The draft provisions contain a number of measures related to enforcement and HMRC powers. Jason Collins (Pinsent Masons) takes a look.
The OECD has launched a new database providing detailed tax revenue data for 80 countries, covering the period from 1990 onwards. This will expand to cover more than 90 countries by the end of 2018. The key indicators of the database are tax-to-GDP ratio and tax structure (i.e.
The new UK/Bermuda tax information exchange arrangement, signed in June 2017, entered into force on 27 June 2017.
The UK government signed new comprehensive double taxation agreements with Jersey, Guernsey and the Isle of Man on 2 July. The agreements will not enter into force until the territories have completed their respective parliamentary procedures and exchanged written notes.
The UK has deposited its instrument of ratification for the ‘Multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting’ (MLI) with the OECD. The MLI will enter into force for the UK on 1 October.
Two orders give effect to a new double taxation convention (DTC) with Belarus and a Protocol amending the DTC with Ukraine, neither of which are yet in force.
Kazakhstan and Vanuatu have signed the CRS Multilateral competent authority agreement (CRS MCAA), bringing to 102 the number of signatories.
The OECD has published a discussion draft on financial transactions, which deals with follow-up work in relation to BEPS Actions 8–10 (aligning transfer pricing outcomes with value creation). Comments on the draft are invited by 7 September 2018.
HMRC has entered an alliance with tax enforcement bodies in Australia, Canada, the Netherlands and the United States to share intelligence and expertise in the battle against international tax crime.