As reported in our previous blog the International Consortium of Investigative Journalists (ICIJ) continues its ongoing campaign to shed the opaque veil that masks offshore financial centres. The ICIJ has received nearly 13.4 million documents from a combination of leaked files...
The Chancellor and the Treasury have issued a joint Statement on the initiative for exchange of beneficial ownership information, updated on 3 May after the inclusion of Iceland. The activities targeted go beyond tax evasion to include money laundering and...
The furore regarding the “Panama Papers” – the 11.5 million documents leaked from the Panamanian law firm of Mossack Fonseca – would seem to suggest that everyone involved in a Panamanian company must be a serious villain on a par...
On 16 March 2016, the HM Treasury has published a ‘Business tax road map’ which sets out the government’s plans for business taxes to 2020 and beyond. The road map brings to a conclusion several key areas of tax policy...
It is not a question anymore whether the EU is a strong player at the tax policy field. The question is how strong… In the course of 2016, we expect a series of legislative and non- legislative initiatives to reshape...
"Is the taxation a poisoned chalice?" That is what many told to Commissionaire Pierre Moscovici when he found out that President Juncker had given him the taxation portfolio. In the last eighteen months, the European Commission’s and OECD’s strong commitment...
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...
Following an announcement at the Summer Budget 2015, HMRC released a consultation in July 2015 regarding a package of measures which are intended to improve the tax compliance of large businesses. Responses to the consultation are required by 14 October...
The Organisation for Economic Co-operation and Development (‘OECD’) held its final public consultation on Actions 8-10 (transfer pricing/'TP') of the Base Erosion and Profit Shifting (BEPS) project on 6 and 7 July 2015. The first day of meeting focused on...
On 9 July 2015, the OECD released a discussion draft on options for low income countries' effective and efficient use of tax incentives for investment. This Discussion Draft is a result of the G20’s Development Working Group (DWG) who has...
The European Commission presented an Action Plan to fundamentally reform corporate taxation in the EU on 17 June 2015. The Action Plan sets out a series of initiatives to tackle tax avoidance, secure sustainable revenues and strengthen the Single Market...
The OECD published its revised discussion draft on Action 6 (Prevent the granting of treaty benefits in inappropriate circumstances) of the Action Plan on Base Erosion and Profit Shifting (BEPS) on 22 May 2015. Public comments are invited on the revised discussion...
Commissioner Moscovici highlighted the re-launch of a debate on the Common Consolidated Corporate Tax Base (CCCTB) on 29 April as a part of the EU Commission’s Action Plan. This Action Plan will build on 5 key actions, starting with the relaunch...
The OECD has released a Discussion Draft on Action 12 (Mandatory Disclosure Rules) of the BEPS Action Plan on 31 March. The Action Plan calls for this work to be completed by September 2015 and the CFA invites interested parties to...
This blog post focuses on the Tax Rulings as a central element of the new EU Tax Transparency Package. Through the following questions and answers the myth around the proposal will disappear. The legislative proposal will improve cooperation between Member States in terms...
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...
I am wondering whether it is only me who is facing hundreds of pages of discussion documents inviting stakeholders’ input or are you also sharing the same experience while you are drinking your strong cup of coffee today! It is...
Release of discussion draft on revisions to Chapter I of the Transfer Pricing Guidelines (Including risk, recharacterisation and special measures) The OECD has invited stakeholders' input on the discussion draft which deals with work in relation to Actions 8, 9,...
On 18 December, the OECD has invited public comments on a discussion draft which deals with action 4 (Interest deductions and other financial payments) of the BEPS Action Plan. The use of interest (and in particular related party interest) is...
Following the publication by the International Consortium of Investigative Journalists (“ICIJ consortium”) of over 300 advance tax rulings issued by the Luxembourg tax administration between 2002 and 2010, the Luxembourg Ministry of Finance organised a press conference and issued a press...
Public comments are invited on a discussion draft which deals with follow-up work mandated by the Report on Action 6 (“Prevent the granting of treaty benefits in inappropriate circumstances”) of the BEPS Action Plan on 21 November 2014. The OECD...
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...
On 3 November, OECD released a discussion draft of proposed modifications to Chapter VII of the Transfer Pricing Guidelines relating to low value-adding intra-group services for comment by interested parties. This document is also available in French and Spanish. The...
Today, the Finance Ministers from 51 countries and jurisdictions have signed a Multilateral Competent Authority Agreement on the implementation of the Global Standard for the automatic exchange of financial account information. The signature of the Multilateral Convention on Mutual Administrative...
Today, the OECD published the comments received on the discussion draft on the paper on Transfer Pricing Comparability Data and Developing Countries. The comments were received in response to the invitation launched by the OECD on 11 March 2014. Background...
On 23 and 24 October, Heads of Tax Administration from 38 countries met in Dublin, Ireland for the 9th meeting of the Forum on Tax Administration (FTA). The FTA is the leading international body concerned with tax administration, bringing together...
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...
Today, Mazars was very pleased to welcome Dr Tom O’Shea and his LL.M in International Tax Law students from the Centre for Commercial Law Studies, Queen Mary, University of London. Dr Tom O’Shea delivered a very interesting guest lecture entitled...
On 8 July 2014, Mazars co-hosted a very successful parliamentary debate, focusing on finding the response to ‘How can public understanding and tax transparency shape policy and the role of a trusted adviser?’, at the House of Commons with the Association...
On 7 October 2014, the OECD published comments received following a request for input on Action 11 (Establish methodologies to collect and analyse data on BEPS and the actions to address it) of the Action Plan on Base Erosion and...
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...
11 days after the warm welcome and endorsement of the 7 Deliverables (2014) by the G20 in Cairns, the OECD published a revised calendar for stakeholders' input. The announcement emphasized that the timeline of the OECD/G20 Base Erosion and Profit...
We welcome the OECD's continued work on the impact of BEPS in low income countries. The OECD published Part II of a two-part report to the G20 Development Working Group (DWG) on the impact of BEPS in low income countries....
We welcome the OECD announcement on OECD BEPS project and deliverables. Today is a landmark day for the international tax world and it is expected that the BEPS project marks its first turning point in the history of international co-operation...
This September is a very challenging and landmark period for the international tax world. The OECD releases its first recommendations for a co-ordinated international approach to combat tax avoidance by multinational enterprises under the OECD/G20 Base Erosion and Profit Shifting (BEPS)...
Today, the OECD will have the launch of the first 7 deliverables, together with an official Explanatory Statement, will take place on 16 September 2014. This set of agreed measures will be presented to the G20 Finance Ministers in Cairns...
This September will be a very exciting period for the international tax world and it is expected that the BEPS project marks its first turning point in the history of international co-operation on taxation. Pascal Saint-Amans, Director of OECD Centre...
Taxation magazine's Paula Tallon and Pete Miller have written up an overview of the debate Mazars and ARC recently held at the House of Commons on tax transparency. They have covered the key points of: The need for trust and...
The role of greater transparency in improving public understanding of tax issues and enhancing confidence in the system was the subject of an informative and good-natured debate at the House of Commons on 8 July, hosted by Mazars and the...
Yesterday Mazars co-hosted a debate at the House of Commons with ARC (Association of Revenue and Customs) ‘How can public understanding and tax transparency shape policy and the role of a trusted adviser?’. (more…)
How can public understanding and tax transparency shape policy and the role of a trusted advisor? The discussion papers that will be used to explore these issues at an exclusive debate in Westminster next Tuesday, 8th of July are now...
On 15 April Mazars hosted a debate at Tower Bridge House on the Fair Tax Mark (FTM). The FTM was launched in February by high profile campaigner Richard Murphy – who was a panel member at the debate – as “the...
Last week saw the launch of the Fair Tax Mark (FTM) in the UK by Richard Murphy of the Tax Justice Network. Andrew Goodall in his blog today provides a useful insight into some of the concerns that the FTM...
Since the PAC summoned the heads of tax of the Big 4 accounting firms in December 2012, part of the Tax Transparency debate has focused on the tax advisers perceived to be intent on exploiting every loophole available to help...
This is the headline in the Sunday times today. It refers to a film partnership investment which offered tax advantages which weren't aligned with the commercial investment of the individuals. The planning (or scheme depending on your viewpoint) basically involved...
A consultation document (condoc) published on 24 January 2014 (following announcements in the 2013 Autumn Statement) intends to change the economic incentives to avoid tax and promote tax avoidance. It will give HMRC the power to pursue upfront payments of...
The article written by Professor Dr Hans van den Hurk and published in the January 2014 edition of the Bulletin For International Taxation is a great addition to the debate on tax avoidance and transparency (following Mazars' own tax transparency...
Today Vodafone published its own “tax transparency” report. Channel 4 news has covered the story, quoting Richard Murphy describing it as “smoke and mirrors”. Other criticisms of the report are “selective PR” and a “long excuse for (poor) behaviour”. What...
In the two weeks since the launch of Mazars response to the Tax Transparency debate we have received considerable interest from business, media and from non-government organisations (NGOs). It is clear from our discussions with businesses ranging from global, brand...
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