A round up of other news this week.
The OECD has released a report following reviews conducted by the Forum on Harmful Tax Practices in connection with BEPS Action 5. 11 preferential tax regimes have been reviewed from Lithuania, Luxembourg, Singapore, Slovak Republic, Chile, Malaysia, Turkey, Uruguay, Kenya and Vietnam.
Bahrain and the United Arab Emirates have joined the Inclusive Framework on BEPS.
KPMG Enterprise global report published this week finds wide tax variations among countries worldwide with Canada and Venezuela imposing the highest taxes on businesses transferring their business from one generation to the other. The UK came out as having one of the most favourable tax regimes.
KPMG in the UK’s Chief Economist comments on the recently released labour market statistics, stating the Q1 figures show employment continuing to rise with the rate reaching 75.6 percent, the highest since comparable records began in 1971. Although productivity has fallen slightly, regular wages have continued to rise in this quarter.
KPMG in the UK’s Custom Lead Bob Jones gives his comments on the latest stages of the Customs Union debate at the Cabinet sub-committee meeting.