Hong Kong: Draft legislation for patent box regime announced
On 28 March 2024, the Hong Kong Inland Revenue Department published the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024 in the Gazette to implement the "patent box" tax incentive. The draft bill proposes a concessionary tax rate of 5% for qualifying
Read MorePortugal extends CIT return and payment deadline for 2023
On 14 March 2024, the Secretary of State for Fiscal Affairs in Portugal issued Order No. 176/2024-XXIII, this extends the deadline for submitting the corporate tax return (CIT) and making the final payment for the tax period of 2023 until 15 July
Read MoreUkraine revises form and procedures for county-by-country (CbC) reports
The State Tax Service of Ukraine released updates to the form and procedures for preparing country-by-country reports. Among the main changes to the procedure for filling out the country-by-country report of the international group of companies
Read MoreTax Treaty Brief: February 2024
France and Moldova On 25 January 2024, the French lower house of parliament approved the Double Taxation Agreement (DTA) with Moldova. Rwanda and Jordan On 25 January 2024, the Rwandan Cabinet gave its approval to the draft law for
Read MoreOECD releases updated BEPS MLI matching database
Recently, the OECD has released the updated version of BEPS MLI Matching Database including significant improvements that will enhance user experience and provide additional features to support the implementation and application of the BEPS MLI. One
Read MoreIMF Report Discusses the Economy of Slovenia
On 30 January 2024 the IMF issued a report following discussions with Slovenia under Article IV of the IMF’s articles of agreement. The Slovenian economy has recovered from the pandemic but has been affected by the war in Ukraine. Following a
Read MoreIMF Comments on UK Fiscal Position
On 30 January 2024 the IMF held a press briefing on the latest update to the World Economic Outlook. During the press briefing Pierre-Olivier Gourinchas, the Chief Economist and Director of the Research Department at the IMF, responded to
Read MoreOECD releases ICAP statistics
On 29 January 2024 the OECD released the first aggregated statistics from the Forum on Tax Administration’s International Compliance Assurance Programme (ICAP). ICAP The ICAP is a voluntary risk assessment and assurance program whose
Read MoreUK: Taxpayer Perceptions of Third Party Educational Messaging
On 25 January 2024 HMRC published the results of research that was commissioned by them in relation to customer perceptions of third party educational messaging. HMRC is considering the value of educational messaging via third party intermediary
Read MoreCorporate Tax
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Hong Kong: Draft legislation for patent box regime announced
March 29, 2024
On 28 March 2024, the Hong Kong Inland Revenue Department published the
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Portugal extends CIT return and payment deadline for 2023
March 29, 2024
On 14 March 2024, the Secretary of State for Fiscal Affairs in Portugal
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US: IRS extends tax relief for Hawaii taxpayers impacted by wildfires
March 28, 2024
On 27 March 2024, the US Internal Revenue Service, in a
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Sweden: MoF proposes updates to pillar 2 global minimum tax rules
March 27, 2024
On 19 March 2024, the Swedish Ministry of Finance (MoF) released proposed
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US: IRS announces tax relief for Alaska taxpayers impacted by storms
March 27, 2024
On 25 March 2024, the US Internal Revenue Service (IRS) announced tax
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UAE: FTA offers corporate tax registration at government service centers
March 26, 2024
On 20 March 2024, the UAE Federal Tax Authority, in a release, announced
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Hong Kong releases circular on block extension scheme for 2023/24 tax returns
March 25, 2024
The Hong Kong Inland Revenue Department (IRD) has released a Circular
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Spain releases 2023 personal income and wealth tax returns forms
March 25, 2024
On 22 March 2024, the Spanish Tax Agency published Order HAC/265/2024 in
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Saudi Arabia: ZATCA encourages taxpayers to benefit from penalty exemption initiative
March 25, 2024
On 12 March 2024, the Saudi Zakat, Tax, and Customs Authority (ZATCA) in a
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Lithuania: Government submits draft law Implementing Pillar 2 global minimum tax
March 24, 2024
Lithuania's parliament is reviewing a Draft Law No. XIVP-3533 to partially
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Transfer Pricing
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Ukraine revises form and procedures for county-by-country (CbC) reports
March 28, 2024
The State Tax Service of Ukraine released updates to the form and procedures for preparing country-by-country reports. Among the main changes to the procedure for filling out the country-by-country report of the international group of companies are as follows:
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Poland: Parliament passes public CbC reporting legislation
March 27, 2024
The Polish Parliament has passed a law implementing public Country-by-Country (CbC) reporting in accordance with the requirements of Directive (EU) 2021/2101. This legislation establishes a public reporting threshold for companies with annual consolidated revenues of EUR 750
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Colombia: CUP method valid for commodity transactions without quoted prices
March 26, 2024
The Colombian Tax Authority (DIAN) released Ruling 1118 (Int. 81) of 13 February 2024, which provides clarification of the application of the Comparable Uncontrolled Price (CUP) method for commodity transactions between related parties that do not have a quoted market price for
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Lithuania sign MCAA to exchange information with respect to income earned on digital platforms
March 23, 2024
On 4 March 2024, Lithuania signed the multilateral competent authority agreement (MCAA) on the automatic exchange of information on income derived through digital platforms, according to an update published by OECD on 12 March 2024. The DPI-MCAA has been signed by 26
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Germany: Federal central tax office issues updated CRS manual
March 20, 2024
On 5 March 2024, the German Federal Central Tax Office (BZSt) published Newsletter No. 01/2024, addressing updates on the common reporting standard (CRS). Notably, the newsletter announces an extension of the deadline for the non-objection waiver concerning breaches of reporting
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Australia initiates consultation on transfer pricing rules for petroleum resource rent tax
March 20, 2024
On 18 March 2024, the Australian Treasury announced that it initiated a public consultation on Petroleum Resource Rent Tax transfer pricing regulations. The deadline for receiving comments on the matter is set at 12 April 2024. In the 2023 24 Budget, the government announced
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Estonia: Preliminary bill for public CbC reporting submitted to parliament
March 18, 2024
On 12 February 2024, a draft bill was introduced to the Estonian Parliament to incorporate the EU Public Country-by-Country (CbC) Reporting Directive into Estonian legislation. The parliament acknowledged there are a limited number of companies that fall under the scope of the
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Germany: MOF issues updated draft guidance on virtual currency transactions
March 15, 2024
On 6 March 2024, the German Ministry of Finance (MOF) released revised draft guidance concerning the compliance and documentation criteria for transactions involving virtual currency and tokens. This comes after the issuance of a final decree in May 2022 regarding income tax
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Germany: Tax authority publishes list of jurisdictions for automatic exchange of financial account information
March 14, 2024
On 1 March 2023, the German Federal Central Tax Office released the preliminary list of jurisdictions participating in the exchange of financial account information according to the Common Reporting Standard (CRS) for the year 2024, pertaining to the year 2023. The list
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Italy announces new corporate tax return deadline
March 14, 2024
Italy has announced new guidelines and procedures for corporate tax return filings for 2024 regarding the tax year 2023. The main change relates to the revised deadline for filing returns as per the corporate tax (IRES) returns. The new instructions specify that the return
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Most Read
UK: HMRC announces public consultation on draft guidance on new rules for R&D tax reliefs
On 9 February 2024, the UK HMRC announced the public consultation on the draft guidance, which provides modifications to the Research and Development
Read MoreSwitzerland releases Q&A guidance on application of transfer pricing rules
On February 23, 2024, the Swiss Federal Tax Authorities (SFTA) published the Q&A guidance regarding the application of transfer pricing
Read MoreNamibia announces 2024/25 budget with new tax measures
On 28 February 2024, Namibia delivered the 2024/25 Budget. The key tax provisions in the budget statement include: Individual income tax The
Read MoreBangladesh: Budget for FY 2023-24
On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate
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