BEPS

BEPS

TaxNewsFlash-BEPS — KPMG's reports of developments of interest to multinationals on the OECD's base erosion and profit shifting (BEPS) initiative and tax transparency.

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BEPS Action 13: Latest country implementation update

Updated weekly, this summary report in table format offers a snapshot of implementation of country-by-country (CbC) reporting and Master file / Local file documentation requirements around the world.

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June 2017

30 Jun - United States: Form 8975 and instructions for country-by-country reporting; IRS launches CbC webpage

28 Jun - OECD: Update on international tax transparency

27 Jun - KPMG report: Discussion draft, BEPS Action 10 revised guidance on profit splits

23 Jun - KPMG reports: Effects of multilateral instrument implementing BEPS in various tax treaties

23 Jun - Romania: Country-by-country reporting added to tax law

22 Jun - OECD: BEPS inclusive framework, update on country-by-country reporting exchanges

22 Jun - OECD: BEPS discussion drafts, attribution of profits to permanent establishments and transactional profit splits

21 Jun - Canada: New exchange arrangement with United States, to implement country-by-country reporting standard

21 Jun - EU: Proposed mandatory disclosure of reportable tax planning cross-border arrangements

19 Jun - UK: Country-by-country reporting, notification to HM Revenue & Customs

16 Jun - Russia: Status of country-by-country reporting, transfer pricing documentation proposals

12 Jun - OECD: Botswana joins BEPS inclusive framework 

9 Jun - KPMG analysis: Multilateral instrument implementing the treaty-related BEPS provisions

9 Jun - OECD: Taxpayer input requested, third batch of BEPS “dispute resolution” peer reviews

8 Jun - KPMG reports: Initial impressions of multilateral instrument implementing BEPS in tax treaties

7 Jun - OECD: Countries sign multilateral instrument, implementing BEPS in tax treaties

6 Jun - OECD: Multilateral convention implementing BEPS recommendations into treaties; signing ceremony on 7 June 

6 Jun - Hungary: Country-by-country reporting approved by parliament

5 Jun - Colombia: Legislative measures implementing BEPS actions on CFCs, preferential tax regimes, VAT on cross-border services

2 Jun - Poland: Multilateral convention implementing BEPS; effects on Poland's tax treaties currently unknown

2 Jun - OECD: Thailand joins BEPS inclusive framework

October 2016

August 2016

25 Aug - OECD: Initial analysis of discussion draft, branch mismatch structures

25 Aug - OECD: Public comments, group ratio rule under BEPS Action 4

24 Aug - U.S. Treasury “white paper” on EC’s state aid investigations of transfer pricing rulings

24 Aug - OECD: Comments on proposed amendments, OECD Transfer Pricing Guidelines

22 Aug - Liechtenstein: Automatic exchange of country-by-country reporting

22 Aug - OECD: Discussion draft, branch mismatch structures under BEPS Action 2

18 Aug - Czech Republic: Automatic exchange of APAs, country-by-country reporting proposals

16 Aug - Israel: Country-by-country reporting, transfer pricing documentation in budget plan

11 Aug - Nigeria: Country-by-country reporting, implementation moves forward

9 Aug - Canada: Discussion, observations about country-by-country reporting proposal

8 Aug - Asia Pacific: Country-by-country reporting, status update for region

8 Aug - EU: Country-by-country reporting—an EU perspective

5 Aug - Australia: Review of transfer pricing developments since 2012; plans for more BEPS changes

5 Aug - Luxembourg: Draft law for country-by-country reporting submitted to Parliament 

3 Aug - Canada: Country-by-country reporting requirements in draft legislative proposals

1 Aug - KPMG report: Discussion draft on approaches to address BEPS involving Interest in banking and insurance sectors

1 Aug - KPMG report: Indirect tax implications of BEPS project

1 Aug - Korea: Revised legislation, transfer pricing and country-by-country reporting rules

OECD BEPS Action Plan

The global campaign to address tax base erosion and profit shifting (BEPS) is in full swing, dramatically changing the Tax landscape.

 
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