New research based on statistics released by the OECD and IMF suggests that some $12 trillion, representing almost 40% of all global foreign direct investment, consists of financial investment passing through empty corporate shells with no real economic activity.
Serbia deposited its instrument of ratification for the Multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (multilateral convention or MLI) with the OECD on 5 June.
HMRC’s 31 May deadline for registering an interest in its disguised remuneration settlement opportunity has now passed, but guidance now tells taxpayers wishing to settle on favourable terms to register with HMRC ‘as soon as possible’.
HMRC has published the following:
Transfer pricing legislation and the TFEU
Input tax on deposits
Input tax recovery in the absence of invoices
The reduced rate for energy-saving materials
Challenging the non-application of an extra-statutory concession
Rhiannon Kinghall Were and Nigel Doran (Macfarlanes) review the consultation proposals which are intended to reduce administrative burdens.