A round up of other news this week.
The OECD has invited comments on two sets of proposed revisions to Chapter IV (Administrative Approaches to Avoiding and Resolving Transfer Pricing Disputes) and Chapter VII (Special Considerations for Intra-Group Services) of the Transfer Pricing Guidelines. The deadline for comments is 20 June 2018.
HMRC have now opened the beta version of their country by country reporting (CbC) online reporting service for businesses to register and file their CbC reports online.
Following the Written Ministerial Statement made on 1 May 2018 by Sir Alan Duncan, Minister of State for Foreign and Commonwealth Affairs, the UK Government has now agreed to a new clause in the Sanctions and Anti-Money Laundering Bill which calls on the Overseas Territories (OT) to make company beneficial ownership registers publicly available by December 2020, or have UK ministers impose that requirement on them. The OT (e.g. the British Virgin Islands, the Cayman Islands, Gibraltar, and Bermuda) as well as the Crown Dependencies (Channel Islands, Isle of Man) have already introduced private central registers of company ownership which are accessible to UK law enforcement and tax authorities. It is noted that the requirement for public registers does not extend to the Crown Dependencies, at least for the moment, and that the UK would need to observe certain formalities in each jurisdiction in order to enforce orders in council on Jersey, Guernsey or the Isle of Man.
Saint Lucia has joined the Inclusive Framework on BEPS.
KPMG in the UK’s Customs Lead, Bob Jones comments on the proposals for the new UK-EU customs arrangements discussed recently by the Brexit cabinet committee, highlighting that many do not like the New Customs Partnership proposal due to the uncertainty it would bring, the time it would take to implement and the cost involved.
KPMG International’s 2018 M&A Predictor report predicts appetite and capacity for deals expected to increase by 5 percent and 17 percent respectively, with 2018 getting off to a strong start.