Uncertainty over Income Tax Treatments under IFRS
On 21 October 2015, the IFRS Interpretations Committee (‘IFRS IC’) published for public comment an Interpretation on how uncertainty over income tax treatments should affect the accounting for income taxes. In short, it is the IFRS equivalent of US GAAP Interpretation ASC 740-10 (formerly FIN 48). Whilst the Interpretation is currently only in draft form,
Luxembourg, Cyprus and Seychelles removed from OECD’s list of uncooperative tax havens
On 30 October 2015, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (‘Global Forum’) announced that Cyprus, Luxembourg and the Seychelles are no longer deemed to be non-compliant with the OECD Exchange of Information standard and assigned a new overall rating of ‘Largely Compliant’, following significant changes to their legal
