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On February 2, 2017 the Irish Revenue released eBrief No. 12/17 Regarding Revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements In Respect of Tax Rulings.
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On February 2, 2017 the Swiss Federal Department of Finance (FDF) opened a consultation on introducing the automatic exchange of information (AEOI) in tax matters with 20 additional jurisdictions. The AEOI with these jurisdictions is planned for January 1, 2018 so that data can start to be exchanged in 2019. The consultation will last until April 13, 2017.
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As we reported earlier the European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) is holding a series of three hearings to look specifically into the roles played by banks, accountants and lawyers in the setting-up of secret offshore constructions for their clients.. The first of these hearings took place on January 24, 2017. The second hearing, of which the focus will be to zoom in on the Scandinavian and German practice in order to see if lessons can be drawn from there, will be held on February 9, 2017 (9.00 – 12.30 CET).
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On February 1, 2017 the OECD released a key document which will form the basis of the peer review of BEPS Action 5 Counter harmful tax practices more effectively, taking into account transparency and substance (Transparency Framework). The final report on BEPS Action 5 is one of the four BEPS minimum standards. There are two aspects to the Action 5 minimum standard: a process for reviewing preferential tax regimes to ensure they are not harmful, and a transparency framework that applies to tax rulings (“the transparency framework”).
Each of the four BEPS minimum standards is subject to peer review in order to ensure timely and accurate implementation and thus safeguard the level playing field. All members of the Inclusive Framework on BEPS commit to implementing the Action 5 minimum standard, and commit to participating in the peer review.
The peer review of the Action 5 minimum standard will be undertaken by the Forum on Harmful Tax Practices (“FHTP”).
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On February 1, 2017 the OECD released key documents which will form the basis of the peer review of Action 13 (Country-by-Country Reporting). The Country-by-Country (CbC) reporting requirements contained in the Action 13 Report form one of the four BEPS minimum standards. Each of the four BEPS minimum standards is subject to peer review in order to ensure timely and accurate implementation and thus safeguard the level playing field. All members of the Inclusive Framework on BEPS commit to implementing the Action 13 minimum standard and to participating in the peer review, on an equal footing.
The peer review is a review of the legal and administrative framework put in place by a jurisdiction to implement the CbC reporting standard. This peer review is a separate exercise to the 2020 review to evaluate whether modifications to the CbC reporting standard should be made.
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