The imposition of a diverted profits tax in New Zealand is a hot topic for political debates ahead of September’s general election. However, in reality the controversial tax is probably a long way away from actually being tabled in parliament.
Major changes are on the cards for Hong Kong’s businesses, with a new transfer pricing regime being introduced before the end of the year and the territory’s new leader Carrie Lam pledging thorough tax reform. Advisers expect to see an increase in disputes, while businesses seeking stability await an advance pricing agreement programme.
New Zealand’s fresh BEPS proposals pertain to interest limitation, permanent establishments and hybrid mismatch arrangement. MNEs may soon find it more difficult to avoid PE status. The new measures largely align with the OECD’s recommendations, but with a few twists.
Mauro Faggion of the Italian Revenue Authority speaks to TP Week about how Italy is tackling the challenge of taxing the digital economy, and why he remains unconvinced by the BEPS project so far.
From September 2017, failing to prevent facilitation of tax evasion will be a criminal offence in the UK. This means businesses will be liable for the activities of their employees, whether management is aware of these activities or not. Companies are racing to train employees on compliance with the new rules.
