The latest meeting of the Treasury sub-committee at the House of Commons on Wednesday looked at closing the tax gap, with the technical panel insisting more active measures must be taken by HM Revenue & Customs (HMRC) to make compliance easier.
The Australian Taxation Office (ATO) is targeting foreign companies that shift profits offshore to reduce their local tax liability. The application of transfer pricing rules will be reviewed.
The Italian tax authorities have released guidelines on accessing the transfer pricing penalty protection regime. The transfer pricing rules themselves remain unaffected, but the guidelines clarify the procedure for application to obtain penalty protection.
