“Tax officials crafting plan to jointly identify large multinationals with low risk of tax avoidance”
Source: mnetax.com 7th June 2107
“Eight countries are working on a new program to jointly review large multinationals’ tax affairs and, if appropriate, provide assurances to the multinational that it will not likely be audited in those jurisdictions with respect to specific tax risks, officials said June 6 in Washington at a conference sponsored by the OECD, USCIB, and BIAC.
The program, which will be piloted by Italy, US, UK, Spain, Austria, Germany, Netherlands, and Canada, could eventually be offered by all 47 countries participating in the Forum on Tax Administration, namely, all OECD and G20 countries plus a few others.”
Source: europarl.europa.eu, 27 March 2017
Economic and Monetary Affairs Committee MEPs have voted to close loopholes which allow some of the world’s largest corporations to avoid paying tax on profits by exploiting differences in the tax systems of EU and third countries.
These mismatches allow corporations established in two jurisdictions (inside and outside the EU) to use the lack of coordination between national tax systems either to have the same expenditure deducted in both jurisdictions (so the firm enjoys a double tax deduction), or to have a payment recognised as tax deductible in one jurisdiction but not recognised as taxable income in the other.
The report now goes to the Council for its consideration.
Source: tax justice.net 22 March 2017
“New figures published by the Tax Justice Network provide a country-level breakdown of the estimated tax losses to profit shifting by multinational companies.
Applying a methodology developed by researchers at the International Monetary Fund to an improved dataset, the results indicate global losses of around $500 billion a year. Read the rest of this entry »