Australia Passes Law to Give Force to BEPS Convention

Australia Passes Law to Give Force to BEPS Convention

The Australian Parliament on August 16 passed a legislation to give the force of law to the OECD’s Multilateral Convention to implement tax treaty-related measures to tackle base erosion and profit shifting (BEPS).Continue Reading

Tax Bill Seeks to Improve Australia’s Thin Capitalization Regime

Tax Bill Seeks to Improve Australia’s Thin Capitalization Regime

The Australian Treasury has published for comments a draft tax Bill that would implement two key changes to improve the country’s thin capitalization regime. The changes – first proposed in the 2018-19 Budget – are intended to apply from income years beginning on July 1, 2019.Continue Reading

UK Raises £388 million from Diverted Profits Tax Law in 2017-18

UK Raises £388 million from Diverted Profits Tax Law in 2017-18

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.Continue Reading

MNE Tax Avoidance Thing of the Past, OECD Tells G-20

MNE Tax Avoidance Thing of the Past, OECD Tells G-20

Multinational enterprises (MNEs) are “changing their behavior” as a direct result of recent tax measures taken to tackle base erosion and profit shifting (BEPS), the OECD has told the Group of Twenty (G-20) Finance Ministers.Continue Reading

Australia Revising ‘Significant Global Entity’ Definition

Australia Revising ‘Significant Global Entity’ Definition

The Australian Government is consulting stakeholders on a law that would extend the definition of a “significant global entity” to ensure multinational tax laws apply uniformly to all relevant entities.Continue Reading

BusinessEurope Calls for Global Agreement on Digital Economy Taxation

BusinessEurope Calls for Global Agreement on Digital Economy Taxation

The Confederation of European Business (BusinessEurope) has said that a global agreement is needed on changes to international tax rules concerning the digital economy to ensure a global level-playing field encompassing all major tax jurisdictions.Continue Reading

US Tax Authority Issues Final Inversion Regulations

US Tax Authority Issues Final Inversion Regulations

The US Internal Revenue Service (IRS) has issued final regulations on inversions and related transactions.

The final regulations – issued on July 12 – address transactions that are structured to avoid the purposes of sections 7874 and 367 of the Internal Revenue Code and certain post-inversion tax avoidance transactions.Continue Reading