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At a recent conference in Paris, the OECD’s Joe Andrus, director of transfer pricing, discussed the results of Working Party 6 deliberations and announced the alterations that will be made to country-by-country reporting (CbCR) guidelines as a result of feedback from the tax industry.

The OECD issued a revised draft of chapter V of the OECD guidelines on documentation in January, which placed emphasis on transfer pricing enquiry and risk assessment. Guidance on country-by-country reporting (CBCR) was one of the vital additions aimed at helping tax authorities with risk assessment. However, reactions have shown that, in its current state, CBCR may not be feasible.

The latest tax updates from around the world.

The draft revised Chapter V of the OECD Guidelines, issued in January 2014, included a standardised two-tiered approach to transfer pricing documentation: a master file and a local file. Grant Thornton International member firms have looked at the experience of the existing coordinated approach in Europe.

Frank Schoeneborn, head of global operational transfer pricing in the finance and accounting division at Merck Group with headquarters in Germany, looks at the practical problems in the implementation of operational transfer prices, illustrating the new tax risks stemming from these problems and showing how holistic management can be the solution.

Though the US is the second largest destination for its exports – only behind China– Brazil is the only country among the so-called Brics not to have a double taxation treaty with America. What is more, Brazil has only 30 international treaties for avoiding double taxation.

Two tax barristers have become Queen's Counsel in this year's round of appointments in the UK.

Morris Maroon has joined Rockwell Olivier as head of tax. He will work from the Sydney office, leading a team that advises businesses and professional advisers on all areas of Australian domestic and international tax law and also assists clients and accountants to resolve complex disputes with the Australian Tax Office (ATO).

Nikolaj Bjørnholm is the newest tax partner at Plesner in Copenhagen after a three year stint as head of Hannes Snellman's Danish tax practice.

The stars are not aligned to allow tax reform right now Reform of the US tax system is still a long way off judging by the differences between the proposals in the 2015 Budget which President Obama released last month and the plan of Dave Camp, House Ways and Means Committee chairman, which came out a week earlier. The Obama FY 2015 Budget largely carries forward previous tax proposals outlined by the Administration, though new revenue raising proposals include a limit on corporate interest deductibility and restrictions on hybrid arrangements.