Guernsey’s Government is consulting businesses on a law that would require companies tax-resident in Guernsey to demonstrate they have sufficient substance in the island.
The UK tax authority, HM Revenue and Customs (HMRC), raised GBP388m from the diverted profits tax (DPT) legislation in 2017-18, according to the Transfer Pricing and Diverted Profits Tax Statistics published on July 31.
Global law firm DLA Piper has announced the appointment of Vicki Bales as a Transfer Pricing director in the firm’s international tax practice. Bales will be based in London.
Mexico’s Tax Administration Service on July 11, 2018, updated the country’s existing regulations concerning transfer pricing adjustments as set out in rules 188.8.131.52 to 184.108.40.206 of the Resolución Miscelánea Fiscal. The changes are aimed at clarifying many questions that arose from the enactment of the first set of regulations on transfer pricing adjustments last year. In broad terms, the regulations can be classified as: definition and types, application, requirements, and timing issues and deadlines. These are discussed below.
Audit, tax, and consulting firm RSM has appointed Robert De La Rue, former Head of Tax of Jardine Motors Group, as a tax partner in Chelmsford.
Law firm Baker McKenzie has announced the election of 13 new tax partners.
The newly elected partners are: Michael Nixon (Singapore), Simone Bridges (Sydney), Kirill Vikulov (Moscow), David Jamieson (London), Jessica Eden (London), Rodrigo Castillo Cottin (Bogota), Paul F. DePasquale (New York), Tatyana Johnson (New York), Victor Alejandro Morales-Chavez (Mexico City), Jonathan Welbel (Chicago), Joshua Nixt (New York), Andrew C. O’Brien-Penney (Chicago), and Ivan Tsios (Chicago).
The UK Government has published a final list of its reservations and notifications under the Multilateral Convention to implement tax treaty-related base erosion and profit shifting (BEPS) measures.
The UK Government has published draft legislation that would make technical amendments to the country’s corporate interest restriction rules to ensure the corporation tax regime works as intended.
Guernsey has signed a new tax treaty with the UK. The new tax treaty replaces the one that has been in force since 1951.
The new tax treaty is based, broadly, on the OECD Model Tax Convention, which Guernsey has generally followed in its negotiations with other jurisdictions in recent years. The text of the tax treaty incorporates some of the recent international standards designed to prevent base erosion and profit shifting (BEPS).
The governments of UK and Isle of Man signed a new tax treaty on July 2.
The tax treaty is based on the latest OECD Model Tax Convention and includes provisions to reflect the OECD’s base erosion and profit shifting (BEPS) measures.