Tax & Accounting Blog

The Czech Republic Implements CbC Reporting Requirements

The Czech Republic Implements CbC Reporting Requirements

On September 20, 2017, the Czech Republic published Law No. 305/2017 in the official gazette to implement EU Directive 2016/881 on the exchange of country-by-country (CbC) reporting information among EU member states. The legislation had been pending review in the Czech Parliament for several months, since the Ministry of Finance presented it with … Read More

OECD Requests Public Feedback on Tax Challenges of Digitalization

OECD Requests Public Feedback on Tax Challenges of Digitalization

On September 22, 2017, the OECD issued a press release, seeking public comments on key issues identified in a request for input related to the tax challenges of the digitalization of the economy, a day after the European Commission released its initial report on the same topic. See BEPS Action 1. The BEPS … Read More

U.S. Publishes Additional Model Competent Authority Agreement on Exchange of Country-by-Country Reports

U.S. Publishes Additional Model Competent Authority Agreement on Exchange of Country-by-Country Reports

On September 12, 2017, the U.S. Internal Revenue Service (IRS) published a model competent authority agreement (CAA) for the exchange of country-by-country (CbC) reports that is based on the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the “OECD Convention”). The foregoing CAA supplements the CAAs that the IRS published on … Read More

Ireland Reviews Corporation Tax Code in Light of BEPS

Ireland Reviews Corporation Tax Code in Light of BEPS

On September 12, 2017, Ireland’s Minister for Finance and Public Expenditure and Reform released the independent report of Mr. Seamus Coffey on Ireland’s Corporate Tax Code in relation to the OECD BEPS project. The recommendations in the report will be considered by the Irish government. Ireland’s commentary from the Report with respect to specific … Read More

U.S. IRS Publishes More Bilateral CbC Report Exchange Information

U.S. IRS Publishes More Bilateral CbC Report Exchange Information

On September 13, 2017, the U.S. IRS published the bilateral competent authority arrangement (CAA) that it signed with Lithuania on August 30, 2017, on the exchange of country-by-country (CbC) reports. This CAA is based on the 1998 income tax treaty  in effect with Lithuania. Article 27 (Exchange of Information) of the U.S.-Lithuania … Read More

Greece Announces Implementation of EU Directive on Automatic Exchange of Country-by-Country Reports

Greece Announces Implementation of EU Directive on Automatic Exchange of Country-by-Country Reports

On August 24, 2017, Greece issued Circular 1131 with respect to Law No. 4484-2017 (published in the official gazette on August 1, 2017), which implemented EU Directive 2016/881 (the “Directive”) into Greek legislation regarding the mandatory automatic exchange of country-by-country (CbC) reports. See BEPS Action 13. The Directive amends Directive 2011/16, … Read More