Europe

Tax officials at BEPS hearing reject business reps’ interest deduction proposal

February 18, 2015

Government and OECD tax officials at a February 17 OECD hearing suggested that, contrary to business representative assertions, a 30 percent of EBITDA fixed ratio is too high to effectively combat excessive multinational corporation interest deductions. Officials suggested that a lower percentage is appropriate for guidance on interest deductions being drafted under the OECD/G-20 base erosion and profit shifting (BEPS) plan. The day-long hearing concerned draft BEPS guidance under action 4, released December 18, that would limit . . .

Crimea residents receive new tax breaks

December 2, 2014

Russian President Vladimir Putin on December 1 signed addendums to the country’s tax code providing enhanced tax benefits to residents of the free economic zone in Crimea, Russian news agency TASS has reported. Under the new provisions . . .

Jersey and Romania sign TIEA

December 2, 2014

​Jersey and Romania on December 1 signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London, the government of Jersey has . . .

Ireland to close “double Irish,” but not until 2020 for existing arrangements

October 14, 2014

Ireland will close the “double Irish” corporate tax loophole beginning January 1, 2015, by requiring all companies registered in Ireland after that date to also be tax resident, the Irish government has announced.   Multinational firms with existing arrangements in Ireland will be able to use transition rules that will allow them to continue to use the loophole until the end . . .

Ireland launches its own BEPS consultation

May 27, 2014

Ireland's Department of Finance, on May 27, announced a consultation to consider international stakeholder's views on how Ireland's tax system should respond to the OECD's base erosion and profit shifting (BEPS) initiative. "Ireland remains 100% committed to the 12.5% corporation tax rate. . . .

See also, Why Ireland should address corporate tax residency rules before we’re forced to, By Feargal O'Rourke, The Irish Times

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