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22 January 2015

EU FTT: back from the dead?

By Simon Leach By the end of 2014, it appeared that the project to implement an EU Financial Transaction Tax (FTT) had stalled. The Member States signed up to implement an EU FTT (the 'EU-11') had failed to reach consensus on a number of points concerning the scope and application...

14 January 2015

How megatrends and BEPS are colliding for engineering & construction businesses

By Aidan Sutton For the past few months, I’ve been receiving calls on an almost daily basis from UK engineering & construction clients looking for a specific piece of information: contact details for a tax colleague specialising in a developing market. From Tunisia to Mozambique to India to Malaysia and...

23 December 2014

Seasonal gifts from the OECD set the scene for a year of real change to come

By Mike Cooper In what for many will have been the last week before a seasonal holiday, the OECD published six draft discussion papers covering a range of the key BEPS actions scheduled for 2015. Although these papers show that there’s work to be done, they are yet another example...

16 December 2014

The world has changed; so must the approach to resolving HMRC disputes

By Mark Whitehouse I have been helping businesses with tax disputes for over twenty years and during that period I cannot remember a time when tax issues were higher on the business agenda. The environment both in the UK and internationally is politically charged and the debates that are now...

UK brings in digital tax as Ofcom report identifies UK shoppers as the most prolific online

By John Steveni It’s now over a month since I wrote my blog We don’t need new digital taxes, we need an international tax system fit for the Digital Age about the OECD BEPS project which is seeking multilateral consensus to update the international tax system to cope with how...

The future of captives

By Loic Webb-Martin Some say there is no such thing as bad publicity. The profile of the captive insurance sector is increasing, but not for the right reasons. It was recently singled out in the OECD’s Base Erosion and Profit Shifting (BEPS) agenda; it's regarded, along with the rest of...

12 December 2014

Draft Finance Bill 2015 – HMRC releases new rules on diverted profits tax

Watch our webcast looking at DPT and recently published OECD BEPS papers By Stella Amiss This week saw HMRC release the new diverted profits tax (DPT) rules within its draft Finance Bill 2015. The new rules will affect large international companies that are considered to be artificially diverting profits away...

11 December 2014

Could the BEPS work on hybrid financing be just the tip of the iceberg?

By Mike Cooper When the OECD delivered their agreed paper addressing hybrid mismatch arrangements in September there will have been many groups acknowledging the potentially significant effects of the proposals that it contained, but not many can have been surprised. The Hybrids paper focusses on arrangements which are probably one...

09 December 2014

Kevin Nicholson on giving evidence at the Public Accounts Committee and the need to talk about future tax reform

By Kevin Nicholson Yesterday I gave evidence to the Public Accounts Committee (PAC) on tax arrangements in Luxembourg and the role of accountancy firms. As the PAC said, its focus was arrangements put in place in the past. There wasn't the opportunity to talk about the future. PwC has long...

05 December 2014

UK Government confident about proposed new IP regime

On 2 December 2014 HM Treasury released a Written Ministerial Statement confirming the earlier UK:Germany joint proposal was broadly welcomed by OECD members. HM Treasury have also provided a summary of frequently asked questions that address some of the points of uncertainty. Key highlights include: there is a little more...