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On July 5, 2016 the UK Government announced that the Convention between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the People’s Republic of Algeria for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion and Tax Fraud with respect to Taxes on Income and on Capital as signed on February 18, 2015 (Hereafter: the DTA) entered into force on June 16, 2015.
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On July 12, 2016 the EU and Monaco signed an Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC. This will allow the tax administrations of the EU Member States and the tax administration of Monaco improved cross-border access to information on the financial accounts of each other's residents.
Read more: EU and Monaco sign deal on automatic exchange of information on financial accounts
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Based on the overview of Jurisdictions Participating in the Convention on Mutual Administrative Assistance in Tax Matters as available on the website of the OECD, on July 4, 2016 Barbados deposited its instrument of ratification, acceptance or approval for the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Barbados signed the Convention on October 28, 2015.
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During its meeting of July 12, 2016 the (EU) Economic and Financial Affairs Council (ECOFIN) formally adopted a Council Directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market adopted. The aim of the Directive is to combat some of the practices most commonly used by large companies to reduce their tax liability.
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On July 11, 2016 the Inland Revenue Authority of Singapore published the first edition of an IRAS e-Tax Guide titled: “Income Tax: The General Anti-avoidance Provision and its Application”. According to the e-Tax Guide the e-Tax Guide is issued with two objectives:
(i) First, it sets out the Comptroller of Income Tax’s (“CIT”) approach to the construction of the general anti-avoidance provision in section 33 of the Income Tax Act (“ITA”); and
(ii) Second, it provides some examples on arrangements, which in CIT’s view, have the purpose or effect of tax avoidance within the meaning of section 33(1) of the ITA. By providing the examples, this e-Tax Guide aims to deter taxpayers from entering into such arrangements. Such arrangements will be subject to the wide powers of the CIT under section 33(1).
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