Tax & Accounting Blog

Germany Initiates Consultation on OECD CbCR Exchange Multilateral Agreement

Germany Initiates Consultation on OECD CbCR Exchange Multilateral Agreement

On April 12, 2016, Germany’s Federal Ministry of Finance issued a draft law that would implement the OECD Multilateral Competent Authority Agreement on the Exchange of Country-by-Country (CbC) Reports (“MCAA”) that the government signed on to with 30 other countries on January 27, 2016. The MCAA describes the type of information … Read More

Canada Publishes Information Circular 70-6R7 on Exchange of Information

Canada Publishes Information Circular 70-6R7 on Exchange of Information

Canada supports the OECD BEPS Action 5 recommendations  and has committed to the spontaneous exchange of information on tax rulings with other countries. In Information Circular (IC) 70-6R7, which replaces IC 70-6R6 (dated August 29, 2014), the Canada Revenue Agency (CRA) outlines the types of rulings that may be shared with … Read More

Switzerland Initiates Consultation on OECD CbCR Exchange Multilateral Agreement

Switzerland Initiates Consultation on OECD CbCR Exchange Multilateral Agreement

On April 13, 2016, Switzerland’s Federal Council announced that it initiated a consultation on the OECD Multilateral Competent Authority Agreement on the Exchange of Country-by-Country (CbC) Reports (the “MCAA”) that the government signed on to with 30 other countries on January 27, 2016. The MCAA describes the type of information to be exchanged … Read More

Russia Presents Draft Legislation on Country-by-Country Reporting

Russia Presents Draft Legislation on Country-by-Country Reporting

On April 8, 2016, the Ministry of Finance of the Russian Federation presented for public discussion a draft law addressing the preparation and submission of country-by-country (CbC) reports. The draft legislation, which amends Part One of the Tax Code of the Russian Federation, was developed in response to BEPS initiatives and in general, … Read More

UK Publishes Finance (No. 2) Bill 2016, Includes Anti-Avoidance Measures

UK Publishes Finance (No. 2) Bill 2016, Includes Anti-Avoidance Measures

On March 24, 2016, the UK published Finance (No.2) Bill 2016 (the “Bill”), introducing measures to tackle multinational tax avoidance, including: Anti-avoidance rules with respect to intellectual property (IP), hybrid mismatch arrangements, transfer pricing, VAT, and state aid. Civil and criminal penalties for tax avoidance. IP Provisions Clause 40 amends the rules in Part … Read More