Greece: Public Revenue Authority publishes frequently asked question on CbC Report
On 24 February 2023, the Public Revenue Authority released frequently asked question (FAQ) document in English providing the elaborate description of country-by-country (CbC) reporting, related OECD Country-by-Country reporting guidelines and
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Germany publishes list of Jurisdictions for Automatic Exchange of Information
On 23 February 2023, the German Ministry of Finance has released an updated list of jurisdictions that will receive financial account information automatically for tax purposes starting on 30 September 2023. For 2023, six new countries have been
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Singapore intends to implement BEPS GloBE rules from 2025
On 14 February 2023, Singapore announced in its Budget 2023 intending to implement Global Anti-Base Erosion (GloBE) rules under BEPS Pillar 2 and Domestic Top-up Tax (DTT) for large Multinational Enterprise (MNE) groups from businesses' financial
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South Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
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Sweden sign MCAA to exchange information with respect to income earned on digital platforms
On 2 February 2023, Sweden signed the multilateral competent authority agreement on the automatic exchange of information on income derived through digital platforms, according to an update published by OECD on 15 February 2023. The DPI-MCAA has
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Germany: Lower house of parliament adopts CbC exchange agreement with USA
On 9 February 2023, the German lower house of parliament (Bundestag) has approved a law to ratify the pending agreement with the USA on the exchange of CbC reports. The agreement was signed on 14 August 2020. The agreement will enter into force when
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Sweden: Ministry of Justice propose a bill implementing public CbC reporting
On 9 February 2023, the Swedish Ministry of Justice published a press release of proposal implementing the EU directive 2021/221 to disclose publicly certain information on a country-by-country (CbC) regarding multinational companies. According to
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Russia: MoF Clarifies Tax Incentives for IT Sector
On 1 February 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-03-06/1/5102 clarifying the application of tax incentives in the IT sector, that reducing the corporate income tax rate and social security
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Pakistan presents Tax proposal for Budget 2023/24
On 6 February 2023, Pakistan's Federal Board of Revenue has issued a notice on income tax proposals for Budget 2023-24. The notice includes the following tax proposals: Taxation of real Income on progressive basis; Broadening of the tax base
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Russia: MoF Clarifies Late Payment Interest in 2023
On 27 January 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-02-07/126954 clarifying the late payment interest applicable in 2023 regarding unpaid taxes. Late payment interest will be applied based on the negative
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Vietnam: MoF launches a public consultation regarding extension of tax payment deadlines
The Ministry of Finance (MoF) launches a public consultation on the proposed extension of tax payment time limit for corporate income tax, personal income tax and value added tax (VAT). The proposed extensions will apply as follows: The
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Singapore: Ministry of Finance Gazettes Order Declaring MCAA-CbC
On 27 January 2023, the Singaporean Official Gazette issued an Order No. S 26, which declares that the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbC) is an international tax compliance agreement
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South Africa: SARS updates interest rate tables
On 27 January 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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Russia updates the list of foreign states for automatic exchange of CbC reports
Recently, the Federal Tax Service of Russia published (Order No. ED-7-17/1226) a new list of foreign states and territories, with which Russia will automatically exchange Country-by-Country (CbC) reports. Accordingly, the following states are
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India: Finance Minister presents Union Budget for 2023-2024
On 1 February 2023, Ms. Nirmala Sitharaman, the Finance Minister of India presented the Union Budget for 2023-24 to the Parliament. The budget includes the following key tax proposals: Corporate tax proposals: A provision for tax treaty
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France: Tax Authority issues new DAC7 guidelines
On 11 January 2023, the French Tax Authority has issued guidance, known as BOI-INT-AEA-30, regarding the obligations imposed on platform operators under the new rules of the Digital Platforms Directive (DAC7). DAC7, based on Council Directive (EU)
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Singapore: IRAS releases guidance on tax treatment of gains or losses from the sale of foreign assets
On 8 December 2023, the Inland Revenue Authority of Singapore (IRAS) released an updated e-tax guide on the tax treatment of gains or losses from the sale of foreign assets under the recently introduced Section 10(L) of the Income Tax Act (ITA).
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