Category: Base Erosion & Profit Shifting
Slovak companies are interested in tax havens. Their number continues rising
Hundreds of Slovak companies have moved their headquarters to tax havens since the beginning of the year. Currently, 5,268 Slovak companies reside in countries with tax advantages, as stems from an analysis of the Bisnode consulting company. The number of companies in tax havens rose again in the second quarter… – Continue reading
African Countries Making Headway In Tackling Tax Evasion
According to Tax Transparency in Africa 2020 report, Africa needs to better combat illicit financial flows and be more lucid in tax matters. ... - Continue reading
Higher tax bill for Cyprus businesses after new law
Cyprus is aiming to better tackle tax avoidance by companies through a new legislation. The latter mainly addresses base erosion and profit shifting. ... - Continue reading
Countries still can’t agree on update to multinational group taxation rules, OECD official says
The 137 member countries of the “Inclusive Framework on BEPS” are having a disaccord regarding a legislation for multinationals. ... - Continue reading
BEPS MLI to enter to force for Czech Republic, Korea
Czech Republic and South Korea ratify the Multilateral Convention to Implement Tax Treaty Related Measures in an effort to fight against Base erosion and Profit Shifting. ... - Continue reading
OECD officials note disagreement over digital tax update, reveal plans for tax and transfer pricing guidance
Disagreement registered around the 'Pillar One' of the OECD. ... - Continue reading
Cyprus: Ratification Of Multilateral Instrument
The BEPS MLI has been ratified in Cyprus as from 2020. Here's more to it. ... - Continue reading
Seychelles to reform tax rates after OECD report
Seychelles set to implement new tax laws in order to improve its tax system after recommendations from the OECD. ... - Continue reading
Worldwide: Cyprus Ratifies The Base Erosion And Profit Shifting Multilateral Instrument Issue
On January 2020, Cyprus signed its agreement of the MLI. ... - Continue reading
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
OECD issues MAP peer review reports for further eight jurisdictions
The OECD on February 24 published stage 1 mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Brunei Darussalam, Curaçao, Guernsey, Isle of Man, Jersey, Monaco, San Marino, and Serbia. The reports highlight how well these jurisdictions are implementing the base erosion and profit shifting (BEPS) Action… – Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
Cabinet approves India-Sri Lanka Agreement amendment on double taxation, evasion
New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of the protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, according to a Press… – 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
Kazakhstan to accede to convention against tax evasion
Kazakhstan will accede to the Convention on Mutual Administrative Assistance in Tax Matters. ... - Continue reading
Tax treaty ratified
‘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 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
BEPS Changes To Nordic Double Tax Agreement To Take Effect
The double tax agreement between the Nordic countries will be updated with new anti-tax base erosion and profit shifting provisions with effect from January 1, 2020. ... - 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
Kenya signs landmark agreement to strengthen its tax treaties
The ongoing national efforts to strengthen the country’s bilateral tax treaties have received a boost with the signing of a multilateral convention to end tax avoidance in France. ... - Continue reading
Cabinet approves pact on avoidance of double taxation with Chile
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. ... - Continue reading
OECD Announces a Public Consultation for Global Minimum Tax Rules
OECD announces a request for comments on its Global Anti-Base Erosion (GloBE) proposal. ... - Continue reading
Impact of Canada’s ratification of the MLI
The MLI enters into force for Canada from December 1, 2019. ... - 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
India, Switzerland call for greater information exchange in tax matters
The first transmission of financial account information on automatic basis between the two countries took place in September 2019 for enhanced cooperation in the fight against tax evasion. ... - Continue reading
OECD invites public inputs on Global Anti-Base Erosion proposal
Bad news for multinational corporations and international businesses : OECD could implement a new law which would require them to pay at least a minimum corporate tax in countries concerned. ... - Continue reading
Canada: OECD Releases Proposal For “Unified Approach” Under Pillar One For Addressing Taxation Of The Digital Economy
On October 9, 2019, the Organisation for Economic Co-operation and Development (OECD) issued its proposal for addressing the tax challenges of the digital economy. ... - 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
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
Ireland Issues Guide On Dual-Resident Companies
The Irish Revenue has published guidance on dual-resident companies that explains new rules introduced under the BEPS multilateral convention on tax treaties. ... - Continue reading
First Look: Ireland publishes finance bill with international tax and transfer pricing changes
The Irish government today published Finance Bill 2019, which contains legislation to enact tax measures taking effect primarily from January 1, 2020. ... - Continue reading
Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective
In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading
OECD proposal on taxing MNEs to benefit countries like India, say experts
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
Mexican 2020 Tax Reform: key international tax proposals
Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
Ireland Transfer Pricing Feedback Statement Explained
The Irish Government recently published a Transfer Pricing Rules Feedback Statement which is explained in this article. ... - 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
Iceland joins BEPS MLI tax pact
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
Mexico 2020 tax reform: big changes proposed for foreign companies doing business in Mexico
On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading
EU Commission’s tax policy 2019 – 2024: What can we expect?
The start of a new European Commission also means setting new political priorities in the EU tax field. ... - Continue reading
German finance minister endorses public country-by-country reporting of MNE tax information
German finance minister Olaf Scholz is in the midst of a campaign tour for the social democrats (SPD) presidency. ... - Continue reading
Unresolved cross-border tax disputes continue to rise, OECD stats show
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
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
ICAB happy with Barbados’ removal from the EU’s blacklist
Barbados’ removal from the European Union’s (EU) blacklist has been welcomed by the Institute of Chartered Accountants of Barbados (ICAB). During her welcome remarks at the 15th Annual ICAB International Business Workshop, at the Barbados Hilton Resort, ICAB’s Executive Director, Kathy-Ann Hewitt, stated: “We are indeed happy that this change… – Continue reading
