Click here to read the summary of an action packed Day 2 at IFA Congress.
The Monday morning proceedings got underway with the Plenary session - ’Dispute Resolution Procedures in International Tax Matters' where the outsized focus was on Mutual Agreement Procedures (MAP) and how to improve its effectiveness and efficiency. The panel led by Mr. Michael Danilack (former US Competent Authority) and Mr. Achim Pross (OECD) deliberated on the following aspects of MAP - need for a firm commitment to timelines, improving process efficiencies, concerns over denial of MAP access in certain cases, the ever growing inventory of cases and resource crunch at the Government/Competent Authority level.
The second session moderated by Mr. Peter Barnes featured some of the top Corporate tax directors and their responses to the BEPS Action Plans. Mr. Christian Kaeser (Siemens) pointed out that Panama leaks wasn't about Corporates but since companies don't vote and politicians have to get elected, that drives the agenda. Another panelist advised the regulators - "Don't go after the money. Go after behaviour."
Click here to read our session wise summary of Day 1 proceedings at the Madrid Congress.
It was another spectacular Opening Ceremony to kick-off the 70th Congress of IFA in the land of Real Madrid! As always the proceedings began with the cultural touch, followed by IFA President Porus Kaka's opening address where he warned of the "globalized anger" against the entrenched systems.
Click here to read more on the IFA Congress Opening Ceremony that was attended by over 2200 delegates at the impressive venue - Feria de Madrid.
It is with great pride that I welcome the delegates and Taxsutra readers to the 70th IFA Congress that opens in Madrid today. With more than 2000 participants, Madrid will have perhaps the largest International Tax gathering in its history...