The Organization for Economic Cooperation and Development (OECD) has released additional guidance on country by country reporting under the BEPS plan, named Action 13. The inclusive framework for BEPS also approved updates to the results for preferential tax regime reviews by the Forum on Harmful Tax Practices (FHTP) in connection with BEPS Action 5. The U.K. Government has published guidance for corporate tax evasion offences in the Criminal Finances Act, 2017. Two new offences of supporting or helping tax evasion attract criminal liability to businesses associated in facilitating tax evasion. India has recently amended treaties with countries such as Singapore, Cyprus, and Mauritius, providing for the levy of taxes in the country where income is generated, rather than the country of residence of the company. Further, India along with 67 other countries, signed a multilateral convention, an outcome of the OECD and G20 project to tackle base erosion and profit shifting.
Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.
Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.
The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2