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On May 13, 2017, the G7 issued a Communiqué with regard to the G7 finance ministers and central banks’ governors meeting in Italy on May 12-13, 2017. The G7 encouraged countries and jurisdictions to commit to implement the BEPS package and join the G20/OECD Inclusive Framework on BEPS. The Communiqué said that the … Read More
On April 28, 2017, France issued Decree No. 2017-672, ratifying the OECD Multilateral Competent Authority Agreement for the Automatic Exchange of CbC reports (“CbC MCAA”), which was signed in Paris on January 27, 2016. On October 1, 2016, France implemented the CbC reporting requirements introduced in the 2016 Finance Act, which … Read More
On May 9, 2017, Treasurer Scott Morrison handed down Australia’s 2017-18 Federal Budget, his second. Forecast tax receipts for 2017-18 have been revised up by AU $6.4 billion over the forward estimates to 2019-20 due to new policy measures, including an increase in the Medicare levy, introducing a major bank levy, improving the integrity of … Read More
US HQ MNEs who need to file a CbC report have to complete Form 8975 and Form 8975 Schedule A. Companies that file their US tax return electronically need to attach an XML version of these forms and companies that do not file electronically must attach a PDF version of these forms to their US … Read More
According to the Institute for Mergers, Acquisitions, and Alliances; in 2016 there were over 48 thousand worldwide mergers and acquisitions. Regardless of what point the Global Trade Compliance team is included in acquisition discussions, it needs a process for assessing the existing risk, support from senior management when unacceptable risk is discovered, and creative … Read More
On May 4, 2017, the OECD issued a press release on the implementation of country-by-country (CbC) reporting and corresponding automatic exchange agreements. Currently, 57 jurisdictions have signed the CbC Multilateral Competent Authority Agreement (CbC MCAA), which includes conditions to exchange CbC reports under the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. … Read More