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On November 24, 2016 the OECD released a press release announcing that more than 100 jurisdictions have concluded negotiations on a multilateral instrument that will swiftly implement a series of tax treaty measures to update international tax rules and lessen the opportunity for tax avoidance by multinational enterprises. The OECD also announced that a signing ceremony will be held in June 2017 in Paris.
The OECD also released the English and French versions of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Hereafter: the MCI) to its press release as well as the English version of the Explanatory Statement to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (A French version will be released later).
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On November 22, 2016 the Competent Authorities of Singapore and Finland concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance (Hereafter: The Agreement).
Singapore and Finland will commence the Automatic Exchange of Information under the CRS by September 2018. The first year for which information will be exchanged under the Agreement is 2017.
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During its meeting of November 23, 2016, the Swiss Federal Council adopted a dispatch on the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports and the Federal Decree required for the implementation thereof.
Read more: Swiss Federal Council adopts a dispatch on the Exchange of Country-by-Country Reports
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On November 23, 2016 the Swiss Federal Council and the Swiss Federal Department of Finance (FDF) issued a joint press release announcing that on that same date the Swiss Federal Council adopted an Ordinance on International Automatic Exchange of Information in Tax Matters. The ordinance will enter into force on January 1, 2017.
The Ordinance contains the Federal Council's implementing provisions for the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act), which was adopted by the Swiss Parliament on December 18, 2015.
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The next meeting of the Accounting Standards Advisory Forum (ASAF) is planned for December 8 and December 9, 2016. “Country-by-country reporting: Update on AASB (Australian Accounting Standards Board) approach” is one of the items on the Agenda for December 8, 2016.
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