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07 Dec 2017

Written by William Byrnes | Posted in OECD • Offshore

What is the Economic Activity Requirement that Offshore Financial Center’s Agreed to Adopt into Law?

Fair Tax Competition: The country should not have harmful tax regimes, which go against the principles of the EU’s Code of Conduct or OECD’s Forum on Harmful Tax Practices. Those that choose to have no or zero-rate corporate taxation should ensure that this does not encourage artificial offshore structures without real economic activity. In the context of the screening process, the Code of Conduct Group invited each jurisdiction where concerns were identified to commit to address such concerns. The large majority of jurisdictions have decided to introduce the relevant changes in their tax legislation in order to comply with the EU screening criteria. The following jurisdictions are committed to addressing the concerns relating to economic substance by 2018: Bermuda; Cayman Islands; Guernsey; Isle of Man; Jersey; and Vanuatu.

One comment | Tags: Economic Activity Requirement, Fair Tax Competition, OECD, Offshore Financial Center, Tax Advisor, William Byrnes

14 Nov 2017

Written by William Byrnes | Posted in International • OECD • Tax Fraud/Evasion/Crimes

OECD Launches Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes

More than 200 global tax and economic crime experts have identified key areas for international action following the fifth OECD Forum on Tax and Crime, in London. In a week dominated by media coverage of offshore issues, the Forum brought experts on tax, customs, anti-corruption, anti-money laundering, policing, and prosecution together to agree priorities for action.

The Forum is the latest in a series of OECD-led events and an important opportunity for the international community to strengthen collaboration in tackling these global issues.

One comment | Tags: London, OECD, Tax Advisor, Tax Crime, William Byrnes

31 Oct 2017

Written by William Byrnes | Posted in International • OECD

Peru Becomes 114th Country To Sign OECD’s Multilateral Convention On Mutual Administrative Assistance In Tax Matters

Claudia María Amelia Teresa Cooper Fort, Minister of Economy and Finance of Peru, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in the presence of the Deputy Director of the OECD’s Centre for Tax Policy and Administration, Grace Perez-Navarro.

No comments | Tags: OECD, peru, Tax Advisor, William Byrnes

26 Oct 2017

Written by William Byrnes | Posted in Tax Provision/Tax Reporting

OECD Releases Country-by-Country Reporting Implementation Status And Exchange Relationships Between Tax Administrations

A further step was taken to implement Country-by-Country Reporting in accordance with the BEPS Action 13 minimum standard, through activation of automatic exchange relationships under the Multilateral Competent Authority Agreement on the Exchange of CbC Reports (“the CbC MCAA”).

Over 1000 automatic exchange relationships have now been established among jurisdictions committed to exchanging CbC Reports as of mid-2018, including those between EU Member States under EU Council Directive 2016/881/EU.

No comments | Tags: CBC, OECD, Tax Advisor, William Byrnes

03 Aug 2017

Written by William Byrnes | Posted in International

Platform For Collaboration On Tax Invites Comments

The Platform for Collaboration on Tax – a joint initiative of the IMF, OECD, UN and World Bank Group – is seeking public feedback on a draft toolkit designed to help developing countries tackle the complexities of taxing offshore indirect transfers of assets, a practice by which some multinational corporations try to minimise their tax liability. Read more

No comments | Tags: OECD, offshore indirect transfers, Platform for Collaboration on Tax

26 May 2017

Written by John Richardson | Posted in International

Part 2: OECD CRS: Tax Residence And The Tax Treaty Tiebreaker

This is Part 2 – a continuation of the post about “tax residency under the Common Reporting Standard.”

That post ended with:

Breaking tax residency to Canada can be difficult and does NOT automatically happen if one moves from Canada. See this sobering discussion in one of my earlier posts about ceasing to be a tax resident of Canada. (In addition, breaking tax residency in Canada can result in being subjected to Canada’s departure tax. I have long maintained that paying Canada’s departure tax is clear evidence of having ceased to be a tax resident of Canada.)

No comments | Tags: Canada, Common Reporting Standards, OECD, tax residents, Tax Treaty Tie Breaker

10 Apr 2017

Written by William Byrnes | Posted in Common Reporting Standard • Common Reporting Standards • Exchange of Information • FATCA

How The U.S. Can Leverage FATCA Bilateral Process

TaxConnections Member Professor William Byrnes examines whether it is prudent for taxpayers to trust the governments of the 117 countries that scored a fifty or below on Transparency International’s corruption index. The complete information system invoked by the Foreign Account Tax Compliance Act (FATCA) encourages, even prolongs, the bad behavior of black hat governments by providing fuel (financial information) to feed the fire of corruption and suppression of rivals. Professor Byrnes recommends that the United States leverage a “carrot-stick” policy tool to incentivize bad actors to adopt best tax administration practices.

Article download at https://ssrn.com/abstract=2916444

No comments | Tags: Common Reporting Standards, Exchange of Information, FATCA, OECD

14 Feb 2017

Written by Ronald Marini | Posted in Europe

BEPS Project May Have Set Backs – EU’s Apple Decision

In September, 2016, we discussed that the European Commission’s probe into Apple, which resulted in an order for the tech giant to pay up to €13 billion ($14.5 billion) in back taxes to Ireland, was prompted by a U.S. Senate investigation, European Union Competition Commissioner Margrethe Vestager said on Friday.

No comments | Tags: Apple, Back Taxes, european commission, Ireland, OECD, tax sovereignty

28 Dec 2016

Written by William Byrnes | Posted in International

Monaco Strengthens International Tax Co-operation

Monaco today deposited its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”). By doing so, Monaco underlines its commitment to fighting tax evasion and avoidance and takes another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries as well as automatic exchange of Country-by-Country Reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.

No comments | Tags: BEPS, CRS Multilateral Competent Authority Agreement, Monaco, OECD, Tax Matters

14 Jul 2016

Written by William Byrnes | Posted in Europe • Tax Law Changes • Tax Legislation • Tax Updates

The Major Contenders For London’s Relocating European Financial Center

As I hear it, if the Netherlands were to substantively amend its ‘maximum 20% bonus of salary’ regulation, then the relocation decision for many EU facing funds would be an easy choice. But because of that regulation, it has created an opportunity for other cities to pitch to the institutions for the funds and trading business relocation.

No comments | Tags: Amsterdam, Brexit, Dublin, European Financial Center, Frankfurt, Luxembourg, OECD, William Byrnes

09 May 2016

Written by Ronald Marini | Posted in OECD

Possible CbC Optional Reporting for 2016 Under Consideration by US Treasury

Speaking at a April 28,2016 transfer pricing symposium held by the University of San Diego School of Law, Robert Stack, US Treasury Deputy Assistant Secretary (International Tax Affairs) addressed the “gap-year” issue arising from the implementation of CbC reporting in some jurisdictions for tax years beginning on or after 1 Read more

No comments | Tags: CBC, MNEs, Multi Nationals, OECD, Optional Reporting

20 Apr 2016

Written by Ronald Marini | Posted in FATCA • IRS

US Pressured For Beneficial Ownership Rules

We previously posted, Get Ready For The US Proposed Plan to Require Banks to Identify Owners of Shell Companies! where we discussed that the United States government is close to issuing a rule that will for the first time require banks and other financial institutions to find out the identities of people hidden behind shell companies.

The rule is meant to close a major loophole in the American Read more

No comments | Tags: Beneficial Ownership Rules, Common Standard On Reporting, FATCA, Foreign Accountant Tax Compliance Act, IRS, Mossack Fonseca, OECD

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