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On April 20, 2016 the OECD issued a press release announcing that Bermuda signed the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports (CbCR MCAA). By doing so Bermuda became the 33rd signatory of the CbCR MCAA.
The purpose of the CbCR MCAA is to enable consistent and swift implementation of new transfer pricing reporting standards that were developed under Action 13 of the BEPS Action Plan.
Read more: Bermuda signs the MCAA on the automatic exchange of Country-by-Country Reports
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The Internal Revenue Service (IRS) has announced that it will hold a public hearing on proposed regulations that would require annual country-by-country reporting by certain United States persons that are the ultimate parent entity of a multinational enterprise group. The public hearing is scheduled for May 13, 2016.
The IRS must receive outlines of the topics to be discussed at the public hearing by April 29, 2016.
Read more: U.S. – IRS to hold a public hearing on Country-by-Country Reporting
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In this edition: OECD – Joint statement on the fight against illicit financial flows, by OECD Secretary-General Angel Gurría and Thabo Mbeki, Chair of the High Level Panel on Illicit Financial Flows from Africa; Ireland – Revenue eBrief No. 41/16 - Termination of carry forward of certain unused capital allowances beyond 2014
Read more: International Tax Plaza’s Quick News from April 19, 2016
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On April 19, 2016 the Liechtenstein Government issued a press release announcing that on April 14, 2016 the Principality of Liechtenstein and Iceland initialled an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (Hereafter: the DTA). According to the press release, the DTA is based on the international OECD-standards and takes into account the results of the OECD’s BEPS projects that were published in October 2015 and that are directed at combating tax avoidance in an international context.
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On April 19, 2016 the OECD issued a press release announcing that on that same date the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN) and the World Bank Group (WBG) announced the details of their joint effort to intensify their co-operation on tax issues: “the Platform for Collaboration on Tax”. According to the press release the Platform will not only formalise regular discussions between the four international organisations on the design and implementation of standards for international tax matters, it will strengthen their capacity-building support, deliver jointly developed guidance, and share information on operational and knowledge activities.
Read more: The IMF, OECD, UN and WBG to set up the Platform for Collaboration on Tax
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