Tax & Accounting Blog

CRS: Considerations for Reporting & Understanding Early Adopter Jurisdictions

CRS: Considerations for Reporting & Understanding Early Adopter Jurisdictions

As mounting regulation furthers the drive for international tax transparency, the consequences of non-compliance are becoming clearer for global financial institutions. From criminal tax penalties to a rise in audit activity to reputational damage, tax professionals around the world are implementing new procedures to maintain compliance with the utmost urgency. By design, CRS is based … Read More

Singapore Updates Guidance on Country-by-Country Reporting

Singapore Updates Guidance on Country-by-Country Reporting

On July 11, 2017, the Inland Revenue Authority of Singapore (IRAS) published the second edition of the e-tax guide (the “Guide”) on country-by-country (CbC) reporting. The first edition was published on October 10, 2016. See BEPS Action 13. The Guide provides guidance for taxpayers with respect to CbC reporting requirements, including how … Read More

OECD Releases 2017 Edition of Transfer Pricing Guidelines

OECD Releases 2017 Edition of Transfer Pricing Guidelines

On July 10, 2017, the OECD released its 2017 version of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (“TP Guidelines”), which provide guidance on the application of the arm’s length principle.  The TP Guidelines define the “arm’s length principle” as “the international standard that OECD member countries have agreed … Read More

European Parliament Supports Proposal to Disclose Country-by-Country Information

European Parliament Supports Proposal to Disclose Country-by-Country Information

On July 4, 2017, the European Parliament (EP), in a plenary session, adopted amendments on the proposal for a directive to amend EU Directive 2013/34 regarding the disclosure of income tax information by certain undertakings and branches. See the accompanying press release. The EP approved the draft report on the proposal by … Read More

How Automation Solutions Help Enterprises Maintain High AEO Levels in China

How Automation Solutions Help Enterprises Maintain High AEO Levels in China

In the past month, I’ve received several phone calls from previous clients asking about Authorized Economic Operator (AEO) re-certification. It seems these high level AEO enterprises are facing challenges and do not have a clear understanding of all the local AEO requirements. Failing to pass AEO certification would mean a potential loss of preferential benefits. … Read More