This week, the Organisation for Economic Co-operation and Development (OECD) released its first recommendations for combating international tax avoidance. The announcements, which form part of the multilateral organisation’s Base Erosion and Profit Shifting (BEPS) initiative, mark a major change to the global tax and transfer pricing landscape and will have an impact on multinational enterprises worldwide.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap