Organization for Economic Co-operation and Development

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Hybrid Mismatches – UK Proposals for Implementing the BEPS Recommendations

The United Kingdom made its first substantive commitment arising out of the base erosion and profit shifting (BEPS) initiative on 3 December 2014, with the release of a consultation paper on implementing the agreed G20-...more

The OECD Foreign Bribery Report: ‘Too Big to Debar’

“Your criminal actions raise serious questions as to whether you have the requisite personal integrity and business ethics to be a responsible Government contractor.” That’s me. I was debarred from being a government...more

New OECD Report Provides Insight into Foreign Bribery

According to a recent report issued by the Organisation for Economic Co-operation and Development (OECD), international efforts to tackle bribery have increased dramatically since the implementation of the Convention on...more

This Week In Securities Litigation

The Second Circuit took center stage this week, handing down a decision which reversed the insider trading convictions of two remote tippees. The decision circumscribes tippee liability by defining the elements of a claim and...more

Tax Alert: Commissionnaires and Other PE Structures under Scrutiny as Part of BEPS

The OECD has recently published a discussion draft on the portion of its BEPS action plan dealing with permanent establishments and has titled this paper, “Preventing the Artificial Avoidance of PE Status 1 The title itself...more

The Nobel Prize and FCPA Enforcement Going Forward

One hundred and 13 years ago on this date, the first Nobel Prizes were awarded in Stockholm, Sweden, in the fields of physics, chemistry, medicine, literature, and peace. The ceremony came on the fifth anniversary of the...more

DOJ and SEC Officials Focus on Enforcement, Self-Reporting and Compliance at International FCPA Conference

From November 18 to 19, 2014, the American Conference Institute held its annual U.S. Foreign Corrupt Practices Act (FCPA) conference outside of Washington, D.C. Keynote speakers including U.S. Department of Justice (DOJ)...more

International Tax News - November 2014

FISCAL STATE AID: ATOMIC ALARM! - Early this month, a group of investigative journalists made public approximately 540 rulings granted by the Luxembourg tax administration to some 340 companies active in a large number...more

OECD proposes curtailing use of commissionaire and other arrangements that aim to avoid PE status

The OECD Focus Group on the Artificial Avoidance of Permanent Establishment (PE) Status recently issued its Proposed Discussion Draft that proposes 14 possible changes to the definition of a PE under Article 5 of the OECD...more

OECD Proposes Changes to the Definition of Permanent Establishment

As previously reported, the Organisation of Economic Co-operation and Development (OECD) published a 15-point Base Erosion and Profit Shifting (BEPS) Action Plan that provided a set of recommendations for a coordinated...more

Base Erosion and Profit Shifting: The Australian Perspective

In July 2013, the G20 Finance Ministers, including Australia, fully endorsed the base erosion and profit shifting (BEPS) Action Plan. As a result of the Action Plan, the Australian government encouraged a new commitment to...more

Action 5 - Countering Harmful Tax Practices

Action Item 5 of the BEPS Action Plan commits the Forum on Harmful Tax Practices (“FHTP”) to: “revamp the work on harmful tax practices with a priority on improving transparency, including compulsory spontaneous...more

OECD/G20 Base Erosion and Profit Shifting Project

On September 16, 2014, the Organisation for Economic Cooperation and Development (“OECD”) released seven reports addressing certain aspects of the base erosion and profit shifting (“BEPS”) project. The seven BEPS reports...more

Study Shows Only Four Parties to the OECD Anti-Bribery Convention Actively Enforce Convention

According to a recent study by Transparency International (TI), only four of the 41 Parties of the OECD (Organisation for Economic Co-operation and Development) Anti-Bribery Convention (the “Convention”) are “active”...more

BEPS Tail Shouldn’t Wag Global Investment Dog

I spoke recently on a panel in Tokyo on the future of international tax planning after BEPS (the OECD’s & G20’s Action Plan to counter Base Erosion & Profit Shifting). The panel also featured a senior official at the OECD and...more

Record Keeping Obligations for BVI Companies, Partnerships, Trusts and Other Organisations

The record keeping obligations applicable to BVI companies and partnerships were amended in November 2012 and again in September 2014. The changes have been introduced following OECD Peer Reviews of the Territory. The Reviews...more

International Tax News - October 2014

AUSTRALIA TO REFORM TAX TREATMENT OF EMPLOYEE STOCK AWARDS: 5 TAKEAWAYS FOR US-BASED COMPANIES - The Australian government has committed to reform the tax treatment of employee stock awards as part of its Industry...more

OECD Countries Agree To Share Tax Information

On October 29, representatives from 51 countries, having met at the Global Forum on Transparency and Exchange of Information for Tax Purposes, agreed to address tax havens in exchange for transparency in tax information....more

New Developments on International Automatic Financial Information Exchange and Disclosure

We last updated our clients and friends in February 2014 (Feb 2014 Memorandum) on issues related to the disclosure and automatic exchange of financial information on an international basis. Since then, the pressure...more

Orwell’s 1984 30 Year Later

Welcome to 1984 30 years later! One of the most famous quotes from George Orwell’s 1984 is “Big Brother is Watching You.”. This quote is more true now than at any time in past. At the just concluded Global Forum on Tax...more

China’s State Administration of Taxation actively advances the Base Erosion and Profit Shifting 2014 Deliverables

In September 2014, China’s State Administration of Taxation (SAT) released a Chinese translation of the full text of the G20/OECD Base Erosion and Profit Shifting (BEPS) 2014 Deliverables. This was followed in October 2014...more

G20 Publishes Report on Effective Approaches to Support Implementation of G20/OECD High-Level Principles on Long-Term Investment...

On September 21, the G20 published a report on effective approaches to support implementation of the G20/Organisation for Economic Co-operation and Development (OECD) high-level principles on long-term investment financing by...more

OECD Publishes Initial Recommendations on BEPS

On September 16, the Organisation of Economic Co-operation and Development (OECD) published a set of recommendations for a coordinated approach to fight tax avoidance by multinational enterprises under the Base Erosion and...more

OECD/BEPS Intangibles Revisions to Change Character, Treatment of Goodwill

Corporations acquiring intangible assets as part of business combination will no longer be able ignore goodwill in their subsequent restructurings and asset transfers. That’s the upshot from tax authorities from around the...more

Corporate and Financial Weekly Digest - Volume IX, Issue 38

In this issue: - SEC Releases Strategic Plan for 2014–2018 - House Passes Bill H.R. 5405 “Promoting Job Creation and Reducing Small Business Burdens Act” - FINRA Board Approves Several Rulemaking Items...more

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