On February 16, the OECD released the final batch of BEPS Action 14 peer reviews, on the efforts of 13 jurisdictions to improve how they resolve tax-related cross-border disputes.
The stage 1 peer reviews were for Aruba, Bahrain, Barbados, Gibraltar, Greenland, Kazakhstan, Oman, Qatar, Saint Kitts and Nevis, Thailand, Trinidad and Tobago, United Arab Emirates and Vietnam.
The OECD has now published stage one peer review reports for all jurisdictions and published three batches of stage two reports. In total, 82 stage one peer reviews and 37 stage one and stage two peer reviews have been finalized, with the fourth batch of stage two reports to be released in a few months.
Of the recently assessed jurisdictions, Gibraltar, in particular, welcomed the findings, issuing a statement to that effect this week.
The Government welcomed what it viewed as an endorsement of the territory’s framework … Read More »
The EU has been mulling over the anticipated economic impact of the Brexit split. Releasing its Winter 2021 Economic Forecast, the EU suggested that Brexit will dent UK economic growth considerably, more than for the European Union, despite the new free trade deal between the two parties.
The free trade deal between the UK and the EU provides for zero tariffs and zero quotas on all goods trade that complies with the appropriate rules of origin. However, the report highlights that non-tariff barriers have increased substantially for both imports and exports from and to the UK.
“…[W]hile the FTA improves the situation as compared to an outcome with no trade agreement between the EU and the UK, it cannot come close to matching the benefits of the trading relations provided by EU membership,” the report observed.
It estimated that, for the EU, on … Read More »
The Indian Government has announced its intention to reduce the time-period during which the tax authority can probe an individual’s tax affairs. Under the change, the authority will be able to investigate a taxpayer only within three years of the relevant year, rather than the current six years. However, investigations may occur up to ten years after the year in question in the case of serious tax evasion involving income of INR5m or more in a year.
Further, the Budget unveiled plans for a new dispute resolution committee. Taxpayers with taxable income up to INR5m (USD68,000) and with disputed liability of up to INR1m will be able to approach the committee.
With regard to indirect taxes, the Budget announced that India will phase out hundreds of customs duty exemptions, in a new duty structure to be introduced in October.
The Budget also announces … Read More »
In the Netherlands, COVID support on offer is tailored to businesses on a day-to-day basis. Under a scheme put in place in 2020, businesses are able to defer payment of numerous taxes (income tax, the health insurance levy, corporate tax, payroll taxes, and VAT). Initially, businesses had been granted an automatic exchange of up to three months and thereafter they could request an extension by submitting a request by October 1, 2020. This deadline to submit a request was subsequently extended until the end of 2020.
Under the first iteration of the scheme, tax debts were required to paid starting January 1, 2021, over a 24-month period. In September 2020 the Government announced that businesses would be allowed 36 months to pay these amounts and would be required to do so only from July 1, 2021. It said interest on tax … Read More »