Uncertainty over Income Tax Treatments: IFRS
The IASB recently issued a new Interpretation on Uncertain Tax Treatments (IFRIC 23). In short, it is the IFRS equivalent of the US GAAP Interpretation, ASC 740 (formerly FIN 48). IFRIC 23 was ratified in the IASB meeting on 16-17 May 2017, and issued on 7 June 2017. It will be effective for annual reporting
European Parliament Committees approve public Country-by-Country Reporting proposal
Further to the work of the OECD in the framework of the BEPS project, the European Parliament’s Economic and Monetary Affairs and Legal Affairs (ECON/JURI) committee members adopted on Monday 12 June 2017 their joint report on the EU Commission’s draft public CbCR Directive (The consolidated committee report is not yet published, but should be
Draft MLI positions of different territories reflect a range of views on BEPS implementation
As a result of a new legal instrument, changes to the allocation of taxing rights and the introduction of new anti-avoidance rules mean that, once ratified, businesses and individuals may no longer qualify for double taxation relief on a range of cross-border transactions and activities. Taxable presences, compliance burdens, and tax liabilities could increase, and
ATAD II Directive formally adopted
On 29 May 2017, the EU’s Council (in the Competitiveness Council configuration) formally adopted the Council Directive amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries (ATAD II) without further discussion. The amended Directive (ATAD II) has a broader scope than ATAD I as it also covers hybrid mismatches with third countries and
Agreement on new council directive on double taxation dispute resolution
During its meeting on 23 May 2017, the ECOFIN Council reached an agreement on a proposal for a new system for resolving double taxation disputes within the EU. Based on the Convention on the elimination of double taxation in connection with the adjustment of profits of associated enterprises (the EU Arbitration Convention – 90/436/EEC), the
OECD releases discussion draft on the implementation guidance on hard-to-value intangibles
On 23 May 2017, the OECD released (under the impetus of the Final Report on BEPS Actions 8-10) a discussion draft which aims to giving guidance on the implementation of the approach to use ex post results as presumptive evidence about the ex ante pricing of transfers of hard-to-value intangibles (“HTVI”). The approach is described
Belgian Fairness Tax: Status Quaestionis (update)
As a recall, by request sent to the Constitutional Court, a Belgian taxpayer company has filed in January 2014 an action for annulment of the so-called Belgian ‘Fairness Tax’. This action comprises four different causes of action each of them including different headings or arguments: European law: freedom of establishment and Parent-Subsidiary Directive; Constitutional law:
Ruling Office – rulings delayed due to annulation of French-speaking Board members
On 28 April 2017, the Belgian Council of State annulled the nomination of the French-speaking Board members of the Ruling Office, due to a complaint by a previous Board member. As a result of the judgement, the Ruling Office will not be able to take any formal decisions before the Board members have been replaced.
