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The Netherlands Launches Consultation On Implementation of Fifth Anti-Money Laundering Directive
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December 13th, 2018
The Dutch Ministry of Finance announced, by way of a press release, that it had launched a public (internet) consultation on draft legislation implementing Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (the Fifth AMLD).
The Highlight of the Directive .
Ireland And The US Seeking Global Tax Fix For Digital Economy
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December 13th, 2018
According to an official speech released by the Irish Government, the US and Ireland agree that a global solution for taxation in the digital era is best achieved through the OECD. Irish Finance Minister Paschal Donohoe explained that an OECD-facilitated consensus could drive progress towards tax cooperation without creating the trading risks that can arise under unilateral measures.
IRS Publishes Joint Statement With France On The Spontaneous Exchange Of CbC Reports For 2017
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December 13th, 2018
On 11 December 2018, the U.S. IRS published a joint statement with the competent authority of France on the spontaneous exchange of Country-by-Country (CbC) reports for reporting fiscal years beginning in 2017. This statement is one of the practical effects of the OECD and G20 initiatives to tackle base erosion and profit shifting (the BEPS action plan) that both countries publicly announced to adhere to.
The Netherlands Launches Consultation On Implementation of Fifth Anti-Money Laundering Directive
; posted on
December 13th, 2018
The Dutch Ministry of Finance announced, by way of a press release, that it had launched a public (internet) consultation on draft legislation implementing Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (the Fifth AMLD ).
The Highlight of the Directive .
Switzerland Initiates Consultation On Introduction Of Automatic Exchange Of Information With 18 Further States
; posted on
December 11th, 2018
The Swiss Federal Council announced the launch of a public consultation on the introduction of the automatic exchange of financial account information (AEOI) with 18 further states and territories. By expanding its AEOI network accordingly, Switzerland is underlining that it is implementing its international obligations, as OECD requires that individual states and territories complement their AEOI network with all partner states that have an interest in the AEOI.
Cayman Islands Publishes Tax Bill On Economic Substance Requirements To Comply With BEPS Action 5
; posted on
December 11th, 2018
Cayman Islands Publishes Tax Bill On Economic Substance Requirements To Comply With BEPS Action 5
In response to global developments in financial services, the Cayman Islands Government published three bills, including the bill to implement substance requirement, to comply with international standards. The draft legislation which would apply on January 1, 2019, seeks to incorporate the OECD’s proposals under Action 5 of the base erosion and profit shifting (BEPS) project, on countering harmful tax practices, as well as the new EU substance requirements.
Taiwan Updates List Of Jurisdiction For CbC Exchange
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December 6th, 2018
The Taiwanese Ministry of Finance issued a notice on an updated reference list of Jurisdictions with which Taiwan is able to exchange Country-by-Country (CbC) reports effectively in accordance with existing in force agreements. The announcement followed by another declaration on exchange information agreement, in which Japan and Taiwan agreed to automatically exchange the Financial Account Information (CRS) in Tax Matters and of Country-by-Country Reports.
Jordan Amended Income Tax Law: Heavier Income Tax Rate And Wider Coverage On Transfer Pricing
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December 6th, 2018
Jordan has published a new tax law (Law 38 of 2018) in the official gazette. The amended law will supersede Law 34 of 2014, effective January 1, 2019.
ECOFIN Fails to Reach Agreement on EU Digital Services, France and German Propose New Bill
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December 6th, 2018
Despite hopes that agreement could be reached on the EU's proposed digital services tax (DST) before the end of the year, a compromise proposal that was put forward during the 4 December meeting of the Economic and Financial Affairs Council, did not gain the necessary support and was not discussed in detail. Amidst the failure in reaching the agreement on DST, France and German proposed new stripped-down version of digital services tax.
G20 Leaders Seek Improved International Tax System Including On Cryptocurrency
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December 4th, 2018
In a communique issued after their summit, which held 30 November to 1 December 2018 in Buenos Aires, Argentina, G20 leaders reaffirmed their commitment to improving the international tax system on tax treaties and transfer pricing rule and to introducing international taxation system on cryptocurrency.
Improving the international tax system .
US Streaming Giant Revenues Are Under Examination By UK Tax Authority
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December 4th, 2018
British Netflix accounts are ‘under examination’ by UK HM Revenue and Customs (HMRC). Despite concerns over the tax arrangements of some digital services, Netflix clarifies that the investigation to be no more than standard practice.
Workshop For Corporates - "Fit For Future: A Refined Approach To Tax Risk Management"
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December 3rd, 2018
During the past few years, the EU commission and many local governments have released a number of aggressive and uncoordinated initiatives to curb unwanted tax behaviour of multinationals, following the 2015 release of the BEPS Action Plans by the OECD/G20.
Consequently, MNEs are experiencing an increased exposure to tax controversies if they are not simultaneously in control of their Operating and Tax/Transfer Pricing models.
China’s Tax Policy Development Amidst Trade War - Where Is The Dragon Heading?
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December 3rd, 2018
As the world’s two largest economies wrangle for global influence, China and US have been embroiled in a big trade battle on several fronts over the past few months. The US has imposed three rounds of tariffs on Chinese products this year, totalling $250bn worth of goods.
Ireland And Malta Reach An Agreement To Prevent 'Single Malt' Structure
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November 30th, 2018
Ireland's Department of Finance has announced the signing of a competent authority agreement between the Revenue Commissioners and the Maltese tax authority to prevent ‘Single Malt’ structures. This Agreement will ensure that the Treaty does not enable that aggressive structure.
EU Tax Committee Presents First Draft Report On Tax Avoidance And Evasion
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November 30th, 2018
The EU tax committee has presented the report on tax avoidance and evasion. The report, which was drafted on November 14, contains numerous proposals and recommendations to EU Member States and the European Commission to help them face the challenges linked to tax fraud and financial crime such as money laundering.
The Netherlands Announces Stricter Requirement For International Tax Ruling
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November 27th, 2018
The Dutch Ministry of Finance has announced that from 1 July 2019, stricter requirements will be put in place for the issuance of advance tax rulings with an international character. The proposal aims to prevent the Netherlands from being used as a conduit to tax havens where a company with undesired international structures (e.
India and China Amend Double Taxation Avoidance Agreement (DTAA)
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November 27th, 2018
The Government of the Republic of India and the Government of the People's Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, by signing a Protocol on 26 November 2018. The official protocol has not been published yet, but according to the Indian Ministry of Finance, the amendment includes the adoption of the latest standard on EOI and minimum standard on BEPS project.
Money Laundering In EU Banks - In The Spotlight Of Special Tax Committee
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November 22nd, 2018
In light of the recent serious allegations of money laundering involving some EU financial institutions, particularly Danske Bank and ING Groep, the TAX3 Committee has decided to hold a hearing on money laundering in banks on 21 November 2018 with a view to improving the financial supervisory system.
Money Laundering Scandal in EU Banks .
LATAM Ministers Devote To Combat Tax Evasion And Corruption
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November 22nd, 2018
Uruguay's Minister of Economy and Finance Danilo Astori hosted a discussion with Ministers, high level representatives and senior officials from Latin America on how to strengthen regional efforts to combat tax fraud and corruption.
Commitment .
Canada Boosts Post US Tax Reform Competitiveness With Tax Measures
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November 22nd, 2018
In response to the U.S. Tax Cuts and Jobs Act, therefore on 21 November 2018, Canada has proposed three measures to boost its competitiveness, which would give it the lowest overall tax rate on new business investment among G-7 countries.
Objective .
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