Category Archives: BEPS

On 29 October 2018, Phillip Hammond, the Chancellor of the Exchequer, announced in his Budget that the UK will be pressing ahead with a unilateral Digital Services Tax (“DST”) from April 2020, subject to an appropriate international measure being in place. The DST will be chargeable at a rate of 2% on those revenues of … Continue reading New UK Digital Services Tax

HM Treasury has published a position paper in respect of taxing the digital economy (available here) following the Chancellor’s Autumn Budget. The paper proposes that multinational groups’ profits should be taxed where value is generated. For example, a social media business generates value through users worldwide, but is only taxed where it is tax resident … Continue reading Taxing the Digital Economy: first steps by the UK

When the Finance Bill 2015 receives Royal Assent in the next few weeks it will contain enabling legislation to usher in prescriptive documentation requirements for approximately 1,400 of the largest multi-national enterprises (“MNEs”) with a UK parent. The enabling legislation will give HM Treasury the power to make regulations via statutory instrument to implement the final recommendations for country-by-country … Continue reading Country-by-country, year by year – the compliance burden is increasing!