ITIC Celebrates 25 Years!
Twenty-five years ago, in March 1993, Dan Witt signed cooperation agreements with Russia’s Ministry of Finance and Kazakhstan’s Ministry of Finance to create the International Tax and Investment Center. Bill Frenzel also participated in these missions and became ITIC’s Founding Chairman of the Executive Committee.
Founding sponsors that participated in these 1993 missions to Russia and Kazakhstan included Bechtel, Baker Hughes, British Gas, Citibank, Chevron, EY, KPMG, Nestle, PepsiCo, and PwC.
110+ Countries Agree to Review Digital Tax Concepts
As set forth in the recently released Interim Report on the Tax Challenges Arising from Digitalisation, the Organisation for Economic Co-operation and Development (OECD) announced that "More than 110 countries and jurisdictions have agreed to review two key concepts of the international tax system, responding to a mandate from the G20 Finance Ministers to work on the implications of digitalisation for taxation." [More Information]
OECD Secretary-General’s Tax Report to G20
Mr. Angel Gurría, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), presented his latest report on international tax at this week’s G20 meeting in Argentina.
The report focused on the "activities and achievements of the OECD's tax agenda...looking back at significant achievements and looking ahead at the further progress needed, in particular through the Inclusive Framework on BEPS" [and included] "a Progress Report to the G20 by the Global Forum on Transparency and Exchange of Information for Tax Purposes." [Full Report]
G20 Official Communiqué
The official communiqué of the First G20 Meeting of Finance Ministers and Central Bank Governors of 2018 (held this week in Buenos Aires, Argentina), containing "the main conclusions reached from the discussions between finance ministers, central bank governors, and international organization leaders during their two-day meeting" is now available. [Full Communiqué]
IMF Completes Staff Visit to Cambodia
Earlier this month, the International Monetary Fund (IMF) completed a staff visit to Phnom Penh to discuss recent developments in Cambodia and its economic outlook. While acknowledging that "Cambodia's economy continues to grow at around 7 percent," the end-of-mission press release noted that "Policies should focus on managing macro-financial risks, safeguarding fiscal sustainability and advancing reforms to support growth, resilience and inclusion." [More Information]
Additional BEPS Action 7 Guidance Released
Earlier this week, the Organisation for Economic Co-operation and Development (OECD) released "Additional Guidance on the Attribution of Profits to Permanent Establishments" (BEPS Action 7).
"This additional guidance sets out high-level general principles for the attribution of profits to permanent establishments arising under Article 5(5), in accordance with applicable treaty provisions, and includes examples of a commissionnaire structure for the sale of goods, an online advertising sales structure, and a procurement structure. It also includes additional guidance related to permanent establishments created as a result of the changes to Article 5(4), and provides an example on the attribution of profits to permanent establishments arising from the anti-fragmentation rule included in Article 5(4.1)." [More Information]