In this edition: IFRS – The IFRS Foundation publishes the IFRS Taxonomy 2016; UK – Special Measures Guidance: introduction (Business tax – guidance); UK – Form Ireland-Company (United Kingdom / Ireland Double Taxation Convention (SI 1976 No. 2151 and Protocols) - Claim to relief from United Kingdom income tax - For use by a company or concern resident in Ireland receiving interest, royalties or other income arising in the UK); UK – Form Switzerland-Company (United Kingdom/Switzerland Double Taxation Convention (SI 1978 Number 1408 and Protocols) - APPLICATION for relief at source from United Kingdom income tax and CLAIM to repayment of United Kingdom income tax - This form is for use by a company/concern in Switzerland receiving interest, royalties or other income arising in the UK); UK – Draft legislation: the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations 2016 (Business tax – policy paper); U.S. – “Tax Design Challenge” Begins Soon (Public Invited to Imagine the Taxpayer Experience of the Future)

On March 31, 2016 the HM Revenue & Customs published a truly interesting document. The document published is a Draft High Level Guidance on the Publication of tax strategy by Large Businesses.

According to the HMRC the purpose of the Guidance is to explain:

·        The qualifying criteria for publishing a tax strategy;

·        What a tax strategy must contain;

·        When penalties may be charged (including reasonable excuse); and

·        The appeals process.

On March 30, 2016 the Swiss Federal Department of Finance issued a press release announcing that on that same date the agreement amending the Double Taxation Agreement (DTA) with respect to Taxes on Income and Capital between Switzerland and France entered into force. Switzerland and France signed this agreement on June 25, 2014.

In this edition: IMF – IS THE WTO A WORLD TAX ORGANIZATION? - A PRIMER ON WTO RULES FOR TAX POLICYMAKERS; CFE – CFE Opinion Statement FC 3/2016 on the proposal for an EU Anti-Tax Avoidance Directive of 28 January 2016; South Africa – Guide for Tax Rates/Duties/Levies (Issue 12); South Africa – VAT 412 - Guide for Share Block Schemes; TEI – TAX EXECUTIVES INSTITUTE, INC. comments on REG-109822-15 relating to Proposed Regulations Requiring Country-by-Country Information Reporting by Certain Parent Entities of Multinational Enterprise Groups submitted to The Internal Revenue Service March 21, 2016; UK – Tackling disguised remuneration (Policy paper); Germany – Veröffentlichung der BFH-Urteile vom 17. Dezember 2014, I R 23/13, und vom 24. Juni 2015, I R 29/14; Nichtanwendung der Urteilsgrundsätze in vergleichbaren Fällen (BMF Schreiben)

On February 23, 2016 the OECD issued a press release announcing that it agreed a new framework that would allow all interested countries and jurisdictions become part of an inclusive dialogue on an equal footing to directly shape the standard setting and monitoring processes on BEPS issues. On that same date the OECD also issued a flyer providing some high level information in this respect. This proposal for broadening participation in the OECD/G20 BEPS Project was endorsed by the G20 Finance Ministers at their meeting on February 26-27, 2016 in Shanghai, China.

Today I noticed that a document titled: “Background Brief – Inclusive Framework for BEPS Implementation” was published on the OECD’s BEPS website. There is no publication date mentioned with respect to this document. With respect to publication the document only mentions March 2016. Therefore I am not sure how long the document is already available on the OECD website. Still I believe the brief is interesting enough to shortly discuss since some of our readers like myself might not have noticed it yet.

Submit to FacebookSubmit to TwitterSubmit to LinkedIn
INTERESTING ARTICLES