TRAN SPAR ENT. #betransparent
|
|
- Christina Ford
- 5 years ago
- Views:
Transcription
1 T H E TRAN SPAR ENT I M P E RA T I V E #betransparent
2 INTRODUCTION The amount of tax paid by multinational corporations (MNCs) is regularly in the news media. This is hardly surprising given the Organisation for Economic Cooperation and Development (OECD) estimates the practice of base erosion and profit shifting (BEPS) results in governments losing tax revenue of between US$100 billion to US$240 billion annually. At a time when many governments are grappling with significant budget deficits, such tax avoidance strategies have drawn the scrutiny of global regulators and taxation agencies, and have become a topic of fierce public debate. In Australia and the UK, there has been a public backlash against companies that are perceived to be avoiding their tax obligations. Several high profile local and international companies have been targeted on social media by activist groups calling for product boycotts, demanding explanations from elected officials and calling for corporate tax reports to be made public. Taxation agencies in some countries, including Australia, have taken to naming and shaming MNCs perceived to have abused the system and avoided reasonable tax obligations. Therefore, taxation has become a matter of reputational risk. Taxation has become a matter of reputational risk. Moreover, the level of political motivation and public will for change is manifest in how swiftly OECD nations have moved on the issue. For instance, in January 2016, 30 countries signed the Multinational Competent Authority Agreement, signalling their intent to cooperate on implementation of new OECD guidelines on this topic. 2
3 GAINING MOMENTUM The OECD started a working project on the issue of profit shifting in 2013, with the aim of evolving international tax law to improve the way MNCs report revenue. The BEPS project resulted in a 15-point action plan, which was released late last year, along with guidelines for implementation. Then, in February, G20 ministers met in Shanghai to ratify the first three elements that will be the foundation for ongoing work to end the practice of profit shifting. Australia and other jurisdictions are presently cooperating to ensure BEPS recommendations are implemented effectively, consistently and by as many jurisdictions as possible. Locally, the Australian Taxation Office (ATO) is assessing how changes to tax rules will affect businesses domiciled here, but Australia as a nation is already BEPS compliant. For instance, on 1 January stronger anti-avoidance rules and higher penalties for tax avoidance were introduced, targeted at large multinationals with an annual turnover in excess of $1 billion. The first three elements are: A mandate to launch negotiations on a multilateral instrument to streamline implementation of tax treaty-related BEPS measures. An implementation package for country-by-country reporting and a related governmentto-government exchange mechanism to start in Criteria to assess whether preferential treatment regimes for intellectual property (patent boxes) are harmful. BEPS 15-action plan released G20 ministers met in Shanghai The OECD started a working project on the issue of profit shifting 30 countries signed the Multinational Competent Authority Agreement 3
4 IMPLICATIONS BEYOND TAXATION One of the likely changes will be the introduction of country-by-country reporting. This will require MNCs to disclose more information than they presently do about their tax structures. Businesses that voluntarily disclose tax information will put themselves at an advantage in this circumstance. Additionally, the outcome of the OECD s process has implications for many levels of a business. Country-by-country reporting has the potential to impact business models and operating structures. If companies are forced to pay more tax, this may affect their revenue and shareholder returns. Country-by-country reporting has the potential to impact business models and operating structures. Businesses may need to invest in additional skills and resources to manage projects to implement changes required by regulators. Asset valuations for strategic transactions could be affected. Corporate affairs and investor relations teams may also need to be prepared should country-by-country reports be made public. 4
5 EXAMINING THE PLAUSIBLE Consequently, there is much for MNCs to consider as they prepare their response to this issue and global companies are right now considering the risks and opportunities the OECD s BEPS program delivers. According to Dr Shumi Akhtar, an expert in the finance discipline from Sydney University s Business School, the OECD is well on the way to addressing the crux of the BEPS issue. For instance, one of its recommendations is to limit the amount of interest MNCs can deduct from their revenue to lower their taxable income to between 10 per cent and 20 per cent of their earnings before interest, tax, depreciation and amortisation (EBITDA). In her view the issue is how workable the OECDs plans are for MNCs: the question is whether jurisdictions are prepared to act consistently. She says MNCs have on average a good compliance record. But they need a set of rules that are aligned across all jurisdictions given many operate in dozens of countries, all with different tax structures. It will be almost impossible for MNCs to manage compliance across such a vast array of regulatory structures. Dr. Shumi Akhtar Sydney University s Business School If each jurisdiction has its own take on the OECD s requirements, it will be almost impossible for MNCs to manage compliance across such a vast array of regulatory structures. As Akhtar suggests it s better to have a set of rules that are consistently applied than country-by-country rules. Peter Collins, PwC partner, says the challenge for the OECD and businesses will be moving from a theoretical to a practical perspective. Balancing national with global interests will be a challenge, he says, adding that it s questionable whether a one-size-fits-all approach will be able to be applied to every country. 5
6 For instance, low-tax jurisdictions such as Ireland and Luxembourg are unlikely to want to increase tax rates, as their position in the global economy is in part based on their more relaxed tax rules, which allow these countries to encourage multinational corporations to operate within them. The US s approach is likely to be a sticking point. It will balk at any rules that will be disadvantageous to the many major MNCs that operate within its borders. It is also unlikely to agree to anything that reduces its tax base. Balancing national with global interests will be a challenge Peter Collins - PwC partner However, no doubt many companies do wish for a resolution on this issue. For instance, Apple has, according to a CNN report, US$203 billion in cash sitting on its balance sheet it cannot repatriate without incurring tax liabilities. For instance, let s say a smart phone is sold for $1,000 in Australia. The simplistic argument is that tax would then be paid here. Yet Collins suggests this approach does not account for the fact the phone was designed in California from intellectual property developed in Ireland and manufactured in China. As a result, the US, Ireland, China and also Australia, believe the profit was generated in their country and therefore the tax should be paid in their jurisdictions. He says in a worst-case scenario, changes to tax laws as a result of the OECD s work will result in further complexity and, worryingly, the propensity for double taxation. In Australia, the issue is complicated by the imputation credit regime, which allows listed businesses to pass on tax credits to shareholders. A study by ANZ, Winning the Away Game: Australia-based Global Companies and the Economy, argues this discourages Australian businesses from expanding offshore. This finding will no doubt be taken into consideration by the ATO as it prepares its response to BEPS. Collins notes BEPS is about ensuring MNCs pay tax in the jurisdiction in which income is earned but notes this can be a grey area. 6
7 TAKING A CLEARLY CONFIDENT POSITION The onus is on MNCs to be prepared to abide by new tax rules. Leadership teams must be reviewing potential impacts on the business now and ensuring the organisation has the appropriate resources to respond when final rules are released. Finance professionals and taxation specialists must ensure they have robust revenue recognition processes in place. This is the best way to prepare for the changes ahead. Organisations that have invested in technology that collects data, provides oversight of compliance and automates accurate reporting of income earned and tax paid country-by-country will be at an early advantage when the new rules are introduced. Businesses that do this will be in the best position to maintain consumer and investor confidence in the organisation, leadership team and strategy. 7
8 tax.thomsonreuters.com.au For additional information Call AU: or NZ: Or
BUDGET UPDATE: TRAN SPAR ENT. #betransparent
BUDGET UPDATE: TRAN SPAR ENT T O W A R D S #betransparent INTRODUCTION The Federal Treasurer, Scott Morrison is sending a clear message to multinational corporations (MNCs) that now is the time to get
More informationAustralian perspective on 2015 BEPS package
TaxTalk Insights BEPS Australian perspective on 2015 BEPS package 8 October 2015 In brief The Organisation for Economic Co-operation and Development (OECD) has released the 2015 Base Erosion and Profit
More informationTax transparency - a new era in reporting?
IFRS Spotlight October 2016 Tax transparency - a new era in reporting? In the past year, taxes paid have attracted global regulatory and media scrutiny. From the recent EU decision to claim $14bn from
More informationTechnology Builds Transparency: Achieving Justified Trust
Technology Builds Transparency: Achieving Justified Trust INTRODUCTION A fair international tax system is one of the Organisation for Economic Co-operation and Development s (OECD s) main focus areas.
More informationRoundup of Australia s BEPS developments
TaxTalk Insights Global Tax Roundup of Australia s BEPS developments 12 April 2017 In brief Since its presidency of the G20 in 2014, Australia has been at the forefront of efforts to combat tax avoidance
More informationFlash News. PwC Luxembourg BEPS Series- What it means for the Luxembourg Asset Management industry
www.pwc.lu/tax Flash News PwC Luxembourg BEPS Series- What it means for the Luxembourg Asset Management industry On Monday 5 October 2015, the Organisation for Economic Cooperation and Development (OECD)
More informationThe OECD s 3 Major Tax Initiatives
The OECD s 3 Major Tax Initiatives 1. The Global Forum on Transparency and Exchange of Information for Tax Purposes Peer review of ~ 100 countries International standard for transparency and exchange of
More informationAUSTRALIAN BUDGET
MAY 2015 AUSTRALIAN TAX UPDATE AUSTRALIAN BUDGET 2015-2016 INTRODUCTION The Australian Government has released a measured but significant 2015-2016 Federal Budget. The three main tax changes include a
More informationImproving the general anti-avoidance regime ( Part IVA ) in response to base erosion and profit shifting ( BEPS )
Improving the general anti-avoidance regime ( Part IVA ) in response to base erosion and profit shifting ( BEPS ) Additional information provided on notice Senate Economic Reference Committee Hearing on
More informationTHE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February AM PM Conrad Hotel, Hong Kong
THE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February 2016 9.00AM - 12.00PM Conrad Hotel, Hong Kong THE DRIVE TOWARDS TRANSPARENCY: CHALLENGES AND OPPORTUNITIES IN INTERNATIONAL
More informationHong Kong s OECD BEPS Associate status requires implementation of BEPS minimum standards
28 June 2016 International Tax and TP Alert Hong Kong s OECD BEPS Associate status requires implementation of BEPS minimum standards Executive summary On 20 June 2016, Hong Kong announced that it will
More informationTax governance high on IRD s agenda. The 2015/16 Compliance Focus for Multinationals emphasises the role of good tax governance in mitigating tax risk
B 18 November 2016 Regular commentary from our experts on topical tax issues Issue 1 The 2015/16 Compliance Focus for Multinationals emphasises the role of good tax governance in mitigating tax risk All
More informationBEPS transfer pricing and permanent establishment avoidance
BEPS documents release - August 2017: #17 In Confidence Office of the Minister of Finance Office of the Minister of Revenue Cabinet Economic Growth and Infrastructure Committee BEPS transfer pricing and
More informationExecutive Summary. This paper discusses some of these key tax considerations that the Government should review closely:
FSDC Paper No.26 A Paper on Tax Issues Affecting Hong Kong to Become a Preferred Location for Regional and International Financial Institutions to Originate and Trade International Financial Products December
More informationOECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset Full results of fourth annual multinational survey August 2017
OECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset Full results of fourth annual multinational survey August 2017 OECD s BEPS initiative full results of fourth annual multinational
More informationTax watch: Edition 2. March Transfer Pricing, Permanent Establishment and Interest Limitation Changes Announced
The views reflected in this document are the views of the authors and do not necessarily reflect the views of the global EY organisation or its member firms. Tax watch: Edition 2 March 2017 Transfer Pricing,
More informationAdministrative measures
August 2018 A special report from Policy and Strategy, Inland Revenue Administrative measures DEFINITION OF LARGE MULTINATIONAL GROUP Section YA 1 The new legislation introduces the term large multinational
More informationNew Zealand to implement wide ranging international tax reforms
15 August 2017 Global Tax Alert New Zealand to implement wide ranging international tax reforms EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationWELCOME TO OUR WEBINAR
WELCOME TO OUR WEBINAR International Franchise Structures Tuesday, September 15, 2015 1:00 p.m. EDT If you cannot hear us speaking, please make sure you have called into the teleconference number on your
More informationA small country perspective on international taxation Ann Nolan, Second Secretary General, Ministry of Finance, Ireland Oxford University Centre for
A small country perspective on international taxation Ann Nolan, Second Secretary General, Ministry of Finance, Ireland Oxford University Centre for Business Taxation, Summer Conference, 23 June 2014 Outline
More informationThe UAE has joined the Inclusive Framework on BEPS
The UAE has joined the Inclusive Framework on BEPS May 2018 In brief The United Arab Emirates ( UAE ) joined the OECD Inclusive Framework on Base Erosion and Profit Shifting ( BEPS ) on 16 May 2018, bringing
More informationCoversheet: BEPS transfer pricing and permanent establishment avoidance rules
BEPS documents release - August 2017: #18 Coversheet: BEPS transfer pricing and permanent establishment avoidance rules Advising agencies Decision sought Proposing Ministers The Treasury and Inland Revenue
More informationOECD releases final BEPS package
6 October 2015 Tax Flash OECD releases final BEPS package On 5 October 2015, the OECD published the final reports of the OECD/G20 Base Erosion and Profit Shifting ( BEPS ) project, which consist of a package
More informationNew Financial Year, New Tax Developments for Inbound Financing
TaxTalk Insights Financial Services New Financial Year, New Tax Developments for Inbound Financing What should Inbound Real Estate Entities look out for? 24 August 2017 In brief Recent changes to the tax
More informationInsurance Tax Insight The Global Tax Reset: BEPS & Insurance
Insurance Tax Insight The Global Tax Reset: BEPS & Insurance On 5 October 2015, the OECD published 13 papers outlining consensus actions under the base erosion and profit shifting (BEPS) project. The output
More informationBase erosion & profit shifting (BEPS) 25 May 2016
Base erosion & profit shifting (BEPS) 25 May 2016 Introduction Important to distinguish between: Tax avoidance Using legal provisions to minimise tax liability Covers interventions that are referred to
More informationAm I my brother s keeper?
28 June 2016 Regular commentary from our experts on topical tax issues Issue 1 The triple release is a mix of the high-level, the detailed and the theoretical. The New Zealand foreign trust recommendations
More informationContents. Overview of integrity measures Multinational (MNE) anti-avoidance provision... 2
Contents Overview of integrity measures... 1 Multinational (MNE) anti-avoidance provision... 2 GST on digital products and services by offshore suppliers... 3 Status of main changes from G20-OECD Action
More informationAnalysis of Intellectual Property Tax Planning Strategies of Multinationals and the Impact of the BEPS Project
Analysis of Intellectual Property Tax Planning Strategies of Multinationals and the Impact of the BEPS Project Dr Ranjana Gupta Auckland University of Technology 1 Introduction The global economy and the
More informationBEPS strengthening our interest limitation rules
BEPS documents release - August 2017: #15 In Confidence Office of the Minister of Finance Office of the Minister of Revenue Cabinet Economic Growth and Infrastructure Committee BEPS strengthening our interest
More informationBuilding a statutory transfer pricing regime
Tax Transfer pricing The Inland Revenue (Amendment) (No.6) Bill 2017, which relates to Hong Kong s commitment to implementing BEPS action 13, caused a stir in the accounting profession. The Institute s
More informationBUSINESS MODELS IN THE CURRENT BEPS ENVIRONMENT DO YOU NEED TO CHANGE? Lyndon James, Partner Pete Rhodes, Senior Manager PwC
BUSINESS MODELS IN THE CURRENT BEPS ENVIRONMENT DO YOU NEED TO CHANGE? Lyndon James, Partner Pete Rhodes, Senior Manager PwC Agenda The current environment and the case for change Australian measures most
More informationTAX LAWS AMENDMENT (CROSS BORDER TRANSFER PRICING) BILL 2013: MODERNISATION OF TRANSFER PRICING RULES EXPOSURE DRAFT - EXPLANATORY MEMORANDUM
2012 TAX LAWS AMENDMENT (CROSS BORDER TRANSFER PRICING) BILL 2013: MODERNISATION OF TRANSFER PRICING RULES EXPOSURE DRAFT - EXPLANATORY MEMORANDUM (Circulated by the authority of the Deputy Prime Minister
More informationA totally different tax landscape for offshore indirect transfer wider, clearer & more challenging
News Flash China Tax and Business Advisory A totally different tax landscape for offshore indirect transfer wider, clearer & more challenging February 2015 Issue 04 In brief According to the circular Guoshuihan
More informationTrends I Netherlands moves away from fiscal offshore industry
1 Trends I Netherlands moves away from fiscal offshore industry The Netherlands is slowly but surely steering away from facilitating the use of its corporate income tax system by companies that are set
More informationAustralian government introduces bill to combat multinational tax avoidance
Australian government introduces bill to combat multinational tax avoidance The Australian Treasurer introduced a bill to combat multinational tax avoidance into parliament on 16 September 2015. The proposals
More informationChina s move to improve its international taxation policies by virtue of G20 tax reform
News Flash China Tax and Business Advisory China s move to improve its international taxation policies by virtue of G20 tax reform April 2015 Issue 16 In brief Earlier this month, at a seminar in Hong
More informationThe International Tax Landscape
and EU Tax Reforms How will Ireland, Luxembourg, Netherlands and Switzerland Reform Their Tax Systems to Comply?, Loyens & Loeff NV, PricewatershouseCoopers, PricewaterhouseCoopers 67 th Annual Tax Conference
More informationUK s bilateral APA program for financial transactions is in line with growing global approach
5 November 2018 Global Tax Alert News from Transfer Pricing UK s bilateral APA program for financial transactions is in line with growing global approach NEW! EY Tax News Update: Global Edition EY s new
More informationTAX EVASION AND AVOIDANCE: Questions and Answers
EUROPEAN COMMISSION MEMO Brussels, 6 December 2012 TAX EVASION AND AVOIDANCE: Questions and Answers See also IP/12/1325 Tax Evasion Why has the Commission presented an Action Plan on Tax fraud and evasion?
More informationProposal for amending the Parent-Subsidiary Directive: European Commission is waging war against double non-taxation
Proposal for amending the Parent-Subsidiary Directive: European Commission is waging war against double non-taxation David Ledure/Frederik Boulogne/Pieter Deré On 25 November 2013, the European Commission
More informationAustralia releases draft anti-hybrids law
28 November 2017 Global Tax Alert Australia releases draft anti-hybrids law EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationBEPS nears the finish line. The inevitable BEPS changes are close to the final stages of implementation.
13 December 2017 Regular commentary from our experts on topical tax issues Issue 2 The inevitable BEPS changes are close to the final stages of implementation. BEPS nears the finish line Snapshot The Taxation
More informationTHE AUSTRALIAN GOVERNMENT INCREASES PRESSURE ON MULTINATIONAL TAX AVOIDANCE: 40% DIVERTED PROFITS TAX (DPT) INTRODUCED
THE AUSTRALIAN GOVERNMENT INCREASES PRESSURE ON MULTINATIONAL TAX AVOIDANCE: 40% DIVERTED PROFITS TAX (DPT) INTRODUCED 2 DECEMBER 2016 INTRODUCTION AND OVERVIEW The Australian Government released draft
More informationAmCham EU s position on the Commission Anti-Tax Avoidance Package
AmCham EU s position on the Commission Anti-Tax Avoidance Package Executive summary AmCham EU welcomes attempts to ensure that adoption of the OECD s recommendations is consistent across the EU and with
More informationTransparent, sophisticated, tax neutral
Transparent, sophisticated, tax neutral The truth about offshore alternative investment funds www.aima.org Executive Summary Collective investment is good for investors. Investors such as pension funds,
More informationOECD issues Action Plan on Base Erosion and Profit Shifting (BEPS)
22 July 2013 OECD issues Action Plan on Base Erosion and Profit Shifting (BEPS) Executive summary On 19 July 2013, the Organisation for Economic Cooperation and Development (OECD) issued its much-anticipated
More informationTax services.
Tax services www.keypoint.com Keypoint is one of the GCC s most comprehensive providers of business advisory services. Our services - including accounting solutions, statutory & corporate advisory, investment
More informationTHE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA SENATE TREASURY LAWS AMENDMENT (COMBATING MULTINATIONAL TAX AVOIDANCE) BILL 2017
2016-2017 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA SENATE TREASURY LAWS AMENDMENT (COMBATING MULTINATIONAL TAX AVOIDANCE) BILL 2017 DIVERTED PROFITS TAX BILL 2017 REVISED EXPLANATORY MEMORANDUM
More informationOECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset 2018 Survey summary results
OECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset 2018 Survey summary results Respondents OECD s BEPS initiative fifth annual survey Overview of the 2018 survey The purpose
More informationA Guide To Changes In Irish Tax Rules
A Guide To Changes In Irish Tax Rules - The Global Tax Reform Agenda 6 September 2016 THE FACTS YOU NEED TO KNOW ON IRISH TAX CHANGES 1 INTERNATIONAL TAX RULES HAVE BEEN CHANGING - IRELAND HAS BEEN PARTICIPATING
More informationAre you taking Russian tax risks? Time to test your Russia-related business. Check your tax risks factors and assess your risks
Are you taking n tax risks? Time to test your -related business Check your tax risks factors and assess your risks Why is it so important? n tax law is changing. So is the court practice. During times
More informationHot topics Treasury seminar
Hot topics Treasury seminar Treasury in a transparent and new tax world Discover and unlock your potential Program Introduction on BEPS Potential implications for treasury o Interest deduction o Treaty
More informationIreland Intellectual Property incentives
Ireland Intellectual Property incentives 25 November 2014 Peter Vale, Grant Thornton Topics to be covered Budget 2015 changes, including Double Irish Intangible Asset Regime post Budget 2015 R&D tax credit
More informationTHE KNOWLEDGE DEVELOPMENT BOX Public Consultation JANUARY 2015
THE KNOWLEDGE DEVELOPMENT BOX Public Consultation JANUARY 2015 Public Consultation Paper: The Knowledge Development Box Department of Finance January 2015 Tax Policy Division Department of Finance Government
More informationG8/G20 TAXATION ISSUES : Tax Training Day, ODI, London 16 September 2013
G8/G20 TAXATION ISSUES : Tax Training Day, ODI, London 16 September 2013 BASE EROSION AND PROFIT SHIFTING 2 OECD Work on Taxation Focus has historically been on the development of common standards to eliminate
More informationEngaging title in Green Descriptive element in Blue 2 lines if needed
BEPS Impact on TMT Sector January 2016 Engaging title in Green Descriptive element in Blue 2 lines if needed Second line optional lorem ipsum B Subhead lorem ipsum, date quatueriure Let s be crystal clear:
More informationHow BEPS fits in with the EU s tax agenda. The European Union (EU) has actively participated in the entire
How BEPS fits in with the EU s tax agenda Klaus von Brocke and Jurjan Wouda Kuipers look at how BEPS recommendations interact with EU tax laws. The European Union (EU) has actively participated in the
More informationVOLUME 18, NUMBER 1 >>> JANUARY 2016
VOLUME 18, NUMBER 1 >>> JANUARY 2016 Turkey Abdulkadir Kahraman KPMG, Turkey As a member of the G-20, Turkey is still an attractive market for MNEs. This article addresson Turkey s current tax climate,
More informationVI. Permanent Establishments and Profit Attribution to Permanent Establishments
VI. Permanent Establishments and Profit Attribution to Permanent Establishments 2 Panelists Rob Heferen, Deputy Secretary, Revenue Group, The Treasury of Australia Henry Louie, Deputy to the International
More informationReal estate funds. Are you leaving money on the table?
Real estate funds Are you leaving money on the table? Relevant to real estate fund managers or those managing investments under a segregated account mandate In a rapidly changing tax environment, it is
More informationIP BOX TAX REGIMES. Rod Donnelly Thursday, September 14, 2017
IP BOX TAX REGIMES Rod Donnelly Thursday, September 14, 2017 AGENDA 2 IP Box basics Tax sticks and carrots International landscape harmful tax practices OECD BEPS 2015 action final report topics OECD BEPS
More informationTAXATION, STAMP DUTY AND CUSTOMS DUTY
TAXATION, STAMP DUTY AND CUSTOMS DUTY Chapter 11 Taxation, Stamp duty and Customs duty In Australia, taxes are imposed by the Australian Government, state and territory governments, and local government
More informationINCEPTION IMPACT ASSESSMENT. A. Context, Subsidiarity Check and Objectives
INCEPTION IMPACT ASSESSMENT TITLE OF THE INITIATIVE LEAD DG RESPONSIBLE UNIT AP NUMBER LIKELY TYPE OF INITIATIVE Initiative on introducing effective disincentives for advisors, promoters and enablers of
More informationOECD seeks comments on use of a group ratio to determine limit on interest deductibility
OECD seeks comments on use of a group ratio to determine limit on interest deductibility 29 July 2016 In brief A company may be able to deduct more of its debt finance costs if discussion draft proposals
More informationTAX REPORT 2017 LENDLEASE TAX REPORT. For the year ended 30 June 2017
1 2017 TAX REPORT For the year ended 30 June 2017 In this report references to Lendlease, the Group, we and our refer to both Lendlease Corporation Limited (and each of its subsidiaries incorporated in
More informationThe new global tax environment. What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business
The new global tax environment What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business Changing business environment Macroeconomic megatrends, mobility of capital and growth
More informationTaxTalk Monthly Other news
TaxTalk Monthly Other news Other news 1 February 2015 Mid-Year Economic and Fiscal Outlook (MYEFO) 2014-15 The Treasurer released the 2014-15 MYEFO on 15 December 2014. The MYEFO which forecasts an underlying
More informationSubmission. New Zealand Private Equity and Venture Capital Association. To the. Tax Working Group. On the. Future of Tax
Submission By New Zealand Private Equity and Venture Capital Association To the Tax Working Group On the Future of Tax 30 April 2018 Page 1 Contact details: The NZVCA would be happy to discuss the issues
More informationThe Anti Tax Avoidance Package Questions and Answers (Updated)
European Commission - Fact Sheet The Anti Tax Avoidance Package Questions and Answers (Updated) Brussels, 21 June 2016 1. Why has the Commission made the fight against corporate tax avoidance a priority?
More informationUnited Nations Practical Portfolio. Protecting the Tax Base. of Developing Countries against Base Erosion: Income from Services.
United Nations Practical Portfolio Protecting the Tax Base of Developing Countries against Base Erosion: Income from Services asdf United Nations New York, 2017 Copyright January 2017 United Nations All
More informationEU Finance Ministers reach conclusions on new rules for Code of Conduct
14 March 2016 Global Tax Alert News from EU Tax Services EU Finance Ministers reach conclusions on new rules for Code of Conduct EY Global Tax Alert Library Access both online and pdf versions of all EY
More informationTax Management International Forum
Tax Management International Forum Comparative Tax Law for the International Practitioner Reproduced with permission from Tax Management International Forum, 38 FORUM 14, 6/5/17. Copyright 姝 2017 by The
More informationThe tax reform of 2017 explained
I nnealta C A P I T A L SPECIALISTS IN ACTIVE MANAGEMENT OF ETF PORTFOLIOS The tax reform of 2017 explained Key takeaways: Recently introduced tax reform covers three main areas: taxes on individuals,
More informationSWISS CORPORATE TAX REFORM POSTPONED
SWISS CORPORATE TAX REFORM POSTPONED Authors Peter von Burg Dr. Natalie Peter Tags Corporate Tax Income Taxation Notional Interest Deduction Patent Box Step-Up in Basis Switzerland Peter von Burg is an
More informationAustralian Parliament passes Bill for MAAL, CbC reporting and increased penalties with wider ATO public reporting
4 December 2015 Global Tax Alert Australian Parliament passes Bill for MAAL, CbC reporting and increased penalties with wider ATO public reporting Private company tax data to be disclosed by ATO. Wide-ranging
More informationThe Practical Considerations and Impact of Addressing Country-by-Country Reporting
The Practical Considerations and Impact of Addressing Country-by-Country Reporting Country-by-Country Reporting has come into effect. Any multinational enterprises within the UK & Rebublic of Ireland,
More information1. Corporate Income Tax
Factsheet Belgian tax incentives November 2018 1 The Belgian Summer Agreement 2017 aided the tax competitiveness of the corporate income tax regime with a decrease of the corporate income tax rate to 25%
More informationSecurities Regulation: Global Trends and Trans-Tasman Alignment
Ref: 500-120 / #70730 Australian Compliance Institute Conference Securities Regulation: Global Trends and Trans-Tasman Alignment Jane Diplock AO Chairman, IOSCO Executive Committee Chairman, Securities
More informationIMPACT OF TAX ON M&A. Simon Fletcher 14 October 2016
IMPACT OF TAX ON M&A Simon Fletcher AGENDA 1. Tax environment 2. Recent developments 3. Impact on M&A 4. Questions Disclaimer: this presentation is intended to be for general guidance on matters of interest,
More informationTAX EFFECTIVE GEARED INVESTING
TAX EFFECTIVE GEARED INVESTING Peter Gianoli - General Manager Investor Assist Introducing tax-effective geared investing. It s a term that sounds complicated but it s really quite simple and can have
More informationGlobal Transfer Pricing Conference
www.pwc.com/tp Fit for the future Global Transfer Pricing Conference To agree or not to agree: Working toward agreement with the tax authorities Today s presenters Diane Hay, UK Lyndon James, Australia
More informationOECD BEPS and EU Anti-Tax Avoidance Directive
Tax Services OECD BEPS and EU Anti-Tax Avoidance Directive Implications for captive insurers Executive summary Over the last five years global tax authorities have increasingly scrutinised captive insurance
More informationMarch Brave new world. The OECD s Base Erosion & Profit Shifting (BEPS) Action Plan poses immediate challenges for oil and gas companies
March 2015 Brave new world The OECD s Base Erosion & Profit Shifting (BEPS) Action Plan poses immediate challenges for oil and gas companies Originally featured in the Oil & Gas Financial Journal, January
More informationNavigating BEPS: Keeping track of the tax changes for internationally mobile employees
Navigating BEPS: Keeping track of the tax changes for internationally mobile employees Across a number of countries, the way internationally mobile employees are taxed is being shaken-up. This follows
More informationTaxing Income Across International Borders. A Policy Framework
Taxing Income Across International Borders A Policy Framework 30 July 1991 PREFACE Minister of Finance, Hon Ruth Richardson Minister of Revenue, Hon Wyatt Creech TAXING INCOME ACROSS INTERNATIONAL BORDERS
More informationAustralia s proposed Diverted Profits Tax to affect many multinational businesses
2 December 2016 Global Tax Alert Australia s proposed Diverted Profits Tax to affect many multinational businesses EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationE/C.18/2016/CRP.2 Attachment 9
Distr.: General * October 2016 Original: English Committee of Experts on International Cooperation in Tax Matters Twelfth Session Geneva, 11-14 October 2016 Agenda item 3 (b) (i) Update of the United Nations
More informationExecutive Summary.. 3. Introduction.. 3. Australia needs to increase patent production as a matter of urgency What is Patent Box?...
1 Contents Executive Summary.. 3 Introduction.. 3 Australia needs to increase patent production as a matter of urgency... 4 What is Patent Box?... 5 Why does Australia need a Patent Box solution?... 5
More information7th Global Headquarters Conference Swiss Tax Update in the international context
Tax and Legal Services 7th Global Headquarters Conference Swiss Tax Update in the international context Welcome! Your Speakers Armin Marti Partner, Leader Corporate Tax Switzerland Direct: +41 58 792 43
More informationChina s SAT issues new rules on reporting of related-party transactions and contemporaneous documentation
Arm s Length Standard Global views within reach. China s SAT issues new rules on reporting of related-party transactions and contemporaneous documentation China s State Administration of Taxation (SAT)
More informationTax Seminar: Transfer Pricing A Customs Perspective. Peter Caxton Kinuthia Director, Tax Services KPMG Kenya. 30 April 2015
Tax Seminar: Transfer Pricing A Customs Perspective Peter Caxton Kinuthia Director, Tax Services KPMG Kenya 30 April 2015 Presentation Outline Background TP and Customs Valuation Worldwide Developments
More informationAustralian Treasury Discussion Paper on the digital economy and Australia s corporate tax system: A detailed review
4 October 2018 Global Tax Alert Australian Treasury Discussion Paper on the digital economy and Australia s corporate tax system: A detailed review NEW! EY Tax News Update: Global Edition EY s new Tax
More informationTax Strategy Group TSG XX/XX Title CORPORATION TAX. Tax Strategy Group TSG 17/ July 2017
Tax Strategy Group TSG XX/XX Title CORPORATION TAX Tax Strategy Group TSG 17/01 25 July 2017 1 TSG 17/01 Tax Strategy Group Corporation Tax Contents Introduction... 3 Recent Domestic Developments... 5
More informationMultilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting A briefing note prepared for the Finance and Expenditure Committee Policy and Strategy, Inland
More informationAnnual International Bar Association Conference Sydney, Australia. Recent Developments in International Taxation. Republic of Cyprus
Annual International Bar Association Conference 2017 Sydney, Australia Recent Developments in International Taxation Republic of Cyprus Venetia Argyropoulou European University of Cyprus v.argyropoulou@euc.ac.cy
More informationA rapidly changing tax landscape Recent Asian tax developments
A rapidly changing tax landscape Recent Asian tax developments Michael Velten Partner Tax and Legal Deloitte The tax environment in Asia continues to evolve. The diversity of tax systems in Asia (and their
More informationPresentation by Shigeto HIKI
Presentation by Shigeto HIKI Co-chair of Forum on Harmful Tax Practices Director International Tax Policy Division, Tax Bureau Ministry of Finance, Japan The Fifth IMF-Japan High-Level Tax Conference For
More informationOverseeing taxes in a new era
Governance Insights Center August 2017 Overseeing taxes in a new era Corporate taxes often are a significant expenditure and the subject of increasing uncertainty, making it a top agenda item for business
More informationCPA Esther Wahome. Thursday, 16 August 2018
Current trends in international tax planning (focus on BEPS). Presentation by: CPA Esther Wahome Senior Manager Taxation Services Deloitte & Touche Thursday, 16 August 2018 Uphold public interest Contents
More information