Global News
Ireland And The US Seeking Global Tax Fix For Digital Economy
; posted on
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
; posted on
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
; posted on
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
; posted on
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
; posted on
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
; posted on
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?
; posted on
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.
UK And EU Finalize A Draft Brexit Deal Including In Taxation
; posted on
November 15th, 2018
The UK and the EU have finalized a draft Brexit deal with a commitment to continue implementing OECD tax standards.
General tax issue
J5 Countries Host Data ‘Challenge,’ Close In On Enablers Of Tax Fraud And Financial Crimes
; posted on
November 13th, 2018
The Chiefs of Global Tax Enforcement (known as J5) held a meeting in Amsterdam. The meeting focused on identifying the professional enablers and those who are facilitating offshore tax fraud and financial crime.
Namibia Removed From EU Non-Cooperative Jurisdictions List
; posted on
November 8th, 2018
The ECOFIN Council decided to further amend the non-cooperative list by removing Namibia from the list.
Current Non-Cooperative Jurisdiction List
US Chamber And European Tech Leader Seeks Cooperation With EU On Digital Services Tax (DST)
; posted on
November 1st, 2018
The US Chamber and European Tech Leader wrote a letter to the EU Secretary and Ministry of Finance respectively to reconsider the implementation of proposed proposal on digital service tax.
Concerning Issues .
Saudi Arabia To Set Up First Special Economic Zone For Integrated Logistics
; posted on
October 25th, 2018
Saudi Arabia announced the establishment of a Special Economic Zone (SEZ). A Royal decree was issued to approve the regulation of the “Integrated Logistics Bonded Zone – ILBZ”.
OECD Publishes Practice Notes For Mining Sector
; posted on
October 23rd, 2018
The OECD and the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) announced the release of the first set of practice notes for developing countries on BEPS risks in mining.
About the OECD/IGF Co-operation .
Brexit And Its Impact On Businesses
; posted on
October 2nd, 2018
The Brexit will continue anyway on 29 March 2019. But what will the treaty look like? Will it be a 'hard' Brexit, a 'soft' Brexit or 'No Deal'? Certain effects are already noticeable in the Netherlands, the Brexit can hit any business.
The Israeli Tax Authorities Set New Safe Harbour Rules For Certain Transfer Pricing Transactions
; posted on
September 25th, 2018
The Israeli Tax Authorities ("ITA") recently published two safe harbour circulars, which have been in draft mode for several months, stating the ITA's expected profit levels for marketing services and for low-risk distributorship activities carried out in Israel by Multinational Entities ("MNE"), as well as providing guidance on non-value-added services.
HFN, together with the Israeli CPA Association and the Transfer Pricing Department of the ITA, are scheduled to hold a fireside chat on the matter on October 17, 2018 , at the offices of the Israeli CPA Association; please contact us if you would like to participate in this meeting.
EU Commission Concludes McDonalds’ Luxembourg Tax Rulings Are In Line With State Aid Rules
; posted on
September 20th, 2018
The European Commission has concluded that tax rulings issued by Luxembourg tax authorities to McDonald’s Europe Franchising did not infringe EU State aid rules in September 2018. The non-taxation of certain McDonald’s profits in Luxembourg is not a selective tax treatment and it is in line with national tax laws and the Luxembourg-United States Double Taxation Treaty.
Swiss Federal Council Passes Dispatch On Double Taxation Agreement With Saudi Arabia
; posted on
August 16th, 2018
The Swiss Federal Council adopted the dispatch on the double taxation agreement (DTA) with Saudi Arabia. Before entering into force, it has to be approved by Parliament in Switzerland and the necessary approval procedure has to be carried out in Saudi Arabia.
BEPS Project Blamed For Failing To Meet Developing Countries’ Needs
; posted on
July 31st, 2018
The United Nations University Institute on Comparative Regional Integration Studies (UNU-CRIS) published a Working Paper, in which the BEPS project is criticized for not sufficiently tailoring to the specific needs of developing countries.
Findings .
IMF Reviews Empirical Study On Tax Avoidance Practice By MNEs
; posted on
July 27th, 2018
The International Monetary Fund (IMF) published a working paper "International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots". This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations.
G20 Urges FATF To Set Anti-Money Laundering Standards In 3 Months
; posted on
July 24th, 2018
The G20 Finance Ministers and Central Bank Governors held a meeting between July 21 and 22 in Buenos Aires, the capital of Argentina. After the meeting, a Communiqué was released which asked the Financial Actions Task Force (FATF) to clarify its standards applying to crypto-assets in this October.

Copyright © 2018
Transfer Pricing Associates BV.
All rights reserved.
 

H.J.E. Wenckebachweg 210
1096 AS Amsterdam
T: +31 20 462 3530
E: info@tpa-global.com
I: www.tpa-global.com