SME Chamber participated during a conference by the Malta Sustainability Forum organised by APS Bank
17 November 2022
The discussion focused on the Voluntary Occupational Retirement Pension SME Chamber Vice President, Michael Galea,...
The Commission proposes a revised Code of Conduct for applying the Arbitration Convention to improve prevention of double taxation.
The Commission adopted on 14th September, a Communication based on the work achieved by the EU Joint Transfer Pricing Forum. The Commission and the Forum consider that the elimination of double taxation linked to transfer pricing adjustments is facilitated by constant monitoring of problems occurring in practice.
Such an exercise led to several improvements on the interpretation of the Arbitration Convention's provisions incorporated in the proposed revised Code of conduct, in particular on the reduction of the timeframe for case resolution.
The Commission proposal is the result of a monitoring exercise on the application of the Arbitration Convention (AC). Based on Member States' practical experience it was recognised that the three-year target for resolution of the cases, was proving difficult to achieve.
The revised Code clarifies and provides common interpretation of some provisions of the AC in order to facilitate resolution of many more cases within the three year time frame.
The proposed common interpretation covers the following topics: serious penalties, the scope of the AC (triangular transfer pricing and thin capitalization cases), interest charged/credited by tax administrations when a case is dealt with under the AC, the functioning of the AC (as regards rules about the deadline for the setting-up of the Advisory Commission and criteria for establishing the independence of arbitrators), the date from which a case is admissible under the AC and the inter-action of the AC and domestic litigation.
For the Communication contact Abigail Mamo @ GRTU
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).