Financial Transaction Transfer Pricing Guidance: OECD

The OECD has published its eagerly awaited transfer pricing guidance on financial transactions, in a technique it has never produced before and as such is trial guidance.

EU Directive 2018/822: Mandatory Cross-Border Disclosure Regulations

Tax transparency has been the topic of many discussions of the minute internationally as all eyes are watching for the EUs next move following the introduction of Europewide anti-avoidance and transparency measures.

Hong Kong Removed from EU Watch List for Tax Reporting

This month, the Special Administrative Region Government for Hong Kong has shown gratitude for being removed from EU to its watch list on tax co-operation following an amendment by the EC, recognising Hong Kong's endeavors to partake in the Multilateral Convention on Mutual Administrative Assistance in Taxation Matters.

Mauritius government publically repudiates tax haven status

Mauritius's Financial Services Commission (FSC) has spoken out after an Oxfam policy paper gave the jurisdiction a tax haven label, which the Financial Services Promotion Agency (FSPA) has also publically repudiated.

5 New jurisdictions join the global tax transparency reporting agreement

As part of continuing efforts to boost tax transparency by international corporations; the following 5 countries have signed the MCAA (Multilateral Competent Authority Agreement) for the automatic exchange of Country-by-Country reports:

New CRS trust legislation to help combat overseas tax evasion

The OECD (Organisation for Economic Cooperation and Development) have established that new rules apply concerning trusts in order to comply with the Common Reporting Standard’s regime of automatic information exchange of information between member jurisdictions.

Hong Kong: Inland Revenue Ordinance 2016 amendment

An amendment made to the Inland Revenue Ordinance for 2016 in Hong Kong came into effect last month on June 30th.

Country-by-Country Reporting to be established by 2017 in all EU jurisdictions

All companies within the EU with total income of over €750m will be obligated to send all data concerning monthly revenue, profits, tax paid, earnings, all tangible assets and the total number of people employed by the company.

BPF: New tax regime will cost the UK almost 10,000 potential jobs

The UK Government have released controversial proposals that will limit tax deductibility of interest, which could mean an additional spending expenditure of £670 million each financial year for the housing market. This is the equivalent of the creation of 9,500 jobs in the construction sector.

Singapore joins OECDs multilateral tax convention

On May 1st 2016 the OECD (Organisation for Economic Cooperation and Development) implemented a convention on Mutual Administrative Assistance relating to tax matters in Singapore, effectively establishing these requirements on a multilateral level.