Global News
UN Tax Committee To Update The United Nations Practical Manual On Transfer Pricing For Developing Countries
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April 11th, 2019
The UN Committee of Experts on International Cooperation in Tax Matters published a draft document to update the United Nations' Practical Manual on Transfer Pricing for Developing Countries. The draft includes a new chapter on financial transactions, revised text on profit splits, and revised text on establishing transfer pricing capability, risk assessment and transfer pricing audits.
UN Tax Committee Proposes To Update The Model Tax Treaty
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April 5th, 2019
The UN Committee of Experts on International Cooperation in Tax Matters published several documents in tax matters. Two of the documents are discussing possible updates to the UN Model Double Taxation Convention between Developed and Developing Countries commentary on permanent establishments and beneficial ownership.
OECD Proposals Undermine The Arm’s Length Principle
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March 29th, 2019
The Organisation for Economic Cooperation and Development (OECD) recently released a policy note (approved by the 127 members of its Inclusive Framework (IF)), hosted a webcast and held a public consultation meeting to consider possible solutions to the tax challenges arising from digitalization of the economy.
The policy note recognizes that the digitalization of the economy is pervasive, raises broader issues, and is most evident in, but not limited to, highly digitalized businesses.
OECD Beneficial Ownership Toolkit To Build Up Tax Transparency
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March 21st, 2019
The OECD has released a beneficial ownership toolkit, which will give law enforcement access to information on beneficial owners of companies to make it more difficult for criminals to hide illicit tax evasion activities.
Background .
IMF Publishes Policy Paper To Assess International Tax Reform Proposals
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March 14th, 2019
The International Monetary Fund (IMF) has published a policy paper on Corporate Taxation in the Global Economy. Through its paper, the IMF has stressed that international tax rules should be reformed to prioritize reducing the glaring inequalities that lower-income countries face when it comes to their taxing rights.
Many Countries Keen To Modify Their Tax Treaty Network Against Treaty Abuse
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February 20th, 2019
The Organisation for Economic Co-operation and Development (OECD) released the first peer review report relating to the compliance by members of the Inclusive Framework (IF) on Base Erosion and Profit Shifting to the minimum standard on BEPS Action 6 for prevention of treaty abuse. The report covers 116 jurisdictions and information available as of 30 June 2018.
U.S. Territories Included in EU Money Laundering Blacklist
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February 14th, 2019
The European Commission issued the black list for money laundering on 13 February 2018. The list also consists of four U.S. territories including Guam, American Samoa, U.
OECD - Progress On Addressing The Tax Challenges Arising From Digitalization Of The Economy And Harmful Tax Practices
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January 31st, 2019
The OECD has issued a release announcing that the international community has made important progress towards addressing the tax challenges arising from the digitalization of the economy and has agreed to continue working multilaterally towards achievement of a new consensus-based long-term solution in 2020. In addition, the OECD has also issued a release on progress made in addressing harmful tax practices.
EU Adds Saudi Arabia On Blacklist For Lax Control On Money Laundering
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January 29th, 2019
The European Commission has added Saudi Arabia to an EU draft list of countries that pose a threat to the bloc because of lax controls against terrorism financing and money laundering. According to Reuters’ source, the move comes amid heightened international pressure on Saudi Arabia after the murder of Saudi journalist Jamal Khashoggi in the kingdom’s Istanbul consulate on Oct.
OECD Advisory Group Sets Out Framework For Digital Tax Reform
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January 24th, 2019
The OECD’s Advisory Group, Business and Industry Advisory Committee (BIAC), released a report on “Business Principles for Addressing the Tax Challenges of the Digitalizing Economy”. The group set out 11 principles that should be taken into account as nations work to update the international tax rules to account for the modern economy.
Dutch Court Confirms The Most-Favored-Nation (MFN) Clause Under The Treaty Between The Netherlands And South Africa
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January 22nd, 2019
On 18 January 2019, the Supreme Court (Hoge Raad der Nederlanden) rendered its decision in case No. 17/04584 on the application of the most-favored-nation (MFN) clause contained in the Netherlands - South Africa Income and Capital Tax Treaty (2005) (as amended through 2008) (the Treaty).
OECD Launches Its Statistic Report: Corporate Tax Remains A Key Source Revenue Amidst The Looming Trend In Slashing The Tax Rate
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January 15th, 2019
The Organization for Economic Co-operation and Development (OECD) launched its corporate tax statistics report on 15 January 2019. The report provides internationally comparable statistics and analysis from around 100 countries worldwide on four main categories of data: corporate tax revenues, statutory corporate income tax (CIT) rates, corporate effective tax rates and tax incentives related to innovation.
Cayman Islands Fires Back At The Netherlands Over Black listing
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January 14th, 2019
The government of the Cayman Islands has issued a response to its "blacklisting" by the Netherlands as a low-tax jurisdiction.
Measures Taken
Ireland And The US Seeking Global Tax Fix For Digital Economy
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December 13th, 2018
According to an official speech released by the Irish Government, the US and Ireland agree that a global solution for taxation in the digital era is best achieved through the OECD. Irish Finance Minister Paschal Donohoe explained that an OECD-facilitated consensus could drive progress towards tax cooperation without creating the trading risks that can arise under unilateral measures.
IRS Publishes Joint Statement With France On The Spontaneous Exchange Of CbC Reports For 2017
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December 13th, 2018
On 11 December 2018, the U.S. IRS published a joint statement with the competent authority of France on the spontaneous exchange of Country-by-Country (CbC) reports for reporting fiscal years beginning in 2017. This statement is one of the practical effects of the OECD and G20 initiatives to tackle base erosion and profit shifting (the BEPS action plan) that both countries publicly announced to adhere to.
Cayman Islands Publishes Tax Bill On Economic Substance Requirements To Comply With BEPS Action 5
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December 11th, 2018
Cayman Islands Publishes Tax Bill On Economic Substance Requirements To Comply With BEPS Action 5
In response to global developments in financial services, the Cayman Islands Government published three bills, including the bill to implement substance requirement, to comply with international standards. The draft legislation which would apply on January 1, 2019, seeks to incorporate the OECD’s proposals under Action 5 of the base erosion and profit shifting (BEPS) project, on countering harmful tax practices, as well as the new EU substance requirements.
Jordan Amended Income Tax Law: Heavier Income Tax Rate And Wider Coverage On Transfer Pricing
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December 6th, 2018
Jordan has published a new tax law (Law 38 of 2018) in the official gazette. The amended law will supersede Law 34 of 2014, effective January 1, 2019.
G20 Leaders Seek Improved International Tax System Including On Cryptocurrency
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December 4th, 2018
In a communique issued after their summit, which held 30 November to 1 December 2018 in Buenos Aires, Argentina, G20 leaders reaffirmed their commitment to improving the international tax system on tax treaties and transfer pricing rule and to introducing international taxation system on cryptocurrency.
Improving the international tax system .
US Streaming Giant Revenues Are Under Examination By UK Tax Authority
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December 4th, 2018
British Netflix accounts are ‘under examination’ by UK HM Revenue and Customs (HMRC). Despite concerns over the tax arrangements of some digital services, Netflix clarifies that the investigation to be no more than standard practice.
China’s Tax Policy Development Amidst Trade War - Where Is The Dragon Heading?
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December 3rd, 2018
As the world’s two largest economies wrangle for global influence, China and US have been embroiled in a big trade battle on several fronts over the past few months. The US has imposed three rounds of tariffs on Chinese products this year, totalling $250bn worth of goods.

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