OECD publishes long-awaited public discussion draft on the transfer pricing aspects of financial transactions
On 3 May 2018, the OECD published a long-awaited public discussion draft on the transfer pricing aspects of financial transactions. With this publication, the OECD has reached another important milestone in the BEPS saga. As all groups have such transactions, the importance of the discussion draft cannot be underestimated. The discussion draft has been developed
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
OECD publishes additional guidance on Country-by-Country reporting (BEPS Action 13)
On 6 April 2017, the OECD has published further guidance for tax administrations and MNE Groups on Country-by-Country (CbC) reporting (Base Erosion and Profit Shifting (BEPS) Action 13). The guidance was released by the Inclusive Framework, which brings together over 100 countries and jurisdictions to collaborate on the implementation of the OECD/G20 BEPS Package. The
Belgian Council of Ministers approves Multilateral Agreement on Exchange of CbCR
Today, 24 February 2017, the Belgian Council of Ministers has agreed on a preliminary draft of the law approving the Multilateral Competent Authority Agreement on the exchange of Country-by-Country (CbCR) reports. On 27 January 2016, Belgium had signed this Agreement in Paris in the framework of the OECD BEPS (“Base Erosion and Profit Shifting”) Action
OECD releases peer review documents for assessment of BEPS minimum standards
On 1 February, the OECD released key documents which will form the basis of the peer review of the Action 5 transparency framework and for the peer review of Action 13 Country-by-Country Reporting. The Action 5 standard for the compulsory spontaneous exchange of information on tax rulings (the “transparency framework”) and the Action 13 standard on Country-by-Country Reporting
Parliament has approved Belgian Transfer Pricing Documentation Requirements
On 29 June 2016, the Belgian Parliament adopted the ‘programme law’ (introduced on 2 June 2016) that contains the introduction into Belgian tax law of specific transfer pricing documentation requirements (published in the Belgian Official Gazette of 4 July 2016). These requirements are based on Action 13 of the OECD /G20 BEPS Project. See our post
OECD publishes guidance on implementation of Country-by-Country Reporting
On 29 June 2016, the OECD released its Guidance on the Implementation of Country-by-Country Reporting (CbCR). According to the OECD press release, this is “a new step in its continuing efforts to boost transparency in international tax matters”. After the G20 leaders gave their approval regarding the final BEPS Package in November 2015, the focus
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
