OECD releases model documents for implementing BEPS country-by-country reporting
On 8 June 2015, the OECD released a “Country-by-Country Reporting Implementation Package”. The package includes model legislation the OECD suggests could be used by countries to mandate filing of country-by-country reports (“CbCRs”). The model legislation does not attempt to address the filing of the so-called master file or local file reports. The key takeaway is
European Commission takes the next step in its EU-wide State aid review of tax ruling practices
On 8 June 2015, the European Commission announced its next steps in its EU-wide State aid review of Member States’ tax ruling practices. The European Commission states in its press release that, following the December 2014 enquiry, Estonia and Poland refused to respond in full detail to the information request. Therefore, the Commission has now
European Commission publishes decision to investigate the Belgian excess profit provision
The non-confidential version of the European Commission’s opening decision announcing the formal investigation into the Belgian Excess Profit provision embodied in section 185 §2, b) of the Income Tax Code was published in the EU’s Official Journal on 5 June 2015. Beneficiaries of excess profit rulings are requested to submit their comments at the latest one
Revised OECD Discussion Draft on Treaty Abuse published
On Friday, 22 May 2015, the OECD issued a Revised Discussion Draft on BEPS Action 6: Prevention of Treaty Abuse (the RDD). The RDD includes a simplified Limitation on Benefits (LOB) Article for inclusion in the OECD Model Income Tax Convention and provides ‘conclusions and proposals’ on 20 targeted issues. Most of the proposals are
Belgium considers introducing mandatory transfer pricing documentation following the outcome of the BEPS Action Plan
The Belgian Minister of Finance, Johan Van Overtveldt, shared some new insights about the government’s ambitions in the area of transfer pricing as part of his reply to a parliamentary question on Wednesday 11 March 2015 (CRIV 54 COM 111 –Parliamentary Question no. 2774). The Minister referred to the OECD project in relation to Base Erosion
Belgian tax authorities initiate new wave of transfer pricing audits
The Belgian tax authorities have initiated a new wave of transfer pricing audits, similar to those initiated in 2013 and 2014. Multiple taxpayers have already received or will receive in the next few days an in-depth questionnaire that focuses on their transfer pricing arrangements. The request for information on intercompany transactions and activities of the
OECD publishes comments on TP Comparability Data and Developing Countries paper
On 11 March 2014, the OECD invited comments from interested parties on the paper on Transfer Pricing Comparability Data and Developing Countries. This paper discusses four possible approaches to addressing the concerns expressed by developing countries over the lack of data on comparables (expanding access to data sources for comparables, more effective use of data sources
European Commission explains State aid investigations in Ireland and Luxembourg
On 30 September 2014 the European Commission published its opening decisions in the formal investigations into transfer pricing agreements between Apple and, allegedly, Fiat and – respectively – Ireland and Luxembourg. The European Commission had already communicated these investigations through a press release issued on 11 June 2014. The current decisions explain the reason for
