Other news in brief | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.

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The OECD has announced that the next webcast in its Tax Talks series will take place at 3pm UK time on Monday 26 June.
 

The OECD has announced that Vietnam has become the 100th jurisdiction to join the Inclusive Framework on BEPS (IF). According to the OECD, members of the IF have the opportunity to work together on an equal footing with other OECD and G20 countries on implementing the BEPS package consistently and on developing further standards to address remaining BEPS issues.

The Office of Tax Simplification (OTS) has updated its focus paper, originally published in December 2016, on tax and the ‘Gig’ economy. It has been published in anticipation of the review being conducted by Matthew Taylor, Chief Executive of the RSA.

HMRC have published details of a new double taxation convention with Kyrgyzstan which was signed in Bishkek on 13 June 2017. The convention will enter into force when both countries have completed their legislative procedures and exchanged diplomatic notes.

The Platform for Collaboration on Tax, a joint initiative of the IMF, OECD, UN and World Bank Group, has published a toolkit to provide practical guidance to developing countries to better protect their tax bases. The toolkit specifically addresses the ways developing countries can overcome a lack of data needed to implement transfer pricing rules

In a recent FTT case the Tribunal found that a corporation tax deduction was available for accounting debits under IFRS2 in relation to “underwater” share options. We will be providing further commentary on this decision next week.

A recent FTT decision considered the rules around penalties for failure to file a corporation tax return. Of particular interest, the FTT decided that, to be valid, the reasonable excuse defence has to apply at the time when the penalty is incurred, which in these circumstances, was 18 months from the end of the accounting period.

Consumer trust and loyalty is the key focus area among consumer and retail executives, whilst new entrants pose the greatest external challenge, according to the fifth annual Global Consumer Executive Top of Mind survey by KPMG International and The Consumer Goods Forum (CGF). 

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