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<p>Since January 2014 the Prime Minister has updated the house on 11 June 2014 and
10 June 2015 following the G7 Summits. The UK presidency focused on 3 Ts: tax, transparency
and trade.</p><br /><p>On tax there has been significant progress on Base Erosion
and Profit Shifting (BEPS) the major international agreement to realign taxation with
economic activities and value creation. In October 2015 the OECD issued the final
BEPS outputs, which were endorsed by G20 Finance Ministers. The UK has made significant
progress including: consulting on implementing rules to address hybrid mismatches
arrangements and issuing draft secondary legislation to implement Country-by-Country
(CbC) reporting, a template for multinational companies to report profit and tax information
to tax authorities, in the UK in line with the internationally agreed timetable. In
addition, in February 2014 G20 Finance Ministers endorsed the OECD’s new global standard
for Automatic Exchange of Information of tax. All G20 Finance Ministers committed
to first exchange by end-2018 in September, with 10 G20 countries including the UK
committing to begin exchange in 2017.</p><br /><p>With regards to transparency, in
March 2015 the Small Business, Enterprise and Employment Act received Royal Assent,
establishing a public registry of company beneficial ownership that will show who
ultimately owns and controls in-scope UK companies. The register will be operational
from June 2016 and the UK is undertaking a wider review of corporate transparency.</p><br
/><p>On trade, the Government has furthered international free trade agreements (FTA),
with negotiations on an EU-Canada FTA finalised in August 2014. The EU and Japan held
a constructive round of Free Trade Agreements negotiations in October 2015. The EU-US
FTA 11th Round of negotiations took place in Miami 19-23 October 2015.</p>
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