The amended administrative cooperation directive requiring member states automatically to exchange information on all new cross-border tax rulings came into force on 1 January 2017.
In December, a further 350 bilateral agreements for the automatic exchange of CRS information were activated, bringing the total to more than 1,300.
New Protocols have come into force, amending the existing double taxation arrangements with Guernsey, Jersey and Isle of Man with effect from 16 March 2016.
The Council of the EU has agreed a final draft of anti-money-laundering directive amendments for presentation to the EU Parliament. The amendments form part of the Commission’s action plan against terrorist financing, announced in February 2016.
The European Commission has set out its long-term plan for the customs union, with increased cooperation among member states to meet challenges such as terrorism and border security.
The Double Taxation Relief and International Tax Enforcement (Turkmenistan) Order, SI 2016/1217, will bring into effect the UK/Turkmenistan Double Taxation Convention, signed on 10 June 2016. The convention has not yet entered into force.
49 countries, besides the UK, Germany, France, Italy and Spain, are now participating in the initiative for automatic exchange of beneficial ownership information, first announced in April 2016. The latest to join was Mauritius.
On 6 December, the council of EU finance ministers set out their conclusions on the European Commission’s latest corporate tax reform package, issued on 25 October, which included: a two-step approach to establishing a common consolidated corporate tax base (CCCTB); an improved double taxation di
HMRC has published draft guidance on the application of the hybrid mismatch legislation in Finance Act 2016 Sch 10, which takes effect from 1 January 2017. When finalised, this guidance will be incorporated into HMRC’s international manual.
The new UK/Uruguay double taxation convention, signed in February 2016, entered into force on 14 November 2016. The convention has effect: