A round up of other news this week.
Following their publication in draft in December 2017, the Taxation of Securitisation Companies (Amendment) Regulations 2018 have been enacted. These regulations update the securitisation regime to reflect recent accounting changes and commercial developments, for example amending the definition of ‘financial assets’ to make it clear that loans with embedded derivatives are still to be excluded from the regime following changes to accounting standards.
HMRC have released draft legislation designed to simplify the PAYE Settlement Agreement (PSA) process. The draft legislation is open for consultation until 21 February 2018.
The OECD has published an updated version of its country by country (CbC) reporting guidance. The guidance now includes an updated section on the definition of total consolidated group revenue, and a new section on whether non-compliance with the confidentiality, appropriate use and consistency conditions constitutes systemic failure. The OECD has also released a compilation of the approaches adopted by member jurisdictions of the Inclusive Framework where the guidance allows for alternative approaches.
The Tax Matters Digest consultation tracker for February can be found here.
January’s shoppers keep calm and carry on, according to the newly published BRC - KPMG Retail Sales Monitor for January.
Punam Birly, Employment & Immigration Partner at KPMG in the UK comments after the UK rejected Brussels’ stance on EU citizens’ rights, and how this will have a human and financial impact.