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In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

The OECD has announced that at the end of March 2021, twelve no or only nominal tax jurisdictions (Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos Islands, United Arab Emirates) began their first tax information exchanges under the Forum on Harmful Tax Practice’s (FHTP) global standard on substantial activities.

HMRC has updated its guidance with information on identifying the problems some importers may have when trying to access their monthly VAT statements. HMRC is also aware of issues with January 2021 and February 2021 statements and has now added information on completing monthly and quarterly VAT Returns for the affected accounting periods.

Greece and Hungary have deposited their instruments of ratification with the OECD for the BEPS Multilateral Convention.

In Balhousie Holdings Ltd (Appellant) v Commissioners for Her Majesty’s Revenue & Customs (Respondent) (Scotland), the Supreme Court has allowed the appeal of Balhousie Holdings Ltd (Appellant), providing clarification in the context of sale and leaseback to finance VAT-advantaged developments such as residential care housing and buildings used by charities. Philip Simpson QC, who acted for Balhousie Holdings Ltd before the Court of Session and the Supreme Court, comments on the significance and impact of the decision.

The OECD has launched a consultation on changes to the OECD Model Tax Convention commentary that acknowledge countries’ right to restrict interest deductibility through domestic law while affirming the importance of access to mutual agreement procedures (Article 9).

HMRC has updated its policy paper on the proposed new points-based penalty regime with more detailed information on penalty points incurred by VAT groups.

HMRC has updated its import, export and customs guidance to reflect the post Brexit regime. The update covers from 25 March 2021 to 29 March 2021.

The European Commission has produced guidance on its VAT One Stop Shop (OSS) schemes that are effective from 1 July 2021. The Commission's guidance includes a new publication, ‘Guide to the VAT One Stop Shop’ providing details concerning registration, VAT returns and VAT payments for the three OSS schemes (union scheme, non-union scheme and import scheme).

29 March 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HM Treasury has concluded technical discussions on the text of the MoU, which was agreed in a Joint Declaration on Financial Services Regulatory Cooperation alongside the Trade and Cooperation Agreement.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

The Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 to replace references to the European Commission’s list of high-risk third countries with a UK list of high-risk third countries.

HMRC has written letters to VAT-registered businesses in Great Britain trading with the EU, highlighting the new rules and actions to take for importing goods from, or exporting goods to, the EU.

The Organisation for Economic Co-Operation and Development (OECD) has published profiles of 30 countries applying Arbitration under the multilateral BEPS Convention.

HMRC has updated its Coronavirus Job Retention Scheme (CJRS) guidance to include dates for when employers can make a claim, information about employees doing training, and details of when their claim will be publicly available.

These Regulations extend a number of temporary insolvency measures introduced by the Corporate Insolvency and Governance Act 2020 beyond their current expiration dates.

HMRC has updated VAT Notice 735 to reflect the changes to the applicability of the domestic reverse charge on construction services and Certified Emission Reductions (CERs) and Emission Reduction Units (ERUs).

These Regulations make a series of technical amendments to legislation made under the Taxation (Cross-border Trade) Act 2018 (TCTA), which provided for the UK’s Customs, VAT and Excise regimes to be in place after the end of the Implementation Period following the withdrawal of the UK from the EU.

These Regulations make amendments to two statutory instruments: the Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020 (SI 2020/1457) and the Customs (Tariff Quotas) (EU Exit) Regulations 2020 (SI 2020/1432) to implement preferential customs import duty rates agreed under further free trade arrangements entered into between Her Majesty’s Government in the United Kingdom and the governments of other countries or territories.