The Federal Court in Australia has ruled that Chevron Australia did not prove the interest rate on a loan to its US partner company was at arm’s-length. Chevron now owes the ATO AUS $300 million ($213 million).
In its final BEPS release the OECD removed the recommendation for mandatory arbitration after objections from non-member developing countries. The option of arbitration remains under discussion, however, at UN Tax committee.
The UN’s Third Financing for Development Conference took place in Addis Ababa last week. Tax was central to the conversation as the G77 (made up of 134 developing countries) and some aid agencies proposed a-UN headed international tax agency to replace the OECD-dominated system.
MEPs last week approved draft rules that would require companies to publically disclose country-by-country reports. The decision is part of a wider document that, if put into legislation, would also give shareholders a say on directors’ pay.
