Switzerland and Italy have reached an agreement in principle on tax and finance issues, which will include a protocol to the double tax agreement between the two jurisdictions and a roadmap to resolve other matters.
The new year has just started but India has already updated the road map for the introduction of new accounting standards, as well as draft rules on how income should be calculated and represented under the regime.
South Africa’s Davis Tax Committee (DTC), which was set up to examine how the country’s tax system supports economic development, including job creation, has recommended that the South African Revenue Services (SARS) should adopt the enhanced relationship framework between officials and large taxpayers.
One event dominated the world of tax compliance and administration this year: the signing of the multilateral competent authority agreement in Berlin on October 29 to enable the Common Reporting Standard (CRS), the global standard for the automatic exchange of tax information, to operate.
The Treasury has provided welcome guidance for jurisdictions in FATCA limbo The US Treasury has responded to calls for clarity about the status of jurisdictions that have agreed in substance an intergovernmental agreement (IGA) with the US to implement the Foreign Account Tax Compliance Act (FATCA), but will not have signed it by the end of 2014.
