Why the Diverted Profits Tax is both a mistake and ripe for judicial review Last December the Government announced the introduction of a new tax, called the Diverted Profits Tax (“DPT”), “to counter the use of aggressive tax planning techniques used by multinational enterprises to divert profits from the UK.” Rushed through before the election, … Continue reading An Unnecessary Diversion
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!
The Chancellor today announced three key measures to help the UK tackle Base Erosion and Profit Shifting (“BEPS”). The measures signal the first concrete BEPS related measures intended to be adopted into domestic legislation. The measures are part of the UK Government’s efforts to strengthen anti-avoidance measures and in the process promote fairness in tax … Continue reading BEPS takes centre stage as Chancellor ushers in special ‘Tech Tax’
The Chancellor today published a paper setting out the UK’s priorities for the G20-OECD project on Base Erosion and Profit Shifting (“BEPS”). The paper, titled “Tackling aggressive tax planning in the global economy: UK priorities for the G20-OECD project for countering Base Erosion and Profit Shifting” re-affirms the UK Government’s commitment to adopt any BEPS compliance measures … Continue reading Chancellor sets out the UK’s priorities for the G20-OECD BEPS project