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EU proposes mandatory disclosure of tax information for reportable cross - border arrangements

The European Commission (EC) published a draft Directive on 21 June 2017 entitled Proposal for a COUNCIL DIRECTIVE amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross - border arrangements. This would amend further (and for the fifth time) the EU’s Directive on a dministrative cooperation in the field of taxation. The draft Directive would impose mandatory reporting by taxpayers and intermediaries to the tax administrations of EU Member States for various cross - border transact ions and arrangements. It also addresses the consequent automatic exchange of information on those transactions and arrangements across the EU.

Companies​ ​in​ ​Dubai​ ​Creative​ ​Clusters​ ​- Updating​ ​Memorandum​ ​&​ ​Articles​ ​of Association

The Dubai Creative Clusters Authority (DCCA) have published new Private Companies Regulations 2016 (the New Regulations) which came into force on 1 February 2017. All companies and branches established in the DCCA prior to when the New Regulations came into force are required to comply by no later than 1 February 2018. One of the requirements is for a company registered in DCCA to replace its current Memorandum of Association (MoA) and Articles of Association (AoA) with new DCCA issued template AoA which merges the previous MoA and AoA into one comprehensive document.

Transfer pricing documentation in the Middle East: A critical necessity?

When entities in multinational groups provide goods, services, intellectual property, financing, and other benefits to each other, transfer pricing (TP) is the internal price charged for these benefits. That impacts the level of profits/losses booked in a group’s local financial statements and hence affects the absolute level of corporate tax payable by a group. That also impact s the level of transactional taxes these companies pay, e.g., withholding taxes, and indirect taxes, e.g., Value Added Tax (VAT).

Saudi​ ​Arabia​ ​introduces​ ​several​ ​new measures​ ​in​ ​light​ ​of​ ​recent​ ​Nitaqat​ ​updates

The Saudi government continues to introduce new measures for the employment of foreign national employees, especially those being considered for more technical roles. The more pertinent changes are in relation to an update to the list of job titles available for posting on the Taqat portal as well as the government’s decision to restrict the employment of foreign national engineers with less than five years of relevant experience.

Latin American Tax Update

Latin America continues to present uncertainty to multinationals in the face of ever-growing complexity stemming from legislative and regulatory developments across the region. With a growing number of countries affected by the OECD’s BEPS actions or similar BEPS-inspired rules, tax reform laws that have maintained or increased headline tax rates and that have added general anti-avoidance rules, and an ever-evolving political landscape, companies with operations or other connections to the Latin American region have to remain keenly focused on developments.

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Dean Kern
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