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Transparency And Disclosure In Hong Kong

Transparency Measure in Hong Kong

Considering the various steps being taken for enhancing transparency across various jurisdictions the Financial Services and the Treasury Bureau (FSTB), of the Hong Kong Government has also started preparing itself and committed to support the implementation of automatic exchange of financial account information to deal with terrorist financing and money laundering. The country’s Inland Revenue […]

OECD publishes BEPS peer review documents for exchanges of tax rulings and country-by-country reports

On 1 February 2017, the Organisation for Economic Cooperation and Development (OECD) published documents detailing the processes for review of countries’ implementation of two of the OECD/G20 Base Erosion and Profit Shifting Project (BEPS) minimum standards. These relate to the compulsory spontaneous exchange of information amongst tax authorities of: tax rulings (the ‘transparency framework’), in […]

BVI to Sign up to BEPS Minimum Standards

The British Virgin Islands has confirmed that it will implement the OECD’s base erosion and profit shifting (BEPS) minimum standards as a BEPS Associate member. The BVI has said it will participate in the new “Inclusive Framework” announced by the OECD. As a member of the framework, the BVI is committing to implement the OECD’s […]

New Base Erosion & Profit Shifting (BEPS) Guidance on Country – By – Country Reporting & Implementation

New information on Country-by-Country reporting should give more certainty to tax administrations and multinationals on how to implement it. On 5 December 2016, the OECD released further guidance on Country-by-Country (CbC) reporting and country-specific information on implementation of the guidance. CbC reporting is linked to action point 13 in the Base Erosion and Profit Shifting […]

India Budget 2016 – Transfer Pricing Amendments

Background The fiscal budget was announced in India on 29 February 2016. Like every year the government released several measures to accelerate growth and development in the country. One of the most important developments from a Transfer Pricing (TP) regulations perspective was introduction of Country-by-Country (CbyC) reporting norms for TP documentation with effect from Assessment […]