TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

BEPS Updates

The OECD has published a draft template for country-by-country reporting of the allocation of income, taxes and business by multinational companies under the Base Erosion and Profit Shifting (BEPS) initiative. The template is published in response to Action 13 of the BEPS Action Plan released on 19 July 2013 which called for a review of existing transfer pricing documentation rules and the development of a template for country-by-country reporting of income, taxes and business activity for tax administrations.

The draft template requires a company for each country in which it operates to list their “constituent entities,” effective place of management, and important business activities. The template also looks for detailed information including revenue, tax payments, payment and receipt of royalties, interest and service fees, along with details of assets and employee expenses etc.

This draft of revised guidance on transfer pricing documentation and country-by-country reporting is published on the OECD website.

Senior members from the OECD’s Centre for Tax Policy and Administration (CTPA) gave the latest update on the development of the BEPS Action Plan, the involvement of developing countries and engagement with stakeholders.

The webcast features contributions from Pascal Saint-Amans Director, CTPA, Raffaele Russo Head of BEPS Project, Marlies de Ruiter Head of the Tax Treaty, Transfer Pricing and Financial Transactions Division and Achim Pross Head of the International Co-operation and Tax Administration Division. The webcast can be accessed on the OECD’s website.

In December 2013, the OECD published a timetable for planned stakeholders’ input. A revision of this timetable is now available online with the dates when discussion drafts will be published and public consultations held in relation to the September 2014 BEPS outputs.