Nigeria: FIRS issues notice on tax compliance of international shipping lines
On 21 August 2023, the Federal Inland Revenue Service (FIRS) of Nigeria published a public notice in relation to tax compliance of international shipping lines. The circular provides the basis of taxation of international shipping lines in
See More
US: IRS launches paperless processing initiative
On 18 August 2023, the Internal Revenue Service (IRS) announced its initiative to launch a paperless process for filing tax returns. IRS states that taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to
See More
Taiwan reminds profit-seeking enterprises to file annual income tax returns on time
On 15 August 2023, Taiwan’s National Taxation Bureau of the Central Area (The Taichung Branch), Ministry of Finance indicated that according to the Income Tax Act, where a profit-seeking enterprise fails to file an annual income tax return within
See More
Canada updates electronic filing requirements for business entities
On 16 August 2023, the Canada Revenue Agency (CRA) announced that businesses filing six or more information returns must file them electronically to avoid penalties. Recent legislation has amended mandatory electronic filing thresholds.
See More
Sri Lanka extends deadline for submitting quarterly AIT statements
On 26 July 2023, the Inland Revenue Department of Sri Lanka issued Circular No. SEC/2023/E/05, which extended the deadline for submitting quarterly advance income tax (AIT) statements. This extension applies to the reporting for the quarter ending
See More
UAE: Ministry of Finance announces cabinet decision on new tax procedures law
On 29 July 2023, the United Arab Emirates (UAE) Ministry of Finance announced the issuance of Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures (New Tax Procedures Law). The
See More
OECD: Revenue Statistics in Asia and the Pacific 2023
On 25 July 2023 the OECD issued Revenue Statistics in Asia and the Pacific 2023, setting out revenue data for the region from 2021. The latest edition of the annual publication includes data on tax revenues for 30 jurisdictions in the region and
See More
OECD: Template for GloBE Information Return
On 17 July 2023 the OECD published details of the contents of the GloBE information return (GIR) under Pillar Two. The GIR is designed to collect the information needed by the tax administration to arrive at an appropriate risk assessment and to
See More
Panama introduces updated income tax return forms
On 27 June 2023, Panama officially published Resolution No. 201-4370/2023 in the Official Gazette, that introduces updated forms for filing income tax returns. These new forms are applicable to various entities, including individual taxpayers, legal
See More
Hong Kong: IRD issues circular letter extending due date for D code returns
On 29 June 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “D” code profit tax returns. In the letter, IRD explains that given the real difficulties faced by businesses and
See More
OECD: Tax Transparency In Latin America 2023
On 27 June 2023 the OECD published Tax Transparency in Latin America 2023, during the latest meeting of the Punta del Este initiative. The Punta del Este Declaration aimed to tackle tax evasion and avoidance and other financial crimes by promoting
See More
Denmark: DTA extends filing deadlines for corporate tax returns and transfer pricing documentation
On 21 June 2023, the Danish Tax Agency (DTA) declared an extension of the deadline for submitting annual corporate income tax returns. The original deadline of 30 June 2023, has been postponed by eight weeks to 25 August 2023. The extension is a
See More
UK: Tax Gap for 2021/22
On 22 June 2023 HMRC published details of the UK’s tax gap for 2021/22. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be
See More
Malta: CFR notifies electronic corporate tax return for year of assessment 2023
On 8 June 2023, the Maltese Commissioner for Revenue (CFR) notified that the year of assessment 2023 electronic corporate income tax return is now available on online services. The supplemental document in case of a Fiscal Unit will be available for
See More
Spain approves corporate income tax return form for tax year 2022
On 22 May 2023, Spain published an “Order HFP/523/2023 of 22 May 2023” in the Official Gazette, approving the forms and instructions for the corporate tax and Non-Resident Income Tax returns for periods starting between 1 January and 31 December
See More
Sri Lanka restricts deductions by cash payments
The Sri Lankan Inland Revenue Department (IRD) has recently released the Inland Revenue (Amendment) Act, No. 04 of 2023. This act was certified on 8 May 2023, has now been officially published in the Official Gazette on 12 May 2023. The IRD also
See More
OECD: Progress Report to G7 Finance Ministers on Tax Cooperation
On 11 May 2023 the OECD published a progress report on tax cooperation for the G7 Finance Ministers and central bank governors. A report on these issues had been produced in 2022 and the G7 Finance Ministers asked the OECD to continue its work on
See More
Panama: DGI declares penalties for late filing of withholding tax returns
On 17 April 2023, the Panamanian tax authority (DGI) released Resolution No. 201-3486, which introduced penalties for employers who do not submit their monthly withholding tax returns Form 03 for employment income (in Spanish, Planilla 03). The
See More