IMF: New Database on Special Purpose Entities
On 2 March 2022 the IMF announced the release of a new database on special purpose entities (SPEs) showing cross-border flows and positions of SPEs and based on an internationally agreed definition of SPEs. The release of the database follows
See MoreSingapore to Consult on a Top-up Corporate Tax
In the Singapore budget for 2022, delivered on 18 February 2022, the Finance Minister announced that Singapore will consider introducing a “top-up” tax as part of the adjustments to its corporate tax in response to the OECD/G20 two-pillar
See MoreOECD: Consultation on Tax Base Determinations under Pillar One
On 18 February 2022 the OECD launched a public consultation in relation to tax base determinations for Amount A of Pillar 1 of the two-pillar international tax initiative. This is a continuation of the work by the Inclusive Framework in relation to
See MoreG20: Communiqué Issued by the Meeting of Finance Ministers
On 18 February 2022 the G20 Finance Ministers and Central Bank Governors issued a communiqué following their meeting which took place on 17 and 18 February 2022. Economic Recovery The communiqué notes that the speed of the global economic
See MoreOECD Tax Talk looks at international tax developments
The OECD Tax Talk held on 21 February 2022 provided an updated on important elements of tax work at the OECD. Two-Pillar International Tax Package Public consultations have begun and will cover the various building blocks of Pillar One on a
See MoreOECD: Tax Report for the G20 Finance Ministers
On 18 February 2022 the OECD presented its tax report for the G20 Finance Ministers and Central Bank Governors. The main parts of the report are summarised below. Two-Pillar International Tax Package In October 2021 the OECD Inclusive
See MoreSlovenia updates the TP guidelines
On 31 January 2022, the Slovenian Ministry of Finance updated the transfer pricing (TP) guidelines. The revised guidance includes the new documentation requirements and procedures for determining income and transfer pricing, including for
See MoreOECD: Consultation on draft rules for nexus and revenue sourcing under Pillar One
On 4 February 2022 the OECD published a public consultation document entitled Pillar One – Amount A: Draft Model Rules for Nexus and Revenue Sourcing, requesting input from stakeholders on the nexus and revenue sourcing rules under Amount A of
See MoreUAE: Corporate Income Tax to be Introduced from 2023
On 31 January 2022 the United Arab Emirates (UAE) announced that it is introducing a 9% corporate tax with effect from June 2023. This tax will raise more government revenue as the UAE continues the process of economic diversification,
See MoreSingapore publishes TP Guidelines on indicative margin for related-party loans
On 4 January 2022, the Singaporean Inland Revenue Authority updated transfer pricing guidelines to set the 2022 indicative margin at 1.8% for related-party loans. The indicative margins are applied on each related party loan not exceeding
See MoreOECD: Second Stage Peer Review of Guernsey under BEPS Action 14
On 24 January 2022 the OECD issued the stage 2 peer review report assessing Guernsey’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). Action 14 is concerned with making tax dispute
See MoreOECD: Stage Two Peer Review Report on Jersey under BEPS Action 14
On 24 January 2022 the OECD’s Inclusive Framework published the stage 2 peer review report on Jersey’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). Action 14 is concerned with
See MoreOECD: Stage Two Peer Review Report on Serbia under BEPS Action 14
On 24 January 2022 the OECD’s Inclusive Framework released the stage 2 peer review report on Serbia’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). The minimum standard under
See MoreOECD releases latest edition of the Transfer Pricing Guidelines
On 20 January 2022 the OECD released the 2022 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The latest edition of the guidelines includes changes made to the 2017 edition by reports issued by
See MoreWTO: Five Aims for the WTO Member Countries in 2022
A blog post on 10 January 2022 from the WTO Deputy Director General Ms Gonzalez looked at five important tasks for the WTO in 2022. Response to the pandemic The WTO members need to deliver a trade and health response to the pandemic, in view
See MoreUK: Consultation on Implementing the Global Minimum Tax
On 11 January 2022 the UK launched a consultation on the implementation in the UK of the OECD agreement on Pillar 2, the global minimum tax. The consultation is looking for views on the implementation and administration in the UK of the OECD’s
See MoreEU: Proposed Directive on Global Minimum Tax
On 22 December 2021 the European Commission proposed a Directive to ensure that large multinational groups are subject to a global minimum effective tax rate. The proposal follows the terms of the international agreement on Pillar 2 of the OECD
See MoreOECD: Global Anti-Base Erosion (GloBE) Rules
On 20 December 2021 the OECD published the document Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two). The Global Anti-Base Erosion (GloBE) Rules provide for large multinational
See More