The main BEPS developments this month have been around peer reviews to assess the implementation of the actions considered to be minimum standards. In India, the Union Budget was presented on 1 February including thin capitalisation proposals in line with OECD recommendations. Proposals restricting relief for royalties in Germany could impact UK companies benefiting from the ‘old’ patent box regime and Belgium has updated its own innovation regime. The public in Switzerland voted against the introduction of the Corporation Tax Reform III measures in a referendum on 12 February.
