It seems that HMRC is immune to the very behavioural techniques which it has so enthusiastically adopted (such as the use of “nudge letters”) to influence taxpayers’ behaviour in complying with the UK tax legislation. In our blog on nudge...
The UK Government has introduced a raft of legislation to address tax evasion and latterly tax avoidance. This has included; The Requirement to Correct legislation which has introduced punitive offshore penalties and extended assessing time limits for Income Tax, Inheritance...
Agreement has been made between the EU Member States for the automatic exchange of information under the country-by-county (CbC) reporting framework. CbC reporting will require large multinational business to disclose certain financial information to tax authorities, analysing key financial information (including...
On 5 October, the OECD has issued the Final Reports on the BEPS 15 Action points and it is expected that the G20 Finance Ministers will discuss and endorse the Reports and the recommended changes at their meeting on 8...
Strengthening the international community’s fight against offshore tax evasion: Australia, Canada, Chile, Costa Rica, India, Indonesia and New Zealand join multilateral agreement to automatically exchange information on 4 June 2015 Today marks another significant step in our collective pursuit to...
The European Tax landscape has dramatically changed in last few months. The Luxembourg tax leaks and the European Commission’s state aid investigations into tax rulings issued by Ireland, Luxembourg and the Netherlands have created huge amounts of press coverage over...
Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, endorsed the European Commission’s work on Tax Transparency Package, launched on 18 February. He went further and stated "It is time for a new era of openness between tax...
Tax Transparency through information exchange is one of the most important and key items on the agenda nowadays. On 24 February 2015, Seychelles became the 85th signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The signing of...
On 9-10 February 2015, the OECD presented the latest developments in the OECD/G20 project to combat BEPS by multinational enterprises during a G20 Finance Ministers and Central Bank Governors’ meeting in Istanbul, Turkey. In their Communiqué, the G20 Ministers and...
On 27 January, the European Council for Financial and Economic Affairs (ECOFIN) had adopted the proposal to include a general anti-abuse provision in the European Union Parent-Subsidiary Directive (recast) (2011). As a follow-up to the Action Plan against tax evasion...
Summary Article 29a of the General Tax Code on the Advance Tax Rulings and Advance Ruling Committee entered into force on 1 January 2015 in Luxembourg; Luxembourg endorsed the EU Commission’s plan to present a draft directive on mandatory automatic...
Prime Minister Abbott and Treasurer Hockey announced today that the G20 Leaders welcomed OECD recommendations that will help restore fairness, integrity and transparency to the international tax system. The United Kingdom's Prime Minister David Cameron announced during the press...
The OECD released its new Strategy for Deepening Developing Country Engagement in the Base Erosion and Profit Shifting (BEPS) Project on 12 November 2014, which will strengthen their involvement in the decision-making processes and bring them to the heart of...
BEPS, FATCA, CRS are the buzzwords which have shaped the tax discussion and meetings recently. On 16 October, Ali Kazimi, Mazars Financial Services Partner, was one of the leading panellists at a HMRC event on the Foreign Account Tax Compliance...
Monaco deepens its commitment to fight offshore tax avoidance and evasion OECD Secretary-General Angel Gurría welcomed the Principality of Monaco’s commitment to strengthen international tax co-operation, on 13 October, after it became the 84th jurisdiction participating in the Multilateral Convention on Mutual...
United Nations Subcommittee on Base Erosion and Profit Shifting (BEPS) had invited the developing countries to provide feedback by answering the UN Questionnaire including 10 questions. This summary focuses on the responses provided by China and India. In its response, India...
Today, the EU Tax Commissioner Algirdas Šemeta has welcomed the package of measures to tackle international corporate tax avoidance, which was endorsed by the G20 Finance Ministers in Cairns, Australia. The Ministers agreed on a first set of recommendations to...
On 1 September 2014, the Organization for Economic Co-operation and Development (the OECD) published the condensed version of the OECD Income and Capital Model Convention and Commentary 2014 (2014 Update). This is the ninth edition of the condensed version of...
On 11 April 2014, George Osborne announced that the Government is stepping up its efforts on tackling offshore tax evasion, and this was widely reported in the press. This was followed by an announcement by HM Treasury and HMRC on...
The EU Savings Directive (2003/48/EC) entered into force on 1 July 2005. Its purpose is to prevent the evasion of taxes on savings income within the EU. The Directive requires Member States to exchange information automatically so as to enable...
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