International tax

Tax / Update to BEPS guidance on country-by-country reporting

The OECD’s base erosion and profit shifting (BEPS) project has released additional guidance on the implementation of country-by-country reporting (CBCR), with the aim of providing further clarification to tax administrations and multinational companies

Tax / Transfer pricing: re-evaluating profit splits

Robert Verzi, partner and Philip Brudney, international tax manager at Aprio, outline the implications of the profit split method in transfer pricing as part of the OECD’s Base Erosion and Profit Shifting (BEPS) project and highlight issues for multinationals as they examine global transfer pricing policies 

Tax / Deadline looms for client notification letters about offshore tax compliance

Anyone with offshore bank accounts, overseas income and assets needs to get up to speed with the new rules on international tax compliance, which will see accountants and tax advisers liable to notify clients about automatic exchange of financial information and disclosure rules by 31 August, says Meg Wilson CTA

Tax / EU tax burden steady in 2015 at 38% of GDP

The European Commission has published its annual taxation trends report showing that tax revenues across the EU’s member states stabilised in 2015 at 38.7% of GDP with the EU having one of the highest tax levels compared to other advanced economies

Tax / OECD consults on updated model tax convention

The OECD committee on fiscal affairs has released a draft of the planned 2017 update to the OECD model tax convention, and is seeking feedback solely on those elements which have not already been approved as part of its work on the Base Erosion and Profit Shifting (BEPS) project

Tax / Seattle launches first income tax on high earners

The US city of Seattle, home to Amazon, Starbucks and Microsoft, has set in motion plans to levy an income tax on wealthy residents with the aim of making the tax structure fairer to the lower paid

Tax / US tax reform: Trump’s repatriation tax

US tax reform is closer than ever with President Donald Trump proposing a one-off 10% repatriation tax on offshore income. Michael Minihan, principal and Ian Boccaccio, principal and practice leader of international tax at Ryan provide key items for evaluating foreign earnings and profits

Tax / OECD publishes updated transfer pricing guidelines

The OECD has released the 2017 edition of its transfer pricing guidelines, which have been updated to reflect the work carried out as part of its Base Erosion and Profit Shifting (BEPS) project to ensure that multinationals’ taxable profits are not artificially shifted out of some jurisdictions, and that their tax base reflects the economic activity undertaken in a particular country

Tax / Messi tax fraud sentence reduced to fine

Barcelona football star Lionel Messi has had his 21-month prison sentence for tax fraud scrapped and replaced with a €252,000 (£222,000) fine by the Spanish courts

Tax / France plans to cut corporation tax to 25% by 2022

French prime minister Edouard Philippe has confirmed plans to cut corporation tax from 33% to 25% over the next five years, but suggested that the timetable for other tax cuts may be delayed in his opening speech to the country’s National Assembly

Tax / OECD reports ‘major progress’ on fairer international tax system

The OECD is claiming major progress towards the goal of creating a fairer international tax system, with countries collaborating to close down loopholes, improve transparency and ensure that multinational enterprises pay tax where they carry out their activities, according to its latest report to G20 leaders

Tax / MEPs pass country-by-country reporting rules

The European parliament has passed a directive requiring multinationals to publicly disclose information about the tax they pay in each country they operate, in a measure aimed at tackling tax avoidance and profit shifting

Tax / Netherlands: overhauling dividend withholding tax on non-residents

The Dutch government is planning to exempt withholding tax on dividends paid to non-resident shareholders from January 2018. Paulus Merks, partner, Jian-Cheng Ku, legal director, and Tim Mulder, associate, from DLA Piper explain the changes to the rules and provide examples

Tax / Welsh government asks public for tax ideas

The Welsh government is canvassing the public’s opinions for ideas for potential new Welsh taxes, and says it will publish a list of possible options which have been put forward in the autumn

Tax / India introduces harmonised goods and services tax (GST)

The introduction from next week of a goods and services tax (GST) in India, effective from 1 July, is being hailed as the biggest shift in tax reform in the country’s history, but there are concerns that UK companies trading with India may not be ready for the complexity of the changes