The Sanctions and Anti-Money Laundering Bill 2018 requires the government to legislate by 31 December 2020 for the British Overseas Territories to establish public registers of company beneficial ownership.
Belize has become the 86th country to sign the OECD’s ‘Multilateral convention to implement tax treaty related measures to prevent BEPS’. Monaco has deposited its instrument of ratification with the OECD and the convention will come into effect for that country on 1 May 2019.
The governments of the UK and Cyprus have signed a protocol to their 2018 double taxation convention, allowing individuals who were in receipt of government service pensions at the time the 2018 convention came into force to elect for the provisions of the 1974 convention to continue to apply to
The UK’s new double taxation agreements and Protocols with the Isle of Man and Jersey, signed in July 2018, entered into force on 19 December 2018. The new agreement and Protocol with Guernsey has not yet entered into force.
Following a state aid investigation begun in 2013, the European Commission has concluded that Gibraltar’s corporate tax exemption regime for interest and royalties and five tax rulings, also involving interest and royalties, broke EU state aid rules between 2011 and 2013.
HMRC has published ‘synthesised’ texts of the UK’s double taxation conventions with the Slovak Republic and Lithuania, as modified by the BEPS multilateral instrument (MLI).
The OECD has published its second annual report containing the results of peer reviews on implementation of minimum standards for the exchange of information on tax rulings, in accordance with BEPS Action 5.
Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration, looks back in the OECD's work on 2018 and the tax challenges of the digital economy.
HMRC has published the ‘synthesised’ text of the UK’s double taxation convention with Poland, as modified by the BEPS multilateral instrument (MLI). The MLI came into force for the UK on 1 October 2018 and for Poland on 1 July 2018.
The latest edition of the OECD’s annual publication, Revenue Statistics, shows a trend across OECD countries toward higher tax levels, mainly in corporate taxes, VAT and social security contributions, while personal income taxes fell slightly.