There is a continuing theme of transparency this month, with an informal deal struck on the EU transparency directive; the announcement of a pilot multilateral exchange facility by the UK, France, Germany, Italy and Spain; and the publication of a discussion document in Australia on proposals that will require large businesses and multinationals to disclose details of the amount of tax they have paid. The Supreme Court has refused permission to appeal in the FCE Bank case on cross-border group relief and the European Commission has objected to Sweden’s interest deduction limitation rules.
