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The European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) has announced that it intends to organize 3 hearings to specifically look into the roles played by banks, accountants and lawyers in the setting-up of secret offshore constructions for their clients.
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On January 5, 2017 the European Commission published the non-confidential version of its decision from September 19, 2016 to open an in-depth investigation into Luxembourg's tax treatment of GDF Suez (now Engie). Also on January 5, 2017 the Luxembourg Government published a short reaction on its website.
In it’s decision the European Commission states that it has concerns that several tax rulings issued by Luxembourg may have given GDF Suez an unfair advantage over other companies, in breach of EU state aid rules. The European Commission furthermore indicates that it will assess in particular whether Luxembourg tax authorities selectively derogated from provisions of national tax law in tax rulings issued to GDF Suez. According to the Commission these rulings appear to treat the same financial transaction between Luxembourg entities of the GDF Suez Group in an inconsistent way. (As debt at the level of the debtor and as equity at the level of the creditor).
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On January 6, 2017 the OECD published a Public Discussion Draft on non-CIV examples. The Discussion Draft is follow-up work on the interaction between the treaty provisions of the report on BEPS Action 6 and the treaty entitlement of non-CIV funds. In paragraph 14 of the final version of the BEPS report on Action 6 (Preventing the Granting of Treaty Benefits in Inappropriate Circumstances) the OECD indicated that it would continue to examine issues related to the treaty entitlement of non-CIV funds to ensure that the new treaty provisions included in the report on BEPS Action 6 adequately address the treaty entitlement of these funds.
Read more: OECD publishes a Public Discussion Draft on non-CIV examples
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On January 6, 2017 the OECD issued a press release announcing that Bermuda, Côte d’Ivoire and Kazakhstan have joined the Inclusive Framework on BEPS. Therewith 94 jurisdictions have joined the Inclusive Framework on BEPS.
Read more: Bermuda, Côte d’Ivoire and Kazakhstan join the Inclusive Framework on BEPS
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On December 30, 2016 India and Singapore signed a Third Protocol Amending the Agreement Between the Government of the Republic of Singapore and the Government of the Republic of India for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
Although the Protocol has been signed, it has not entered into force yet. For the Protocol to enter into force, the respective ratification procedures have to have been finalized in both countries.
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