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Two weeks to 26 June 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, visit our global crisis centre webpage and our COVID-19 hub on TheSuite continue to keep up to date on this topic.  Of particular relevance to multinational companies operating in the UK:

EU MDR - Deferral of reporting deadlines
On 24 June 2020, ECOFIN agreed an amendment to DAC6, giving EU member states the option to defer EU mandatory disclosure regime (EU MDR) reporting deadlines due to COVID-19. HMRC has confirmed that the UK will defer reporting deadlines in accordance with this decision. For more information, including details of those newUK reporting deadlines, see here.

UK digital services tax - Finance Bill 2020 Committee debates
The Finance Bill Committee debated the Finance Bill provisions covering the UK Digital Services Tax on Thursday 11 June. An amendment that would require the Government to report on the DST annually was defeated and a new clause to require a Government assessment of the effect on tax revenues of the DST within a short time of its introduction was not moved to a vote. Read more.