A round up of other news this week.
The OECD has released new guidance on the approach to pricing hard-to-value intangibles (HTVI) and the transactional profit split method (PSM). The OECD has provided updated guidance in order to improve clarity of the application of the HTVI approach, and its interaction with access to mutual agreement procedures. The new PSM guidance aims to clarify the situations in which the PSM should be applied as the most appropriate method and additional guidance on applying the PSM.
KPMG in the UK’s Employment & Immigration Partner, Punam Birly, commented on Government plans to relax the immigration cap, hoping that the announcement signals that a more business friendly immigration system is on the way. At present, the current Tier 2 visa system is locking vital talent out of the country, just when it is needed most.
The Head of Upstream Oil & Gas Advisory at KPMG in the UK responded to comments by Oil & Gas UK on staff shortages in the North Sea, stating that the number of jobs lost in the North Sea oil and gas industry during the recent years has been devastating and suggests this could be because of the industry’s reluctance to move towards deploying more digital technology.
The latest Organic Growth Barometer 2018 report, recently unveiled by KPMG in the UK, found that over the past financial year the median annual growth rate among consumer packaged goods businesses has decreased from 3 percent in 2016, to 2.5 percent in 2017. The research also highlighted that the businesses bucking the trend were mainly offering luxury, premium products across food and beverage, as well as beauty.