A round up of other news this week.
On 25 April 2019 the OECD published the full version of its 2017 Model Tax Convention on Income and on Capital. A condensed version was published in 2017. This full version contains the full text of the Model Tax Convention as it read on 21 November 2017, including the Articles, Commentaries, non-member economies’ positions, the Recommendation of the OECD Council, the historical notes and the background reports.
As promised at Budget 2018, HMRC have now published a consultation entitled Social Investment Tax Relief: call for evidence. The stated aim of this call for evidence is to enable the Government to understand how Social Investment Tax Relief (SITR) has been used since its introduction in 2014, including levels of take up and what impact it has had on access to finance for qualifying social enterprises. SITR is currently due to end in April 2021 and the information gathered from the call for evidence will be used to help inform a decision about the future of this relief.
KPMG and Egon Zehnder release a global mindset study on the status quo of digitalisation in the automotive industry. Auto makers are feeling the pull of ‘digital gravity’ in a rapidly changing industry and whilst awareness is high, mindset and openness to approaching truly new paths are low.
Recent KPMG research has found the UK financial services’ talent pool is narrowing due to its reputation and lack of social mobility. Tim Howarth, Head of FS consulting, KPMG in the UK, highlighted that there’s clearly a gap between what the public think, and the realities of working in financial services. That has to be addressed in order to attract the diverse mix of skills and experiences needed to navigate the changes going on in financial services and society.
Yael Selfin, Chief Economist at KPMG UK, commented on the relatively subdued inflation in March which reduces pressure on the Bank of England to act.
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