OECD: Peer Review Reports on Making Tax Dispute Resolution More Effective
On 14 April 2022 the OECD published a further set of peer review reports under BEPS Action 14 which is concerned with making tax dispute resolution mechanisms more effective. These reports set out the results of assessments under stage two of the
See MoreUN: Meetings of the Tax Committee
The 24th session of the UN Committee of Experts on International Cooperation in Taxation was held in virtual meetings from 4 to 7 April and 11 to 12 April 2022. Workplans were presented by the various Subcommittees for approval by the
See MoreBrazil and OECD present outline of new transfer pricing rules
On 12 April 2022 an event was held to present the outline of the new transfer pricing rules drafted by Brazil following a consultation process with the OECD. After Brazil had expressed the intention to become a full OECD member, Brazil and the
See MoreIMF Report Looks at the Economic Situation in Switzerland
On 6 April 2022 the IMF issued a report following discussions with Switzerland under Article IV of the IMF’s articles of agreement. The Swiss economy recovered in 2021 following the crisis caused by the pandemic, with growth reaching 3.7% and
See MoreOECD: Strengthening African Tax Administrations to Increase Revenue from Mining
On 23 March 2022 a blog post by the training unit of the OECD, the African Tax Administration Forum (ATAF) and the Intergovernmental Forum on Mining, Minerals, Metals, and Sustainable Development (IGF) considered how to strengthen the role of the
See MoreOECD: Fourth Peer Review Report on Prevention of Tax Treaty Abuse
On 21 March 2022 the OECD released the fourth peer review report on tax treaty abuse under Action 6 of the action plan on base erosion and profit shifting (BEPS). The report looks at the measures that member countries of the OECD’s
See MoreOECD: Request for Public Input on the Implementation Framework for the Global Minimum Tax
On 14 March 2022 the OECD issued a request for public input on the implementation framework for the global minimum tax under Pillar Two of the OECD/G20 two-pillar international tax proposals. This follows the release of the Commentary on the global
See MoreHong Kong announces 2022/23 Budget
The Hong Kong budget announcements for 2022/23 were delivered on 23 February 2022. BEPS 2.0 proposals Hong Kong will bring in a legislative proposal in the second half of 2022 to enact the requirements of the OECD/G20 agreement in relation to
See MoreOECD: Creation of New Co-Chair of the Inclusive Framework
On 1 March 2022 the OECD announced that the OECD/G20 Inclusive Framework on BEPS has elected Marlene Nembhard-Parker of Tax Administration Jamaica to a new position of Co-chair of the organisation. Ms. Nembhard-Parker will chair the group jointly
See MoreIMF: 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,
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