A round up of other news this week.
As part of the report that the OECD presented to the G20 at their recent meeting in Hamburg, the results of the OECD Forum on Harmful Tax Practices reviews into preferential IP regimes around the world has been published. The UK’s Patent Box regime, along with the regimes of 10 other jurisdictions, has been found not to be harmful.
The OECD has released additional Country by Country (CbC) reporting guidance, which covers two specific points - how to treat an entity owned and/or operated by two or more unrelated MNE Groups, and whether aggregated data or consolidated data for each jurisdiction is to be reported in Table 1 of the CbC report.
As previously announced, the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) matching database is now available in beta.
A new regulatory and tax framework for Insurance Linked Securities business is to be introduced in the UK. The new regulatory framework is proposed to be in force from 31 October 2017. Following an earlier consultation the Government has now published its response document and regulations, which are now final subject to their passage through Parliament.
The UK-Germany: Exchange of Notes concerning the Convention for the Avoidance of Double Charging of Bank Levies, done on 7 December 2011 and presented to Parliament in July 2017, has been published.
On 20 July HMRC published an updated strategy document. It re-affirms HMRC’s three strategic objectives which are to: 1.Maximise revenues due and bear down on avoidance and evasion; 2.Transform tax and payments for our customers; and 3.Design and deliver a professional, efficient and engaged organisation. It also provides some detail around the decisions HMRC have taken to try and achieve those objectives.