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In the evening of January 11, 2016 the European Parliament’s Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect (TAXE 2) and the EP’s Economic and Monetary Committee (ECON) had a joined meeting during which they exchanged views with Commissioner Moscovici. The meeting was broadcasted via a live webstream.
Read more: Video available of TAXE 2 & ECON’s meeting of January 11, 2016
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On January 11, 2016 the European Commission announced that it has concluded that selective tax advantages granted by Belgium under its "excess profit" tax scheme are illegal under EU state aid rules. According to the announcement the scheme has benefitted at least 35 multinationals mainly from the EU, who must now return unpaid taxes to Belgium. The European Commission estimates the total amount to be recovered from the companies to be around €700 million.
Read more: The European Commission concludes the Belgian "Excess Profit" tax scheme to be ILLEGAL
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On January 8, 2016 the Inland Revenue (Amendment) Bill 2016 and Explanatory Memorandum were gazetted in The Government of the Hong Kong Special Administrative Region of the People’s Republic of Hong Kong Gazette. The Bill seeks to put in place a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial account information in tax matters (AEOI) as promulgated by the Organisation for Economic Co-operation and Development (OECD). According to a press release published on the website of the Inland Revenue Department of the Government of the Hong Kong Special Administrative Region the Bill will be introduced into the Legislative Council on January 20, 2016.
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On January 8, 2016 the UK HM Revenue & Customs issued a media release announcing that on December 15, 2015 the Convention between the United Kingdom of Great Britain and Northern Ireland and the Republic of Bulgaria for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital Gains (Hereafter: the new DTA) entered into force.
The DTA will replace the Convention between the Government of the People’s Republic of Bulgaria and the Government of the United Kingdom of Great Britain and Northern Ireland for the avoidance of double taxation with respect to taxes on income and capital gains, which was signed at London on September 16, 1987.
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On January 8, 2016 the UK HM Revenue & Customs issued a media release announcing that on November 19, 2015 the Agreement between the United Kingdom of Great Britain and Northern Ireland and the Republic of Croatia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital Gains (Hereafter: the new DTA) entered into force.
The DTA will replace the Convention between the Socialist Federal Republic of Yugoslavia and the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation with Respect to Taxes on Income, which was signed at London on November 6, 1981.
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