Materials that accompany a UK draft law suggest that OECD/G20 base erosion profit shifting (BEPS) guidance will recommend that country-by-country reporting data be disseminated using a tax treaty mechanism, vastly limiting the scope of the reform, tax campaigners say . . .
A protocol and exchange of notes between the UK and Japan, signed December 17, 2013, will enter into force on December 12, the UK government announced November 12.The protocol . . .
The UK on Sept. 30 issued guidance explaining the conditions that must be met for holding companies to recover VAT. The guidance describes . . .
Finance ministers from the UK, France, Germany, Italy and Spain, on 28 April, agreed to sign new global standards of automatic exchange of tax information at the October Global Forum meeting in Berlin. The countries will begin to automatically exchange information in 2017, with respect to data collected from 31 December 31, 2015. UK Press Release, German Press Release, French Press Release
The UK’s HMRC on January 28 published the text of a tax information exchange agreement (TIEA) signed recently by the UK and Monaco . . .
A tax treaty between the UK and Iceland, signed December 17, 2013, entered into force on November 10, the UK government announced December 15. See, text of UK/Iceland treaty.
Germany and the UK have agreed to a proposal that would put limits on preferential intellectual property regimes, including the UK’s patent box regime, for purposes of drafting uniform rules responding to Action 5 of the OECD/G-20 base erosion profit shifting (BEPS) plan. The compromise proposal breaks . . .
Richard Asquith has joined Avalara in the UK as VP of Global Tax Compliance, Avalara announced on October 21. Asquith was previously with the TMF Group. Release.
The UK’s HMRC, in Customs Brief 23 issued December 11, updated its view of how UK businesses must account for VAT on intragroup supplies of services to branches that are part of VAT groups located in the Netherlands or Spain, following the European Court of Justice’s ruling in Skandia America . . .
The UK government on December 9 issued draft legislation for Finance Bill 2016, including measures addressing hybrid mismatch arrangements and the UK patent box, and introducing new transparency requirements for large corporations and partnerships. The government . . .
The UK government intends to end tax avoidance schemes used by technology companies, Chancellor of the Exchequer George Osborne said Sept. 29, reportedly referring to plans to target double Irish tax avoidance strategies.
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The UK government is working on modifications to the proposed diverted profits tax rules that would limit the notification requirements and broaden the exclusion for loan relationships, Mike Williams, Director, Business and International Tax, HM Treasury said January 13. The proposed 25 percent tax on diverted profits, announced in. . .
G7 leaders, in a joint declaration issued June 8, made a “commitment to establish binding mandatory arbitration to ensure that the risk of double taxation does not act as a barrier to cross-border trade and investment.” The leaders also said they support work being done on binding arbitration as part of the OECD/G20 base erosion profit shifting (BEPS) project, and encouraged others . . .
UPDATE (6/9/2015): Christian Aid sounds alarm over G7 plan for mandatory tax arbitration: Christian Aid, on June 9, called the G7 leaders’ expression of support for compulsory binding arbitration in multinational tax disputes “deeply troubling,” stating . . .
The UK’s HM Revenue and Customs on May 21 issued guidance on the treatment of holding companies and treasury companies under FATCA, the multilateral competent authority agreement implementing the common reporting standard, and the . . .
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