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(May 22, 2015)
On May 22, 2015 the Swiss Federal Department of Finance issued a press release announcing that on May 22, 2015 Switzerland and Oman signed an Agreement for the Avoidance of Double Taxation with respect to Taxes on Income (Hereafter: DTA). Although signed, the Agreement has not yet entered into force. For the DTA to enter into force, the respective ratification procedures have to been finalized in both countries.
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In today’s edition a.o.: Switzerland – European Parliament's TAXE special committee visits Switzerland; Malta - Joint Maltese-Italian working groups on tax enforcement; Germany – Meeting of the G7 finance ministers and central bank governors in Dresden (improving cooperation in international tax policy is also on the Agenda); Liechtenstein – The German version of the DTA that was recently signed between Liechtenstein and Georgia is available; United States – Businesses in U.S. Territories Must File Form 8300 with the IRS on Cash Transactions of $10,000 or More
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(May 22, 2015)
On May 22, 2015 the OECD published a revised Public Discussion Draft on Action 6 of the BEPS Action Plan (Prevent treaty abuse). The Discussion Draft is titled: “Revised discussion draft BEPS ACTION 6: PREVENT TREATY ABUSE”.
With respect to Action 6 the BEPS Action Plan states a.o.:
Read more: OECD releases Revised Discussion Draft on BEPS Action 6 (Prevent treaty abuse)
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(May 21, 2015)
Already on May 20, 2015 the U.S. Department of the Treasury released what it calls Select Draft Provisions of the U.S. Model Income Tax Convention.
The U.S. Model Income Tax Convention (the “U.S. Model”) is the baseline text used by the Treasury Department when it negotiates tax treaties with other States.
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(May 21, 2015)
On May 21, 2015 on the website GOV.UK a guidance titled: “Automatic Exchange of Information: holding companies and treasury companies” was published. The guidance was issued by the HM Revenue & Customs (HMRC) and sets out HMRC’s views relating to the treatment of holding companies and treasury companies for the purposes of the UK’s agreements relating to the automatic exchange of information on financial accounts, the UK/US agreement Foreign Account Tax Compliance Act (FATCA), the UK/Crown Dependencies and Gibraltar agreement, and the Multilateral Competent Authority agreement implementing the Common Reporting Standard, the latter taking effect for EU member states under Council Directive 2011/16/EU.
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