UK’s EU Referendum vote: PwC webcast – Friday, June 24
This week, the UK will vote to either leave or remain in the European Union (also known as “Brexit”). Regardless of the outcome of the UK’s EU referendum, there will be consequences for the European economy and business in general. To ensure our clients understand these issues, PwC will host a webcast examining the issues,
Belgian transfer pricing documentation requirements submitted to Parliament
On 2 June 2016, the Belgian Government introduced in Parliament a draft Program Act containing the blue-print of how Belgium aims to implement the outcome of the OECD’s BEPS Action 13 into Belgian tax law. In essence, Belgium will introduce formal transfer pricing documentation requirements thereby requiring multinational entities (MNEs) with operations in Belgium – subject to certain conditions
OECD releases public discussion draft on the multilateral instrument to implement the tax treaty related BEPS measures and asks the public for input
On 31 May 2016, the OECD released its public discussion draft on Action 15 (Development of a Multilateral Instrument to Implement the Tax Treaty related BEPS Measures) of the BEPS Action Plan. Action 15 of the OECD’s BEPS Action Plan called for the development of a multilateral instrument in order to allow countries to swiftly amend their
Country-by-Country Reporting approved, Anti-Tax Avoidance Directive vote postponed
On 25 May 2016, the EU Economic and Financial Affairs Council (ECOFIN) approved the implementation of the Country-by-Country Reporting (CbCR) rules for multinational companies. However, the vote on the Anti-Tax Avoidance Directive (ATAD) proposal of the European Commission was postponed to the next council’s meeting, taking place on 17 June 2016. The directive implementing the
Preparing your business for imminent new reporting obligations
Belgian entities of foreign- or Belgian-headquartered multinational groups with annual revenues exceeding 50 million euros need to assess whether they will be subject to the transfer pricing documentation obligations that will be introduced soon. Given the increased scrutiny, it’s also imperative to check the consistency of transfer pricing arrangements with actual conduct. Three layers of
Enhanced transparency for multinational enterprises: 44 tax administrations agree on CbCR and CRS information sharing system
During the 10th meeting of the OECD Forum on Tax Administration (FTA), held on 11, 12 and 13 May 2016, the heads of 44 tax administrations came to an agreement on the creation of a system that will enable the effective and efficient sharing of data gathered from the automatic exchange of information under the
European Commission proposes public Country-by-Country Reporting (CbCR) rules for EU multinational enterprises
On 12 April 2016, the European Commission (EC) introduced a legislative proposal on public reporting requirements for certain EU enterprises, being multinational groups with a consolidated turnover exceeding EUR 750 million. The proposal is founded on the EC’s determination to address corporate tax avoidance in Europe, of which the cost for the EU Member States
EU Member States reach agreement on mandatory automatic exchange of financial information on country-by-country reporting (CbCR)
On 8 March 2016, the Member States of the European Union reached a political agreement on the automatic exchange of country-by-country reporting (CbCR) at a meeting of the Ministers of Economic and Financial Affairs in Brussels. The CbC reports contain tax-related financial information of multinational companies. The agreement is, however, still subject to the scrutiny
