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On October 26, 2016 the Inland Revenue Department of the Hong Kong Special Administrative Region issued a press release announcing that on that same date the Hong Kong Government launched a public consultation gauge views on implementation of measures by the Organisation for Economic Co-operation and Development (OECD) to counter base erosion and profit shifting (BEPS) of enterprises.
The closing date for the consultation is December 31, 2016.
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On the website of the European Council and the Council of the European Union a Note from the General Secretariat of the Council to the Permanent Representatives Committee/Council was published. The Note contains a state of play of the discussions regarding the potential enhanced cooperation in the area of Financial Transaction Tax/the Proposal for a Council Directive implementing enhanced cooperation in the area of Financial Transaction Tax (FTT), which is expected to be discussed on the ECOFIN meeting of November 8, 2016.
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On October 20, 2016 the OECD launched the global review of Mutual Agreement Procedures (MAP) programmes by releasing key documents, approved by the Inclusive Framework on BEPS, that will form the basis of the Mutual Agreement Procedure peer review and monitoring process under Action 14 of the BEPS Action Plan. (For further information we refer to our article from October 20, 2016). The peer review and monitoring process will be conducted by the Forum on Tax Administration MAP Forum (FTA MAP FORUM), with all members participating on an equal footing.
On October 31, 2016 the OECD subsequently released a questionnaire for taxpayers and an Assessment Schedule for Stage 1 Peer Reviews.
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In October 2016 the European Commission released 3 Taxation Papers: Taxation Paper 64-2016 “The Impact of Tax Planning on Forward-Looking Effective Tax Rates”, Taxation paper 65-2016 “The Effects of Tax Reforms to Address the Debt-Equity Bias on the Cost of Capital and on Effective Tax Rates” and Taxation Paper 66-2016 “Modelling corporate tax reform in the EU: New calibration and simulations with the CORTAX model”. In this article we will focus on Taxation Paper 66-2016, although we will also provide links to the other 2 Taxation Papers published.
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On October 28, 2016 the OECD published a press release announcing that on that same date Cook Islands signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Therewith the total number of signatories to the convention comes to 106.
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