High unemployment rates, in the wake of the financial and economic crisis, have governments scrambling to create jobs. A new OECD report suggests that well-targeted tax reforms can encourage employers to hire more people and the jobless to look for employment.
Officials from revenue bodies, the banking sector and OECD met in Rome on 10-11 October to discuss ways to enhance the relationship between tax administrations and the banking industry and thus improve tax compliance.
At its meeting in April this year, the Task Force proposed a work-programme for 2011/12 for each of its four priority areas, including transfer pricing, which was approved by the Committee for Fiscal Affairs and the Development Assistance Committee at their meetings in July.
Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports.
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The economic crisis means global corporate losses have increased significantly. Though most of these claims are justified, some corporations use ‘aggressive tax planning’ to avoid taxes. Governments are working together to detect and deter these undue tax advantages.
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The OECD Standard Transmission Format Version 2.1 user guide
Corporate losses raise compliance risks if aggressive tax planning is used as a means of increasing or accelerating tax relief in ways not intended by the legislator, or to generate artificial losses. This report describes the size of loss carry-forwards, the rules applicable in relation to losses, and identifies the following risk areas: corporate reorganisations, financial instruments and non-arm’s length transfer pricing. After