1.1 Treasury Committee concerns over the
implementation of Making Tax Digital
Chairman of the Treasury Committee, Andrew Tyrie MP,
has written to the Chancellor for the second time over the
implementation of Making Tax Digital (MTD), highlighting the
additional burdens on business.
Andrew Tyrie's letter expresses the Committee's
'extreme concern' over evidence it heard from accountancy
representatives and the Federation of Small Businesses (FSB). The
FSB estimates that implementation of MTD will cost small businesses
each an average of Ł2,770 a year. He calls for a fully costed
impact assessment and points out that businesses will have to pick
up the bill for HMRC's 'much needed investment in its
IT'. He stresses that MTD should not be rushed and that its
introduction should be piloted.
He also mentions that his letter of 15 September, reported in
Update of 19 September, remains unanswered.
The OECD has released papers setting out how the MAP
peer review and monitoring process proposed under BEPS Action 14
will be taken forward.
Action 14 is about dispute resolution. It seeks to eliminate
taxation that is not in accordance with treaty provisions and to
help resolve any tax-treaty related disputes in a timely and
efficient manner through the MAP. The documents released include
terms of reference and an assessment methodology for the further
The assessment methodology will involve two stages:
review of a Member's implementation of the minimum
standard, based on its legal framework for MAP, and the application
of this framework in practice; and
review of the measures taken by the Member to address any
shortcomings identified in its stage one peer review.
Smith & Williamson LLP: Regulated by the Institute of
Chartered Accountants in England and Wales for a range of
investment business activities. A member of Nexia International.
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The signing of a double taxation agreement between the UK and the UAE in April 2016 was undoubtedly much anticipated and marks a new milestone in the successful expansion of the UAE's international tax treaty network.
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