Weekly Round-Up

UNCTAD Releases Investment Trends Monitor

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Earlier this week, the United Nations Conference on Trade and Development (UNCTAD) released its latest Investment Trends Monitor.

This January report noted that "global flows of foreign direct investment fell by 16% in 2017" and that "a slump in FDI flows to developed countries was the principal factor behind the global decline," while FDI flows to developing economies remained stable.

The full report can be viewed here.

Article by Dan Witt in Capital Finance International


ITIC President Dan Witt recently wrote an article for Capital Finance International, entitled "Business Investment Needed to Achieve Global Development." His article, capturing the spirit and mission of ITIC, was featured in CFI's World Economic Forum edition (Winter 2017-2018). [Article / Full Magazine]

OECD Launches Pilot Program


The Organisation for Economic Co-operation and Development (OECD) recently announced the launch of the International Compliance Assurance Programme (ICAP), a pilot program "that will use CbC Reports and other information to facilitate open and co-operative multilateral engagements between MNE groups and tax administrations, with a view to providing early tax certainty and assurance."

Eight countries -- Australia, Canada, Italy, Japan, the Netherlands, Spain, UK, and US -- are participating in this pilot program, and a "handbook" was released at the orientation session earlier this week. [More Information]

Six Countries Join OECD BEPS Multilateral Convention

The OECD announced that Barbados, Côte d’Ivoire, Jamaica, Malaysia, Panama, and Tunisia joined the BEPS Multilateral Convention.

A total of 78 countries have now signed this Convention, which "updates the existing network of bilateral tax treaties.” [More Information]

IMF Concludes Staff Mission to WAEMU


Earlier this week, a staff team from the International Monetary Fund (IMF) concluded a two-week mission to West Africa to meet with member countries of the West African Economic and Monetary Union (WAEMU). 

The staff team's end-of-mission statement noted that, “The growth outlook remains favorable but is subject to downside risks. Real GDP growth is projected to stay above 6 percent over the medium-term, provided effective implementation of fiscal consolidation plans and structural reforms." [Continue reading]

New CbC Regulations in Nigeria


The Africa Tax Administration Forum (ATAF) reported this week that Nigeria's President signed into law the Federal Inland Revenue Service's (FIRS) Income Tax Regulations (Country-by-Country Reporting) 2018, "forming part of the reporting implementation package set out by Action 13 of the BEPS process." [More Information]

Presentations Available from 2017 Africa Tax Dialogue

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In case you missed it, late last year, ITIC joined with the Kenya Revenue Authority (KRA), Commonwealth Association of Tax Administrators (CATA) and Common Market for Eastern & Southern Africa (COMESA) to hold the 2017 Africa Tax Dialogue and KRA Annual Tax Summit in Nairobi. Presentations from the meeting have been posted on the Annual Tax Summit's website.

ITIC Endorsed Event: 2018 TCPI Symposium


Over the years, ITIC has cooperated with the Tax Council Policy Institute (TCPI), a Washington, DC association of top corporate tax officers. The Tax Council organizes high-quality events that bring together excellent speakers addressing the most relevant current and future taxation issues.  

Registration is now open for the 19th annual Tax Policy & Practice Symposium, Disruption and opportunity in the era of global tax transformation, which will be held on 15-16 February 2018 in Washington, DC.

For quick reference, the conference brochure can be viewed here.