On October 20, 2016 the OECD released key documents that form the basis of the Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the BEPS Action Plan. On October 31, 2016 the OECD announced that the peer reviews will be conducted in 8 batches, with the fourth batch of Stage 1 peer reviews commencing in December 2017. Stage 1 peer reviews of the MAP programmes of Australia, Ireland, Israel, Japan, Malta, Mexico, New Zealand and Portugal were conducted during this fourth batch.

Following the enactment of the New Zealand Taxation (Neutralising Base Erosion and Profit Shifting) Act earlier this year, on August 27, 2018 the New Zealand Inland Revenue issued draft guidance material meant to help taxpayers comply with the new legislation. The closing date for comments is September 28, 2018.

On August 24, 2018 the Japanese Ministry of Finance issued a press release announcing that the Governments of Japan and the Republic of Ecuador will initiate negotiations for a tax convention to be concluded between the two countries.

On August 23, 2018 the OECD announced that The Former Yugoslav Republic of Macedonia (FYROM) joined the Inclusive Framework on BEPS. Therewith the total number of jurisdictions that have joined the Inclusive Framework on BEPS comes to 117.

We hope you all have been (or perhaps still are) enjoying a great Summer break. We have just returned after a few weeks of holidays and thus it was time to make an efficient overview of some of the most interesting tax news of the last few weeks.

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