• World Wide Tax News - Issue 40

World Wide Tax News - Issue 40

01 February 2016

On 27 January 2016, 31 countries signed a Multilateral Competent Authority Agreement (MCAA) that will require them to automatically exchange country-by-country reports (CbCR) that they collect from parent entities of multinational companies.

Data must be exchanged with other signatory jurisdictions in which the relevant entity has a presence within 18 months of the end of the relevant year. The first relevant year is 2016, so the first reports must be made by 30 June 2018.


  • INTERNATIONAL: Automatic exchange of CbCR to start with 31 countries
  • EUROPEAN UNION: Corporate tax anti-avoidance package
  • HONG KONG: Wooing multinationals - Tax initiatives bolster Hong Kong's position as a financial services centre
  • INDIA: Start-up India action plan / Report of committee for income tax simplification / Place of effective management
  • SINGAPORE: E-commerce - Singapore's approach
  • BELGIUM: Belgium fully committed to implementing BEPS action plan
  • FRANCE: Adjustments of the favourable regime for distributions received by parent companies / Changes to the dividend distribution regime under the French consolidated regime / Adoption of a Country-by-Country Transfer Pricing Reporting (CbCR) requirement
  • IRELAND: Finance Act 2015 and Budget 2016
  • ITALY: Changes to rules on taxation of cross-border relationships and latest updates
  • KAZAKHSTAN: Special economic zones
  • KOSOVO: Changes in Kosovo tax legislation
  • POLAND: Changes in the Polish tax environment
  • SERBIA: Amendments to the VAT law
  • SPAIN: FATCA agreement between Spain and United States - Competent Authority Arrangement - enters into force / Spain and Mexico - Amended tax treaty
  • SWITZERLAND: Calculation of hidden equity - Functional currency / Denial of withholding tax refunds in connection with derivative transactions (total return SWAPs)
  • UNITED KINGDOM: Requirement to publish tax strategy documents
  • CANADA: Non-resident employer certification program
  • UNITED STATES: Major reforms to the foreign investment in Real Property Tax Act