U.S. International Tax This Week for the Week Ending August 30

03 September 2018

Ernst & Young's U.S. International Tax This Week newsletter for the week ending August 30 is now available. Prepared by Ernst & Young's International Tax Services group, this weekly update summarizes important news, cases, and other developments in international taxation.

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Spotlight

The Organisation for Economic Co-operation and Development (OECD) on 30 August released a fourth round of stage 1 Base Erosion and Profit Shifting (BEPS) Action 14 peer reports on improving tax dispute resolution mechanisms. The reports assess each country's efforts to implement the Action 14 minimum standard.

Reports covering Australia, Ireland, Israel, Japan, Malta, Mexico, New Zealand and Portugal were published. They contain over 130 recommendations that "will be followed up in stage 2 of the peer review process." The OECD also released a document that reviews implementation of best practices for each of the jurisdictions that had their best practices assessed. According to the OECD, the peer review reports include mutual agreement procedure (MAP) statistics from 2016 and 2017, with information gleaned from the MAP Statistics Reporting Framework.

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Upcoming Webcasts

Managing the impact of increased global tax controversy risk - insights for business leaders (September 11)
Businesses are facing multi-country, multi-issue tax controversy risk in an increasingly interconnected global environment. During this Thought Center Webcast, Ernst & Young professionals will discuss how this global interconnectivity is shaping the tax controversy landscape and what leading companies are doing to better manage tax controversy risk across the organization.

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Recent Tax Alerts

United States

— Aug 29: US and Mexico reach agreement on trade relations; NAFTA fate uncertain (Tax Alert 2018-1720)

Africa

— Aug 28: Mauritius amends personal income tax provisions under 2018 Finance Act (Tax Alert 2018-1708)

— Aug 27: Nigeria's FIRS opens 15-day window for taxpayers to reconcile their withholding tax position (Tax Alert 2018-1701)

Canada & Latin America

— Aug 30: Ecuador enacts new law that includes tax amnesty and new tax incentives (Tax Alert 2018-1723)

— Aug 28: Chile proposes tax reform (Tax Alert 2018-1710)

— Aug 28: Chile proposes tax reform (Tax Alert 2018-1704)

— Aug 27: Panama's Minister of Economy and Finance proposes bill for calculating income subject to preferential tax treatment under an IP regime (Tax Alert 2018-1699)

Europe

— Aug 29: Poland's 2019 tax reform proposal includes strict withholding tax regime likely to affect international groups (Tax Alert 2018-1718)

— Aug 28: Belgium publishes law with technical changes and amendments to corporate tax reform (Tax Alert 2018-1707)

— Aug 27: Belgian Tax Authorities publish FAQs on IP regime (Tax Alert 2018-1702)

— Aug 24: Polish Ministry of Finance announces key changes to be proposed under 2019 tax reform (Tax Alert 2018-1696)

— Aug 24: UK Government's guidance on preparing for "No Deal" on Brexit outlines indirect tax implications (Tax Alert 2018-1695)

— Aug 24: UK Government issues guidance on preparing for "No Deal" on Brexit (Tax Alert 2018-1694)

Middle East

— Aug 29: New Egyptian Law reduces late payment interest, penalties, and additional taxes by settlement; requires any applications to dispute resolution committee be made by end of 2018 (Tax Alert 2018-1719)

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Additional Resources

Ernst & Young Client Portal, the leading source for news, analysis, and reference materials for corporate tax professionals, has a variety of content of interest to international tax practitioners, including:

— International Tax Online Reference Service. Key information about, and important tax developments from, 56 foreign jurisdictions, including information on tax rates, interest rates and penalties, withholding, and filing dates.

— EY/Passport. EY/Passport is your guide to planning ventures in the global economy, offering a wealth of tax and business knowledge on more than 150 countries.

Because the matters covered herein are complicated, U.S. International Tax This Week should not be regarded as offering a complete explanation and should not be used for making decisions. Any decision concerning matters covered herein should be reviewed with a qualified tax advisor.

Document ID: 2018-1722