European Parliament committees in a joint meeting on Monday night voted in support of a controversial proposal to stipulate further transparency in country-by-country reporting. However, the committees also adopted an alternative amendment that enables companies to apply for exemptions without a time limit from member state governments.
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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