The CIOT has submitted comments to the OECD in response to its recent Discussion Draft on BEPS Action 7 – Additional Guidance on Attribution of Profits to Permanent Establishments (PEs) and Request for Input on Work regarding the Tax Challenges of the Digitalised Economy.
The CIOT has urged the government to act swiftly to turn the proposals in its paper for a future customs relationship with the EU into agreed measures that will give businesses a long lead-in period before Brexit.
The European Union (Withdrawal) Bill was published in July 2017. This Bill is intended to be the legal basis of the application of what will become retained EU law in the UK following Brexit. The CIOT welcomes the early publication of this Bill, which provides all interested stakeholders with an opportunity to consider it.
The CIOT commented on the draft legislation published in July 2017 in relation to non-doms and substantial shareholding exemption (SSE); these provisions are now incorporated into Finance (No 2) Bill 2017 published on 8 September 2017. In addition, the draft legislation published in July reflected a change that the CIOT had recommended in relation to hybrid mismatch arrangements. The Finance (No 2) Bill 2017 also reflects a change to SSE rules which addresses the concern we raised.
Drawing on our experience in the UK of our Disclosure of Tax Avoidance Schemes (DOTAS) rules, the CIOT has contributed to an Opinion Statement prepared by the Confédération Fiscale Européenne (CFE), the European association of tax advisers, on the European Commission’s proposal to introduce Europe wide mandatory disclosure rules and effective disincentives for tax intermediaries (including advisers) that design or sell potentially harmful tax schemes.