A round up of other news this week.
The Double Taxation Relief (Base Erosion and Profit Shifting) Order 2018 has been made. This SI will allow for the implementation of the OECD’s Multilateral Instrument (MLI). The date of entry into force will, in due course, be published in the London, Edinburgh and Belfast Gazettes. Providing the instrument of ratification is deposited by 30 September 2018, it should generally be expected to have effect from 1 January 2019 for WHT and for all other purposes from 1 April 2020 (5 April for income tax), subject to the optionality within the treaty (and the position for the other contracting state to the covered tax agreements). However, if the instruments of ratification are deposited by 30 June rather than 30 September, then, subject to the position for the other contracting state, the MLI could apply from 1 April 2019.
The OECD has released the first peer reviews into Country by Country (CbC) reporting. The findings show that practically all countries that serve as headquarters to the large multinational enterprises covered by the initiative have introduced new reporting obligations compliant with transparency requirements.
HMRC have recently updated their published non-statutory clearance guidance to confirm that they will not give clearance on matters of fact, such as whether activities constitute a business, or in relation to s162 TCGA incorporation relief for property businesses.
Non-UK residents are required to report disposals of UK residential property within 30 days of completion of conveyance. This applies even if the non-UK resident is already registered for self-assessment or with HMRC for corporation tax, if there is no tax due or a loss. Penalties apply for late filing. HMRC has highlighted that the online non-resident Capital Tax Gains return is being updated and has published updated guidance about how to report disposals from 6 April 2018 to 5 April 2019.
We have recently collaborated on the 2018 ‘Business of Tax’ campaign with Mediaplanet UK, releasing two pieces on the future of digital taxation. In the first, Melissa Geiger and Kirsty Rockall look at the added complexity deriving from businesses moving away from simpler ways of operating to deploy supply chains that can stretch around the world, and in the second, Chris Downing explains how technology is shaping digital tax and revolutionising the tax function as we know it.
Did you miss last week’s Making Tax Digital for VAT webinar? With less than a year to go make sure you know exactly what it means for your business and how you can prepare. Listen to the webinar on demand using the link here.
At the recent Tolley Taxation Awards 2018, KPMG in the UK won two awards – our Digital Cloud Tax Solution won Best Digital Innovation of the Year in Tax, and our Customs and International Trade team won Best VAT and/or Indirect Tax Team.
KPMG International published its fourth CEO international annual survey this week. Findings were that Global CEOs are realistic about growth in the face of unprecedented headwinds, as 55 percent predict cautious revenue growth of less than 2 percent over the next three years.
The third edition of KPMG International’s Football Club Enterprise Ranking valuation report was published this week. The report indicated that the combined Enterprise Value of the 32 leading European football clubs is €32.5 billion with Manchester United ranking number one.