Weekly Round-Up
11 May
OECD Invites Comments on Transfer Pricing Guidelines
The Organisation for Economic Co-operation and Development (OECD) recently announced two new possible projects "to review the guidance in Chapter IV (administrative approaches) and Chapter VII (intra-group services) of the  Transfer Pricing Guidelines ." 
Public comments on these two revisions are welcomed until 20 June. More information is available on the  OECD website .
Medium-Term Growth in Sub-Saharan Africa
With the release of the IMF’s latest  Regional Economic Outlook for sub-Saharan Africa,  Abebe Aemro Selassie, Director of the IMF’s African Department, noted that despite modest economic growth from 2017 to 2018, the "medium-term growth for the region is expected to plateau below 4 percent" and that "policy makers need to seize the turn the current recovery into durable strong growth by taking domestic policy steps to reduce fiscal imbalances and raise medium-term growth potential." [ More Information ]
EBRD’s Regional Economic Prospects
Earlier this week, the European Bank for Reconstruction and Development (EBRD) released the May 2018 edition of "Regional Economic Prospects in the ERBD Regions." With growth in the EBRD regions sustaining itself for two consecutive years, the report notes that "Average growth in the region may now have peaked and is expected to moderate to 3.3 per cent in 2018 and 3.2 per cent in 2019. Despite the projected deceleration, the expected average growth in 2018-19 is higher than in 2014-16." [ Full Report ]
IMF Concludes Article IV Consultation with Uzbekistan
The International Monetary Fund (IMF) recently concluded its Article IV consultation with the Republic of Uzbekistan, noting that gradual comprehensive tax reform is needed to stimulate job creation. [ More Information ]
Digital Services Tax Proposed in Spain
The Spanish Government recently announced plans to introduce a new digital services tax by the end of 2018. The new tax would "follow the design principles included in the EU Directive on the common system of a DST." More information is available in PwC's  Tax Insights from International Tax Services .
New Book Co-Authored by ITIC Advisor
Professor Richard Bird, a longtime ITIC Advisor and Professor Emeritus at the Rotman School of Management, University of Toronto, recently co-authored a book with Professor Roy Bahl, entitled, "Fiscal Decentralization and Local Finance in Developing Countries." [ More Information ]

Abstract:   "This book draws on experiences in developing countries to bridge the gap between the conventional textbook treatment of fiscal decentralization and the actual practice of subnational government finance. The extensive literature about the theory and practice is surveyed and longstanding problems and new questions are addressed. It focuses on the key choices that must be made in decentralizing, on how economic and political factors shape the choices that countries make, and on how, by paying more attention to the need for a more comprehensive approach and the critical connections between different components of decentralization reform, everyone involved might get more for their money."
IMF Releases Staff Concluding Statement for Guyana
The International Monetary Fund (IMF) released a  Staff Concluding Statement  following a recent mission to Georgetown, Guyana for consultations under Article IV. In addition to meeting with the Finance Minister, Natural Resources Minister, and Central Bank Governor, the IMF staff team also met with private-sector representatives, labor unions, and the opposition party. [ More Information
Multinational Digital Tax Proposals in Australia
The Australian Treasury announced plans to soon "unveil new proposals for taxing multinational digital companies." [ More Information ]