68 countries have signed the OECD's Multilateral Convention, designed to swiftly implement a series of tax treaty-related measures proposed in the OECD's base erosion and profit shifting project into these countries' double tax agreements.
The Organisation for Economic Co-operation and Development is inviting stakeholders' comments on the development of a multilateral instrument to implement the tax treaty-related base erosion and profit shifting measures.
A mandatory, binding mutual agreement procedure is needed to guarantee legal certainty and boost cross-border economic relations in the EU, Italian law firm Maisto e Associati has told the European Commission.
The European Commission has launched a formal investigation into Luxembourg's tax treatment of McDonald's and said that its preliminary view is that a tax ruling granted to the company may have afforded it advantageous tax treatment in breach of European Union state aid rules.
Tax Commissioner Pierre Moscovici has said that European Commission law was not breached in the case of a French professional association taxing royalty payments earned by UK musicians in France.
Hong Kong's Government has expressed its regret that the European
Union included the territory in its list of non-cooperative tax jurisdictions,
saying that criticism of its transparency in tax matters is "totally unfounded."
The Swiss Federal Council has launched a consultation on legislation for the unilateral application
of the Organisation for Economic Cooperation and Development's Standard
on the Exchange of Information to all double tax agreements that are not
already in line with this model.
The Organisation for Economic Cooperation and Development, on September 16, 2014,
released its first recommendations for "a co-ordinated international response to
base erosion and profit shifting."
On June 20, 2014, the Council of the European Union agreed to amend the Parent-Subsidiary Directive (2011/96/EU) to prevent the double non-taxation of corporate groups deriving from hybrid loan arrangements.
Brazilian Foreign Minister, Luiz Alberto Figueiredo, has signaled the nation's
backing for discussions to begin between South American economic bloc Mercosur and the European
Free Trade Association towards a free trade agreement.
Luxembourg's Prime Minister Xavier Bettel said the conclusions adopted at the recent European Council meeting on the revised Savings Tax Directive have enabled "a green light from the Grand Duchy of Luxembourg."
Luxembourg's Governing Council has adopted a bill approving a series
of tax accords with key treaty partner states, and has backed a draft law transposing
Article 8 of the European Council Directive on administrative assistance in
Andorran Prime Minister Antoni Marti has held talks with European Tax Commissioner
Algirdas Šemeta, with the discussions focusing on the adopted mandate of the
European Council of Ministers regarding negotiations with third countries on
extending the savings tax directive, to close loopholes.