KPMG’s Week in Tax: 5 - 9 October | KPMG | GLOBAL

KPMG’s Week in Tax: 5 - 9 October

KPMG’s Week in Tax: 5 - 9 October

The Organisation for Economic Co-operation and Development (OECD) this week issued a final package of reports in connection with its action plan to address base erosion and profit shifting (BEPS). The OECD’s BEPS project includes 15 key areas for identifying and curbing aggressive tax planning and practices, and for modernizing international tax systems.


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The OECD also announced a plan for follow-up work and a timetable for implementation.


Read more at TaxNewsFlash-BEPS

FATCA developments

  • Cayman Islands: Plans for implementing the OECD’s Common Reporting Standard (CRS) are moving forward, and it is expected final regulations to implement the CRS could be issued by the tax authority in October 2015.
  • US: The IRS answered what is the effective date when an entity submits an application for withholding foreign partnership (WP) or withholding foreign trust (WT) status on or after 1 April and is approved for this status.
  • France: Guidance sets forth instructions for French “reporting financial institutions” to follow in order to comply with the Model 1 IGA signed between France and the United States.
  • CAAs: Competent Authority arrangements signed by the United States with India and with Hungary, for purposes of implementing the respective intergovernmental agreements (IGAs), were posted.

Read more at TaxNewsFlash-FATCA

International tax news

  • EU: Finance ministers agreed to introduce provisions for the automatic exchange of information on cross-border tax rulings and APAs.

Read more at TaxNewsFlash-Transfer Pricing

  • Mexico: A new investment-focused program, offering certain tax benefits, has been proposed, and would allow for the securitization of “mature” energy and infrastructure projects so as to provide funding and resources for future investments in new projects and to support the energy industry.

Read more at TaxNewsFlash-Americas

  • Singapore: New measures concerning strategic goods, bringing Singapore’s strategic goods control list into compliance with international agreements, will be effective 2 November 2015.
  • China: A report provides guidance on indirect taxes in China, a system that is being reformed into a single system, replacing the current indirect tax regime with a value added tax (VAT) that would apply to all goods and services.

Read more at TaxNewsFlash-Asia Pacific

  • Norway: Proposed amendments in the 2016 budget include no particular tax incentives for the petroleum industry, and would maintain the marginal tax rate of 78%; the “special” petroleum tax would increase to 53% (up 2%) which corresponds to a reduction in the general corporate income tax rate.
  • Spain: Taxpayers subject to a new “immediate supply of information” regime under Spain’s VAT regulations will have to begin providing, almost immediately, certain invoice information electronically to the tax authorities.

Read more at TaxNewsFlash-Europe

United States

  • Puerto Rico: Recent law changes clarify the sales and use tax and VAT provisions, and guidance issued this week addresses requirements for certain merchants to install and maintain fiscal terminals.
  • South Carolina: Individual and business taxpayers affected by flooding and that previously received a tax-filing extension to October 15, will have until February 16, 2016, to file their returns and pay any taxes due.
  • BEPS: House Ways and Means Chairman Paul Ryan (R-WI) issued a statement, following the OECD’s release of final recommendations under the base erosion and profit shifting (BEPS) project.

Read more at TaxNewsFlash-United States


Read these and other items reported this week at the TaxNewsFlash United States and Global websites.

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