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Two weeks to 17 April 2020

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

Responding to the business impacts of COVID-19
As the international response continues, how can you prepare your organisation and respond? Visit our global crisis centre webpage and our COVID-19 hub on TheSuite to keep up to date on this topic.  Of particular relevance to multinational companies operating in the UK:

EU MDR - Draft HMRC guidance
On 26 March 2020 HMRC shared draft guidance on the EU Mandatory DIsclosure Rules (EU MDR), also known as DAC6. They have stressed that it is in draft form only, and so may be subject to further changes. HMRC is also considering whether the implementation of these rules, which are due to become fully effective from 1 July 2020, could be delayed due to COVID 19. See here for more information on the final UK regulations and the draft guidance.

Finance Bill 2020
Finance Bill 2020 is currently going through parliament, but some of the measures it contains came into effect on 1 April.