting framework for multinational groups
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
Tax transparency essential to tackle $600bn avoidance bill
Businesses are being required to be more transparent for the sake of tax efficiency and reform. ... - Continue reading
Transfer Pricing Cell to put 921 foreign companies under scanner
The National Board of Revenue (NBR) to scrutinise some 921 foreign companies operating in Bangladesh. ... - Continue reading
Honduras joins “Inclusive Framework on BEPS” addressing taxation of multinational groups
Honduras becomes 136th country to join “Inclusive Framework on BEPS” ... - Continue reading
GRI issues international corporate tax reporting standard
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
12 EU states reject move to expose companies’ tax avoidance
Proposal would have forced firms to reveal profits made and taxes paid in each EU country ... - Continue reading
Spanish Multinationals Pay Global Corporate Income Tax Of 12.6% On Their Profits
12.6% of the global profit of 134 Spanish multinationals fetches 91.85 billion euros. ... - Continue reading
EU prepares to reveal firms’ tax avoidance
EU governments will vote on Thursday on a new rule that would require multinational companies to reveal how much profit they make and how little tax they pay in the bloc’s countries, the Guardian reported. The aim is to expose how large companies, with an annual turnover of more than… – Continue reading
OECD releases 2500+ pages of public comments to its pillar one “unified approach” for taxing multinationals
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
Which Countries Are Considered The Top Corporate Tax Havens?
When multinational companies look to open up a new subsidiary or a regional headquarters, they tend to prefer certain countries due to their favorable tax policies. ... - Continue reading
OECD is not the right place to reform international tax rules
On October 9, the Organisation for Economic Co-operation and Development secretariat published its proposed ‘unified approach’ to reform international tax rules, seeking to address the tax challenges of digitalisation. ... - Continue reading
Turkey proposes 7.5 percent digital services tax on large multinationals
Turkey’s Ministry of Treasury and Finance on 23 October released a draft law introducing a digital services tax, sending it to the Turkish Parliament for ratification. ... - Continue reading
Jordan joins “Inclusive Framework on BEPS” to address taxation of multinational groups
The OECD today announced that Jordan has become the 135th country to join the “Inclusive Framework on BEPS.” ... - Continue reading
Australians owe record levels of tax: commissioner
Australians are avoiding their tax responsibilities in record numbers. The Australian Taxation Office (ATO) announced at a Senates Estimates hearing that the debt owed by Australians to the tax man has recently hit 45 billion Australian dollars (31 billion U.S. dollars), a record figure, according to the Australian Broadcasting Corporation… – Continue reading
BEPS MLI to enter to force for Mauritius
Mauritius on October 18 deposited its instrument of ratification or acceptance of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ... - Continue reading
OECD director, tax experts, explore proposed “unified approach to pillar one” for taxing multinational groups
Highlights of the “unified approach to pillar one” proposal ... - Continue reading
Switzerland: Amended Protocol Of Double Taxation Agreement Between Switzerland And USA
On 20 September 2019, Switzerland and the USA ratified the protocol of amendment of their double taxation treaty ("DTA"). ... - Continue reading
Ireland must prepare for international tax turbulence
It looks like the world’s leading economies are determined to claim a bigger slice of the global corporate tax pie which will lead to tricky times ahead for Ireland, according to PwC tax policy leader Peter Reilly ... - Continue reading
EU ready to act alone on digital tax if no global deal in 2020
Ramping up pressure on multinationals accused of paying too little. ... - Continue reading
Dutch tax office demands £902m in back taxes from British American Tobacco
The Dutch tax authorities have issued British American Tobacco with a €1bn bill for back taxes after a tax evasion investigation, website De Onderzoeksredactie has reported. ... - Continue reading
France joins ICAP pilot to jointly assess MNE tax positions
France has joined the International Compliance Assurance Programme (ICAP) pilot program, the OECD announced September 16, bringing the total number of tax administrations participating to 18. ... - Continue reading
EU Commission to investigate 39 Belgium “excess profit” tax rulings for potential State aid violations
The European Commission today announced that it has opened 39 in-depth investigations to assess whether Belgian “excess profit” tax rulings granted to multinationals between 2005 and 2014 provided benefits that are contrary to EU State aid rules. ... - Continue reading
Netherlands destination of choice for tax-dodging multinationals – report
Multinational companies channel more than $3 trillion a year in “phantom” foreign investment through the Netherlands in order to bring down their corporate tax bills, according to research published in the Financial Times. ... - Continue reading
OECD sees progress in 116 nations’ implementation of country-by-country reporting
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
Report assesses 116 nations’ implementation of country-by-country reporting
The OECD today released a peer review report judging whether 116 countries and their tax administrations have met standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses. ... - Continue reading
Australia provides arm’s length debt test guidance
The Australian Tax Office on 28 August, released its awaited draft guidance contained in Practical Compliance Guideline 2019/D3, on applying the arm’s length debt test contained in Division 820 of the Income Tax Assessment Act 1997, Australia’s thin capitalization statutory provisions. ... - Continue reading
Georgia: a low-tax European country with much to offer investors
Georgia, an Eastern European Country, was ranked 6th in the World Bank Group’s 2019 “Doing Business” survey. ... - Continue reading
US, France reach deal on digital services tax
French President Emmanuel Macron today confirmed that the US and France have reached a compromise agreement which requires France to refund all digital services tax (DST) paid by multinationals once a new international system for taxing multinationals in the digital sector is in place. ... - Continue reading
CIAT database reflects progress made by 15 countries implementing BEPS recommendations
CIAT’s BEPS Monitoring Database has been updated to reflect advancements made by Angola, Argentina, Bermuda, Brazil, Chile, Colombia, Costa Rica, Honduras, India, Jamaica, Mexico, Panama, Paraguay, Spain, and Uruguay. ... - Continue reading
Albania joins Inclusive Framework on BEPS to address multinational tax issues
The OECD today announced that Albania has become the 133rd nation to join the “Inclusive Framework on BEPS.” ... - Continue reading
New Zealand-Swiss tax agreement tightens net on avoidance
WELLINGTON, Aug. 8 (Xinhua) — Opportunities to dodge tax are shrinking with the completion of a new tax agreement between New Zealand and Switzerland, New Zealand’s Revenue Minister Stuart Nash said on Thursday. Nash and Swiss Ambassador to New Zealand David Vogelsanger signed documents to update the Double Tax Agreement… – Continue reading
UAE country-by-country reporting rules published
The UAE Ministry of Finance on 30 April issued new tax rules setting out country-by-country reporting compliance obligations for multinational corporation groups effective for financial years beginning on or after 1 January 2019. ... - Continue reading
Mauritius leaks: Big firms leveraging legal loopholes to save taxes can cost developing countries $100 bn every year
Proposals made by Nirmala Sitharaman at G20 Summit could alter the stasis between large corporations and tax havens. ... - Continue reading
G7 finance ministers agree on some features of international tax rewrite
G7 finance ministers, at their meeting in Chantilly, France on July 17–18, agreed to several aspects of a revised system for taxing multinationals. ... - Continue reading
United Arab Emirates: The UAE Introduces Mandatory Country By Country Reporting
UAE has published Cabinet Resolution 32, the introduction of new country by country reporting ("CbC reporting") obligations that multinationals will be required to comply with starting 2020. ... - Continue reading
Gibraltar joins “Inclusive Framework on BEPS” working on multinational group tax issues
Gibraltar joins the list of jurisdictions to sign the framework on BEPS ... - Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
US, Monaco negotiating agreement for exchange of country-by-country reports
The US today announced it is negotiating a competent authority agreement with Monaco that would provide for the exchange of country-by-country reports concerning multinationals operating in their countries. ... - Continue reading
Morocco signs multilateral agreement on exchange of country-by-country reports
Morocco has signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, becoming the 79th country to join the agreement, the OECD today announced. ... - Continue reading
Canada ratifies BEPS MLI to fight tax avoidance by multinationals
The fight against tax avoidance continues.. ... - Continue reading
NBR building up profiles of MNCs
National Board of Revenue is building up profiles of the multinational companies operating in the country for the purpose of conducting audits on the MNCs’ accounts to prevent tax evasion through misuse of transfer pricing system. Transfer Pricing Cell (TPC) of NBR is also conducting risk assessment of the companies’… – Continue reading
British overseas territories top corporate tax loophole index
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
Government Should Investigate BAT’s Tax Evasion
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Taxing times for SMEs
Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to… – Continue reading
British American Tobacco shifts nearly $1bn out of developing countries into one UK office
For every dollar British American Tobacco (BAT) paid in tax in the countries it operates in, the giant multinational shifted more than half a dollar that would have been taxed locally to a UK subsidiary where BAT paid almost no tax. New analysis by the Tax Justice Network estimates Bangladesh,… – Continue reading
Int’l group to finalize digital tax plan in 2020
Objective is to limit ability of multinational corporations to book taxes in countries with lowest tax rates BERLIN A global effort to revamp international tax rules for the digital economy will be completed by the end of 2020, said the secretary-general of the Organization for Economic Co-operation and Development (OECD)…. – Continue reading
FACT Coalition Calls for Corporate Tax Transparency
“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading
Africa’s problem with tax avoidance
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account? NGOs continue to raise the alarm. African countries are being cheated out of billions in… – Continue reading
