Details

On October 10, 2016 the Inland Revenue Authority of Singapore (Hereafter: IRAS) issued an e-Tax Guide on Country-by-Country Reporting.

According to the e-Tax Guide its aim is  to provide taxpayers with guidance on

a)   the purpose of CbCR;

b)   the obligation to provide a CbC Report;

c)   how to complete a CbC Report; and

d)   how to submit a CbC Report to IRAS.

Details

In the Official Journal of the European Union of October 10, 2016 two sets of questions regarding the freedom of establishment that were referred from the Dutch Supreme Court to the Court of Justice of the European Union (CJEU) were published. Both requests were lodged with the CJEU on July 18, 2016.

Details

On October 7, 2016 invitation to submit comments pursuant to Article 108(2) TFEU with respect to the European Commission’s investigation into Gibraltar’s corporate tax regime and ruling practice was published in the Official Journal of the European Union. More interesting is however that in this document also the letter of the European Commission of October 1, 2014 by which the Commission informed the United Kingdom regarding its decision to extend the European Commission’s in-depth investigation into Gibraltar’s corporate tax regime to include tax rulings practice was published.

Details

On October 7, 2016 the OECD released the OECD Secretary General Report that was presented to the Ministers of Finance of the so-called G20 during their meeting of October 7, 2016. The report consists of two parts. Part I is a Progress Report to the G20 by the Global Forum on Transparency and Exchange of Information for Tax Purposes. Part II is an update report by the OECD Secretary-General regarding tax transparency, with a focus on beneficial ownership information. Also on October 7, 2016 the Financial Action Task Force (Hereafter: FATF) released a report on beneficial ownership that was presented to the Ministers of Finance of the so-called G20 during the same meeting, which is to be seen in connection with the report of the OECD Secretary-General.

Details

The next meeting of the European Parliament’s Inquiry Committee’s on money laundering, tax avoidance and tax evasion (Hereafter: PANA) is scheduled for October 13, 2016. During the meeting PANA will have a public hearing with international and supranational organisations in order to get an understanding of how international standards in the area of information exchange for tax purposes and Anti-Money Laundering are set, and which are the bodies and mechanisms which assess their effective implementation and enforcement.

  1. CJEU judges in Case C-576/15, Maya Marinova (Directive 2006/112/EC – Tax evasion)
  2. CJEU judges in Case C-412/15, TMD (Interpretation of Article 132(1)(d) of Directive 2006/112/EC – Plasma of human blood transformed and used for industrial purposes)
  3. Ireland – Minister of Finance’s Statement to the Irish Senate on the European Commission’s decision that Ireland provided unlawful State aid to Apple
  4. Singapore and the United Kingdom concluded a Competent Authority Agreement on the automatic exchange of financial account information
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