The webcast gave an update on the OECD’s international tax work.
The OECD held the latest in its series of Tax Talks webcasts on 15 December 2017, giving an update on the status of its current international tax projects. Describing the current international tax environment as ‘vibrant’ with many significant changes on the horizon, not least US tax reform, the webcast covered topics including: the taxation of the digital economy, trending issues for tax treaties, mutual agreement procedure (MAP) peer reviews and mandatory disclosure. There was also an update of the OECD’s most recent tax revenue statistics.
Highlights from the webinar include:
Work is now underway in preparation for the publication of the Interim Report on the tax challenges of digitalisation. This report will be presented to the G20 Finance Ministers in April 2018, and follows a successful public consultation in Autumn 2017. The key messages from the public consultation were:
Tax treaties – trending issues
Tax treaties are likely to remain high profile in 2018, with a focus on:
On the date of the webcast (15 December) two signatories to the MLI had ratified the instrument. Once five signatories have ratified the MLI it will enter into force, and the OECD are confident of this happening early in 2018 (indeed on 20 December, a third signatory ratified the instrument). The OECD expect the majority of the 72 signatories to have ratified by the end of 2018.
Peer review updates
These continue with peer reviews of 13 jurisdictions now completed and published, a further eight peer reviews completed and awaiting publication, and the launch at the end of 2017 of the next batch of eight jurisdictions.
Significant progress has been made on tax disclosure and transparency during 2017. The next focus area is on the development of new tax rules requiring disclosure of CRS avoidance arrangements and offshore structures (stakeholders are invited to comment on proposals by 15 January 2018).
For further information please contact: