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News digest 1/7/16: 36 more jurisdictions sign up to BEPS

01 July 2016 by Henry Ker

36 more jurisdictions sign up to BEPS - read more

The latest governance stories in the news

36 more jurisdictions sign up to BEPS

Singapore and Hong Kong are among 36 more jurisdictions to join the base erosion and profit shifting (BEPS) initiative.

The BEPS project aims to capture lost tax revenue from around the world to the amount of $240 billion a year – the project was originally developed by the G20 and the OECD.

The group of countries to sign up at the meeting in Kyoto, Japan includes developing countries such as Egypt, Nigeria and Kenya.

The project is gathering traction around the world with 82 countries now signed up.

This is critical to its aim of reducing corporate tax avoidance through loopholes where companies shift revenue from high-tax jurisdictions to low-tax locations.

Pascal Saint-Amans, Director of the OECD’s centre for tax policy said, ‘It was very important that small open economies also commit to make sure we reach the goal of eliminating treaty shopping and harmful tax practices ‎on the global scale.’

 

Move to privatise the Land Registry is ‘a purely political exercise’

The £1 billion privatisation of the Land Registry is a political move, which will be detrimental to transparency and the public purse, according to David Lammy, MP for Tottenham, London.

David Lammy suggests it will result in increased costs for consumers and undermine transparency efforts with the housing market.

He said the government is ‘looking to sell off the family silver to turn a short-term profit, to try and make their sums add up’.

 

Charities risk 'special status' if they ignore public concerns

Charities cannot ignore the concerns of the public on senior pay, Sarah Atkinson, Director of Policy and Communications at the Charity Commission, has said.

Speaking about the findings of the Charity Commission’s trust and confidence report, which shows a sharp decline in public trust in charities, Sarah Atkinson said the public is still concerned about accountability and transparency issues like executive pay and administration costs.

On issues such as tax, she said charities have a ‘special status because they are trusted’ and to be ‘careless with that special status would be a huge risk’.

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