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NEWS BRIEFS for June 7 2016


The latest headline news includes: HMRC sees drop in high-value transfer pricing investigations; Romania becomes BEPS associate; and Austria moves closer to draft transfer pricing documentation

HMRC reports drop in high-value transfer pricing probes

   June 7 - The number of high-value HMRC investigations into transfer pricing has fallen 15% from 391 investigations for the year ending March 2015 compared to 450 investigations in the year ending March 2014, according to figures obtained by UHY Hacker Young.

   Roy Maugham, tax partner at UHY Hacker Young, said he believesHMRC’s strategy of pressuring companies suspected of tax avoidance is working, according to a report in City A.M.

IBFed lobbies for OECD scrutiny on proposed BEPS action

   June 7 - The International Banking Federation is pushing for clarity for the financial services industry under BEPS Actions 8-10.

   The IBFed has sent an open letter to the OECD’s Pascal Saint-Amans asking for revisions to transfer pricing guidelines which align transfer pricing outcomes with value creation: “The Final Report requires a more critical assessment of the actual functions undertaken rather than relying on contractual relationships,” IBFed said.

Austria moves closer to draft transfer pricing documentation

   June 7 - The Austrian finance ministry has published a draft regulation, paving the way for the implementation of the draft Transfer Pricing Documentation Law.

   The publication comes weeks after the publication on May 9 of the TPDL and its authorisation for the issuance of a regulation to address the master file and local file, EY reports.

Romania becomes BEPS associate

   June 7 – The Romanian government has approved participation in the BEPS project as an associate to the Implementation Forum, which ensures it will be implemented. 

   Associates participate in BEPS on the same footing as OECD and G20 countries developing standards and monitoring implementation of the BEPS package. The first meeting of the Committee on Fiscal Affairs including new associates will begin in Japan on June 30.

more across site & bottom lb ros

More from across our site

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US lawmakers averted a default on debt by approving the Fiscal Responsibility Act, but this deal may consolidate the Biden tax reforms rather than undermine them.
In a letter to the Australian Senate, the firm has provided the names of all 67 staff who received confidential emails but has not released them publicly.
David Pickstone and Anastasia Nourescu of Stewarts review the facts and implications of Ørsted’s appeal at the Upper Tribunal.
The Internal Revenue Service will lose the funding as part of the US debt limit deal, while Amazon UK reaps the benefits of the 130% ‘super-deduction’.
The European Commission wanted to make an example of US companies like Apple, but its crusade against ‘sweetheart’ tax rulings may be derailed at the CJEU.
The OECD has announced that a TP training programme is about to conclude in West Africa, a region that has been plagued by mispricing activities for a number of years.
Richard Murphy and Andrew Baker make the case for tax transparency as a public good and how key principles should lead to a better tax system.
‘Go on leave, effective immediately’, PwC has told nine partners in the latest development in the firm’s ongoing tax scandal.