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TP WEEK NEWS BRIEFS For April 13, 2016

Paris, OECD

The latest headline news from Transfer Pricing Week. TP News Briefs include: the Panama Papers' JITSICN special meeting in Paris, the EC's proposed legislation targeting MNEs with European and offshore subsidiaries, the release of South Africa's CbCR draft regulations and Jamaica's collaboration with the OECD on transfer pricing

OECD ‘Panama Papers’ meeting in Paris

APRIL 13 – Australia is leading a high-level meeting of government officials in Paris to share information about the Panama Papers and discuss joint criminal investigations. Some 28 countries are reportedly attending a discussion chaired by Mark Konza, head of international tax for the Australian Tax Office. Government officials asked the OECD to convene a special project meeting of the Joint International Tax Shelter Information and Collaboration Network to identify risks and agree on collaborative action. The 11.5 million leaked Panama Papers cover 210,000 companies in 21 offshore jurisdictions. A statement on the meeting is expected later today.

Crackdown on MNEs in Europe

APRIL 13 – Large MNEs with subsidiaries in the EU are examining new rules proposed by the European Commission that would force them to publish data from tax havens. The post-Panama Papers crackdown on EU and foreign multinationals also includes a plan to require MNEs in Europe to publish detailed country-by-country tax reports on their company websites. The proposed new legislation, announced on Tuesday, puts European Commissioners at loggerheads with the OECD, which does not advocate public disclosure of CbCR.

Transfer pricing expert working with Tax Administration of Jamaica 

APRIL 13 – Ian Wood, a British APA expert affiliated with the OECD, is providing overseas technical assistance on Transfer Pricing to the Jamaican tax authorities during a five-day visit to the island. Jamaican officials say the visit is part of an on-going collaboration with the OECD, which last year began training Jamaican staff who will be administering Transfer Pricing. Wood is expected to meet Audley Shaw, minister of finance & the public service, and the Tax Committee and Tax Administration Jamaica.

South Africa publishes CbCR draft regulations

APRIL 13 - The South African Revenue Service (SARS) has published draft regulations concerning a CbCR standard for multinational enterprises. The draft was issued this week following South Africa’s signing of the Multilateral Competent Authority Agreement for the exchange of CbCR in January 2016.

More from across our site

This week European Commission officials consider legal loopholes to secure minimum corporate taxation, while Cisco and Microsoft shareholders call for tax transparency.
The fast-food company’s tax settlement with French authorities strengthens the need for businesses to review their TP arrangements and documentation.
The full ALP model will be adopted through a new TP regime, which is set to boost the country’s investments and tax certainty.
Tax professionals have called on the UK government to reconsider its online sales tax as it would affect the economy at the worst time.
Tax professionals have called on companies to act urgently to meet e-invoicing compliance targets as the EU plans to ramp up digitisation.
In the wake of India’s ambitious 25-year plan for economic growth, ITR has partnered with leading tax commentators to discuss what the future will look like for India and for the rest of the world.
But experts cast doubt on HMRC's data and believe COVID-19 would have increased the revenue shortfall.
EY’s plan to separate its auditing and consulting businesses might lessen scrutiny from global regulators, but the brand identity could suffer, say sources.
Multinationals are asking world leaders to put a scale on carbon pricing to tackle climate change at the 48th G7 summit in Germany, from June 26 to 28.
The state secretary told the French press that the country continues to oppose pillar two’s global minimum tax rate following an Ecofin meeting last week.
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