On March 12, 2018, the OECD published mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore, and Spain.
On March 5, 2018, the Hong Kong Government launched an online portal to enable Hong Kong entities to file their country-by-country (CbC) reports. The Portal can be accessed through: https://aeoi.ird.gov.
Anguilla has newly joined the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS).
The UK Government has published an Order, which would update the definition of “transfer pricing guidelines” in the UK legislation.
The Australian Taxation Office (ATO) will release this year detailed advice and guidance on the country’s thin capitalization regime contained in Division 820 of the Income Tax Assessment Act, 1997.
India’s Central Board of Direct Taxes (CBDT) entered into a further seven unilateral advance pricing agreements (APAs) in February 2018, taking the total number of APAs signed to 203.
Chartered Accountants Australia and New Zealand (CA-ANZ) has stressed that by implementing the Taxation (Neutralising Base Erosion and Profit Shifting) Bill in its current form, the New Zealand Government would be “going further than most other OECD countries.”
Serbia has newly joined the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS).
By Alex Cooper
The New Zealand Inland Revenue is seeking to rectify a drafting error in a new rule to limit the rate of deductible interest on related-party, cross-border debt (the restricted transfer pricing rule) in the Taxation (Neutralising Base Erosion and Profit Shifting) Bill.
On February 7, 2018, the Indian tax authority announced that it entered into two bilateral advance pricing agreements (APAs) in the month of January 2018.