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Two weeks to 2 October 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
Visit our global crisis centre webpage and our COVID-19 hub on TheSuite continue to keep up to date with developments on this topic.  Of particular relevance to multinational companies operating in the UK, navigate the global tax, legal and economic measures in response to COVID-19 by territory here. In relation to the UK:

HMRC’s Profit Diversion Compliance Facility
We covered HMRC’s Profit Diversion Compliance Facility (PDCF), and our experience of it over the last 18 months, in our last edition.  HMRC has now announced that it is hosting a PDCF webinar to provide an update which will include their approach to tackling Transfer Pricing and Diverted Profits Tax risks, key aspects of the PDCF process, benefits of the facility and a general overview of how the facility has been operating so far. Register here.

SI 2020/995 – Taxes (Interest Rate) (Amendment No. 2) Regulations 2020
This Statutory Instrument specifies the applicable rate of interest for overpayments of digital services tax and for overdue digital services tax. The Regulations come into force on 14 October 2020.