Finance Bill 2016-17 will be considered by a Committee of the whole House on Monday 27 June and Tuesday 28 June 2016. Dates for the Public Bill Committee, which will be the following stage, have not yet been announced.
The EU Parliament has announced that it will set up an inquiry committee into the ‘Panama Papers’.
EU Amending Directive 2011/16/EU has been published, which will implement country by country (CbC) reporting between tax authorities in the EU Member States in line with the OECD’s base erosion and profit shifting (BEPS) Action 13.
HM Treasury have added India to the list of 40 countries that have committed to the initiative to automatically exchange information on beneficial ownership.
On 2 June 2016 the European Commission launched a public consultation on cross-border distribution of investment funds across the EU. Taxation is one of the many areas which are covered by this consultation, the main aim of which is to obtain a complete picture of the main barriers to cross-border distribution of investment funds in order to increase the proportion of funds marketed and sold across the EU. KPMG in Luxembourg has provided further details here.
HMRC have published a compliance checks factsheet on the higher penalties that may be charged for Income Tax and Capital Gains Tax (CGT) if an offshore matter is involved.
KPMG in the UK’s BEPS Action 4 Diary has been updated with posts on the potential implications of the new interest deductibility regime for the infrastructure sector, with a specific focus on Public-Private Partnerships.
May showed retail sales growth after two months of flat sales for physical retailers, and even greater growth online, according to the British Retail Consortium (BRC) and KPMG in the UK’s Retail Sales Monitor and Online Retail Sales Monitor.