There was some additional detail in the Budget on the diverted profits tax proposals, but no revised legislation was published. On the same day, the European Commission published details of a proposed new tax transparency package, including plans for compulsory exchange of information on cross-border tax rulings. The European Commission is also continuing its action against Sweden’s interest deduction limitation rules. Further afield, the India Union Budget was announced; and a more comprehensive set of rules on the indirect offshore disposal rules in China was published.
