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NEWS BRIEFS for June 7 2016

HMRC

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 believes HMRC’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.


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HM Revenue and Customs said the UK pillar two legislation will be delayed until at least December 2023, while ITR reported on a secret Netflix settlement and an IMF study on VAT cuts.
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