The OECD recently issued a report that includes proposed changes to the Model Tax Convention, which are intended to prevent treaty abuse, and commentary on the changes.
U.S. Anti-Deferral Rules
G-20 leaders committed their countries to automatically exchanging information with one another by the end of 2018.
Leaders of the G-20 major economies endorsed the OECD’s global standard for automatic exchange of tax information at the G-20 summit in Brisbane, Australia.
Multinational enterprises should assess the potential challenges that country-by-country reporting could present for their organizations so they can adapt quickly to any future reporting obligations.
The European Union (EU) was a catalyst for the acceptance of international financial reporting standards (IFRS) in Europe. The EU and the International Organization of Securities Commissions (IOSCO) adopted IFRS in 2002, the U.S. Securities and Exchange Commission (SEC) anticipates IFRS acceptance by 2009, and the Financial Accounting Standards Board