Tax & Accounting Blog

Belgium Extends Filing Deadline for Country-by-Country Report, Notification and Master File

Belgium Extends Filing Deadline for Country-by-Country Report, Notification and Master File

On November 28, 2017, the Belgian tax authorities announced that they would extend the filing deadline to March 31, 2018 for the country-by-country (CbC) report (Form 275 CBC), CbC notification (Form 275 CBC NOT), and the master file (Form 275 MF). These forms were initially due by the … Read More

OECD Council Approves 2017 Update to OECD Model Tax Convention

OECD Council Approves 2017 Update to OECD Model Tax Convention

On November 23, 2017, the OECD issued a press release on the OECD Council approving the contents of the 2017 Update (“2017 Update”) to the OECD Model Tax Convention (the “Convention”) on November 21, 2017. The 2017 Update, which was previously approved by the Committee on Fiscal Affairs on September 28, 2017, will be incorporated … Read More

Argentina Includes BEPS Proposals in Draft Tax Reform Bill

Argentina Includes BEPS Proposals in Draft Tax Reform Bill

On November 15, 2017, Argentina issued its draft tax reform bill, which includes a number of BEPS measures. These measures are discussed below. Value Added Tax (VAT) (BEPS Action 1) This bill proposes to incorporate legislation regarding digital services where the provider is resident or domiciled outside Argentina, to the extent … Read More

U.K. Parliament Holds Emergency Debate on Public Country-by-Country Reporting

U.K. Parliament Holds Emergency Debate on Public Country-by-Country Reporting

On November 14, 2017, the U.K. House of Commons held an emergency debate on tax avoidance and evasion ahead of Chancellor Philip Hammond’s finalization of the Budget. During the debate, members emphasized the need for public country-by-country (CbC) reporting following the release of the Paradise Papers. See BEPS Action 13. According to Dame … Read More

How the Common Reporting Standard (CRS) and Global Trends are Affecting Financial Institutions’ Use of Technology

How the Common Reporting Standard (CRS) and Global Trends are Affecting Financial Institutions’ Use of Technology

The drive for global tax transparency continues to gain speed while financial institutions (FIs) also grapple with emerging disruptive financial technology innovations and growing threats to data security. Building on the U.S.-led FATCA regulations, the first wave of reporting for the OECD-led initiative, the CRS, includes 49 jurisdictions undertaking the first exchange of financial information … Read More

Belgium Implements Anti-Tax Avoidance Measures

Belgium Implements Anti-Tax Avoidance Measures

On October 27, 2017, Belgium issued an overview of tax reform proposals, several of which implement EU Directive 2016/1164 of July 12, 2016 (ATAD 1) (the “Directive”) regarding hybrid mismatches, controlled foreign companies (CFCs) and limitation on interest deductions. On October 27, 2017, the Belgian Ministry of Finance also announced … Read More