The key European updates this month relate to the European Commission’s anti-avoidance package, challenges to the legality of the UK’s 45% rate of corporation tax on restitution interest and an update on the FID and tax credit group litigation. At the OECD, we saw the signing of the Multilateral Competent Authority Agreement for the automatic exchange of country by country reports. Further afield, there was a positive ruling for taxpayers regarding payments received from Indian companies for supply management services; and China has clarified what expenditure should be considered to qualify for its R&D regime.
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