OECD: Peer Review Report on Tax Transparency and EOI in Poland
On 8 November 2023 the Global Forum on Transparency and Exchange of Information for Tax Purposes published the second-round peer review report on Poland’s implementation of the standard on transparency and exchange of information (EOI). Poland’s
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OECD: Peer Review Report on Transparency and EOI in Thailand
On 8 November 2023 the Global Forum published a peer review report on Thailand's implementation of the standard on transparency and exchange of information. Thailand joined the Global Forum in 2017 and made efforts to establish the necessary legal
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South Africa: SARS issues updated guide on taxation
On 1 November 2023, the South African Revenue Service (SARS) issued an updated guide on taxation. This guide providing a high-level overview of the most significant tax legislation administered in South Africa by the Commissioner for the South
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Pakistan: Peer Review Report on Exchange of Information and Transparency
On 8 November 2023 the Global Forum published the second-round peer review report assessing Pakistan’s practical implementation of the standard on transparency and exchange of information on request (EOIR). The latest peer review assessment
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OECD: Consultation on Transfer Pricing Issues Relating to Lithium
On 6 November 2023 the OECD and the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) released for public consultation a draft toolkit with the title Determining the Price of Minerals: Application to Lithium. The
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OECD: Guidance on Transfer Pricing Issues for Bauxite
Following the completion of a previous consultation, on 6 November 2023 the OECD published a toolkit with the title Determining the price of minerals: A Transfer Pricing Framework – Schedule A: Bauxite. This toolkit follows on from the publication
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OECD: Practice Note on Transfer Pricing for Minerals
On 6 November 2023 the OECD published the final version of a practice note with the title Determining the price of minerals: A Transfer Pricing Framework. The practice note has been developed after consultation with interested parties with the aim
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UAE: MoF declares new corporate tax decisions for free zones
On 3 November 2023, The UAE Ministry of Finance (MoF) released Cabinet Decision No. 100 of 2023, in which it outlines guidance for determining qualifying income and Ministerial Decision No. 265 of 2023 on qualifying activities and excluded
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Argentina announces tax Incentives to boost organic food production
On 12 October 2023, Argentina published Law 27734 in the Official Gazette, which outlined the establishment of a tax incentive regime to enhance organic food production. The incentives will be distributed to eligible producers and/or processors of
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Croatia announces amendments to profit tax law
On 4 October 2023, Croatia published the Amended Profit Tax Law in the Official Gazette with updated corporate tax rate threshold, withholding tax, tax return and so on. The main changes concerning corporate tax threshold and withholding tax
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US: IRS introduces new measures to ensure tax payment by major corporations
On 20 October 2023, the US IRS announced new initiatives funded by the Inflation Reduction Act. These initiatives. These new initiatives aim to ensure that large corporations pay their outstanding taxes and intensify IRS efforts in pursuing
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Australia: ATO provides clarity on R&D tax incentive integrity rules
On 27 October 2023, the Australian Taxation Office (ATO) released a notice where it clarified the application of integrity rules for the R&D Tax Incentive. The identified issues with the application of some R&D program integrity rules
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Cyprus consents to the Pillar Two QDMTT and the transitional UTPR Safe Harbours
On 30 October 2023, the government of Cyprus released a press release announcing its consent to the design and application of the transitional Undertaxed Profits Rule (UTPR) Safe Harbour and the permanent Qualified Domestic Minimum Top-up Tax
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World Tax Brief: November 2023
Argentina Payment of tax: The Argentine Federal Tax Authority (AFIP) introduced General Resolution No. 5424/2023, requiring income tax prepayment for companies in Financial Intermediation, Insurance Services, or registered as payment service
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Lithuania: MoF publishes draft Law on implementation of Pillar 2 Global Minimum Tax
On 27 October 2023, the Lithuanian Ministry of Finance (MoF) published a draft law for the partial implementation of the Pillar 2 global minimum tax in accordance with  EU Council Directive 2022/2523 of 14 December 2022. The proposed
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Albania introduces new income tax framework, bringing significant changes from 2024
On 20 September 2023, Albania released Income Tax Instruction No. 26 in the Official Gazette, laying the groundwork for the enforcement of Income Tax Law No. 29/2023. The Income Tax Law No. 8438/1998 was repealed and replaced by Law No. 29/2023,
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Hungary: MOF introduces draft legislation on BEPS 2.0 pillar two to parliament
On 31 October 2023, the Hungarian Ministry of Finance presented the draft legislation to the parliament regarding the implementation of EU Directive 2022/2523 on the global minimum tax. As previously reported, the Ministry of Finance released
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Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation
On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25
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