The European Commission’s proposal to introduce mandatory public country-by-country reporting for multinational groups will need to be debated in a plenary session of the EU Parliament before it can be put to the Council, following an inconclusive vote in the Parliament’s Economic and Monetary Af
The EU Economic and Financial Affairs Council has approved a draft regulation on transitional arrangements to phase in the regulatory capital impact on banks of the introduction of IFRS 9.
The OECD is gathering information for its third batch of peer reviews of the mutual agreement procedure (MAP) under BEPS action 14, the framework for resolving tax treaty related disputes. This batch involves the Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore and Spain.
The Commission is expected to present a proposal before the end of June for an amendment to the directive on administrative cooperation, to provide for automatic exchange of tax planning information between member states.
The International Chamber of Commerce (ICC) has warned of the risks from inconsistent definitions and interpretations of ‘economic substance’ and ‘economic activity’ in the context of BEPS, which could lead to double taxation and obstacles to cross-border trade and investment.
In May, the Council of the European Union adopted a proposal to repeal and replace the prospectus directive and the existing regulation with a new harmonised set of rules covering the content, format, approval and publication of prospectuses throughout the EU.
Guatemala has ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which will enter into force for Guatemala on 1 October 2017.
Ministers and high-level officials from more than 60 countries and jurisdictions signed the Multilateral Convention to Implement Tax Treaty Related Measures to prevent BEPS’ on 7 June at the OECD in Paris (see http://bit.ly/2r4wJFU).
The EU Parliament’s committee on economic and monetary affairs will vote on 12 June on whether to adopt its draft report on the Commission’s proposal to introduce mandatory public country-by-country reporting (CbCR) for multinational groups.
Djibouti and Thailand have become the 97th and 98th members respectively of the OECD’s inclusive framework on BEPS. Djibouti has also become the 141st member of the global forum. Thailand became a member of the Global Forum in January 2017.