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Two weeks to 16 May 2019

Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.

Beyond Brexit timeline: Time to act
As the UK prepares to leave the European Union, we've put together a guide outlining the key Brexit milestones and some of the actions you can take now to prepare. It’s time to act. Download our latest Brexit timeline.

Accounting consequences of IBOR replacement
Following the financial crisis, the replacement of benchmark interest rates such as LIBOR and other inter-bank offered rates (‘IBORs’) has become a priority for global regulators. Many uncertainties remain, but the roadmap to replacement is becoming clearer. Given the pervasive nature of IBOR-based contracts among both financial institutions and corporates, these changes have significant potential impacts on financial reporting under IFRS.  Following the release of the IASB's Exposure Draft, we’ve created a 'placemat' setting out the key accounting issues for discussion with all stakeholders and the key questions for accounting policy teams, based on the questions being debated globally. See here.

UK/Israel double tax treaty - protocol moves towards ratification in the UK
A draft Order in Council relating to the protocol to the UK/Israel double tax treaty (DTC), signed on 17 January 2019, has been laid before the House of Commons for approval by resolution. For further details on the significance of this Order and the protocol itself, see here.