UK country-by-country reporting notification deadline approaches

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Source: Deloitte Global Transfer Pricing Alert 2017-033

“The first country-by-country (CbC) reporting notifications required to be made to the UK tax authorities are due by 1 September 2017.

This deadline applies to all reporting periods that end on or before 1 September 2017.

After 1 September 2017, the standard UK notification date is the end of the CbC reporting period.

A few examples regarding the application of these rules follow.
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Leaked Deloitte Brexit memo “not commissioned by the Cabinet Office”

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Source: The Telegraph 15.11.2016

It is now known that the damaging memo, which was written on Nov 7 by Keith Leslie, a partner at Deloitte, had been intended for an “internal audience”. David Sproul, the chief executive of Deloitte UK, was a prominent Remain campaigner and signed a letter calling for the UK to remain in the EU.

Iain Duncan Smith, former work and pensions secretary, said that Deloitte should be stripped of Government contracts, “I don’t think this was an accident, this was quite deliberate. They were determined to do as much damage as possible.”

“This non-commissioned report is utterly bogus, gleaned from newspaper cuttings. The Government doesn’t need any more civil servants. What a load of old rubbish.”

After a day of criticism Deloitte released a statement admitting that the memo was “not commissioned by the Cabinet Office” and was “conducted without access to No 10 or input from other government departments”.

Source article here


Automation set to transform UK public services, according to a Deloitte Report

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Source: Deloitte press release 25 October 2016

Up to 861,000 public sector jobs – 16% of the overall workforce – could be automated by 2030 according to research by Deloitte.

The research builds on Deloitte’s work with Oxford University on job automation and is included in the firm’s The State of the State report – its annual analysis of the state of public finances and the challenges facing public services.

Mike Turley, global head of public sector at Deloitte, said: “In future, it will become even more important for the public sector to attract people with strong social and cognitive skills. A larger portion of the public sector will need to undertake complex, judgement-based problem solving and customer service as machines take over repetitive, administrative tasks.”

Deloitte press release here


European Commission proposes public disclosure of MNE’s tax information

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25th April 2016 – Deloitte Global Transfer Pricing Alert 2016-016

A recent European Commission proposal calls for the imposition of a public country-by-country (CbC) reporting requirement on multinational enterprises (MNEs) operating in the European Union.

The April 12 proposal, which calls for amendments to the EU’s Accounting Directive, would require some MNEs to disclose financial information.

The proposal is separate from the EU’s proposed harmonized implementation of a CbC reporting requirement as part of the Anti-Tax Avoidance Package, which is based on the final recommendations of the base erosion and profit shifting (BEPS) project released by the OECD in October 2015. Read the rest of this entry »