A round up of other news this week.
The Department for Business, Energy and Industrial Strategy (BEIS) has confirmed that the UK public register of foreign property-owning companies will go live in three years, in early 2021.
The 2018 Protocol to the 1993 UK-Uzbekistan Double Taxation Convention has been published. It was signed on 24 January 2018 and is not yet in force.
The OECD has launched a pilot of a new voluntary programme for the multilateral risk assessment of large multinational groups. The International Compliance Assurance Programme (ICAP) pilot includes the tax administrations from Australia, Canada, Italy, Japan, the Netherlands, Spain, the UK and the US.
Barbados, Côte d’Ivoire, Jamaica, Malaysia, Panama and Tunisia have recently signed the BEPS Multilateral Convention (often referred to as the ‘Multilateral Instrument’ or ‘MLI’), bringing the total number of signatories to 78. The OECD also confirmed that four jurisdictions have so far ratified the Convention, which will enter into force three months after a fifth jurisdiction deposits its instrument of ratification.
Tax's future is digital and it’s changing the expectations of your tax data. From the shift to real time reporting to the tax authorities, and the risks that come with providing more information – and faster – there are new opportunities to transform the business through analytics and better use of technology. On Thursday 1 February, we’re holding a webinar on how to prepare for the changing nature of digital tax reporting, manage reporting risks, and how KPMG can help. To register, click here.
With the corporate interest restriction (CIR) regime now in force, businesses will need to get to grips with the compliance aspects of the new regime. In a webinar to be held on Monday 5 February, Melissa Geiger (Head of International Tax), Gavin Little (Tax Director) and Chris Murphy (Tax Senior Manager) will take you through some of the factors businesses will have to consider when planning their CIR compliance work. To register, click here.
As the western European countries top KPMG in the UK’s Growth Promise Indicator ranking, countries will need to invest in bytes as well as bricks to capitalise on trends like artificial intelligence and the Internet of Things.
KPMG in the UK comments on recent very tight UK labour market figures indicated by the significant fall in people who are economically inactive and the rising employment.