The European Commission has produced a ‘scoreboard’ of key risk indicators to help member states to decide which non-EU jurisdictions should be formally screened as part of the process of drawing up a common EU list of non-cooperative tax jurisdictions by the end of 2017.
Pakistan has become the 104th signatory to the multilateral convention on mutual administrative assistance in tax matters.
On 20 September, the Council of the EU approved the conclusion of an agreement with Andorra giving their tax administrations improved cross-border access to information on the financial accounts of each other’s residents.
The Guernsey government is consulting until 21 October 2016 on the legislation required in order for the States of Guernsey to introduce country by country reporting. See www.gov.gg/cbCR.
HM Treasury has added Norway to the list of countries that have declared their support for the initiative to establish automatic exchange of information on beneficial ownership. This brings to 47 the number of countries now participating.
Chris Morgan (KPMG) assesses the latest developments that matter in the international tax arena.
Ashley Greenbank (Macfarlanes) considers the proposals for the introduction of further adjustments to counteract the financial benefits of cash flows arising from non-arm’s length transfer pricing.
On 12 July, the EU and Monaco signed a new tax transparency agreement, under which they will automatically exchange information on the financial accounts of each other’s residents from 2018.