A round up of other news this week.
HMRC have published a new issue briefing, Taxing the profits of companies that are not resident in the UK. They have also updated two existing issue briefings - Taxing multinationals - tackling aggressive tax planning and Taxing multinationals - transfer pricing rules.
The Office of Tax Simplification (OTS) has published a report with recommendations following a simplification review of the taxation of small companies.
A report has been published by the European Commission on the issue of double taxation of cross border estates. The report is the product of an expert committee set up by the EC in 2014, following a public consultation on the matter. The overall conclusion of the report is that the solution lies at an EU level, with the suggestion that once it has been decided that a particular jurisdiction's tax law applies to the succession, then no other jurisdiction should tax the estate.
Further to earlier rumours we can now confirm that the Russian parliament is considering draft legislation which would introduce VAT rules to tax the supply of e-services to Russian consumers by foreign providers. According to the draft law, electronically supplied services are described as those ‘delivered through the internet or other similar network in an automated fashion with the use of technology’. The current VAT rate in Russia is 18 percent. No reference is made to a threshold or there are no details as to when the new rules will apply from.
The latest report in KPMG International’s Evolving Banking Regulation series, entitled Culture and Conduct ,looks at the challenges for banks and other institutions arising from the regulatory as well as commercial and societal pressures to improve their culture, behaviour and standards of conduct.