IMF and World Bank annual meetings 2023
The IMF/World Bank annual meetings were held from 9 to 15 October 2023. Improving Tax Capacity in Developing Countries On 15 October 2023, a fiscal forum was held on improving tax capacity in developing countries. The address by Katherine Baer
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Australia extends deadline for submitting CbC reports, Master file & Local file
The Australian Tax Office (ATO) has announced that taxpayers with country-by-country (CbC) reporting obligations for the year ending 31 December 2022 will now have until 31 January 2024 to submit their reports. This extension applies to the CbC
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UN Tax Committee considers transfer pricing and treaty issues
The 27th session of the UN Committee of Experts on International Cooperation in Tax Matters took place from 17 to 20 October 2023. Subcommittees dealing with various areas of taxation presented updates to the Tax Committee on their
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Slovenia: MoF issues a draft bill to amend the corporate income tax law
On 17 October 2023, the Slovenian Ministry of Finance (MoF) issued a draft bill to amend the corporate income tax law. Once adopted by the Slovenian parliament the amendments will apply from 1 January 2024. The following amendments are
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Cyprus issues public consultation on draft legislation implementing GloBe rules
On 10 October 2023, the Ministry of Finance introduced a harmonizing bill entitled "Ensuring a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Act of 2023" and invited stakeholders for
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Argentina introduces new advance tax payment for financial services companies
On 28 September 2023, the Argentine Federal Tax Authority (AFIP) released General Resolution No. 5424/2023 (the Resolution), introducing a new income tax prepayment requirement for companies primarily engaged in "Financial Intermediation and
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Uganda releases public notice on implementation of DST
On 20 October 2023, the Uganda Revenue Authority (URA) released a public notice on the implementation of digital service tax (DST). Accordingly, URA informs the general public and non-resident persons providing digital services that the Income Tax
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Greece issues a draft bill on CbC reporting requirements for public consultation
On 19 October 2023, the Greek Ministry of Development issued a draft bill for consultation that provides for the introduction of public Country-by-Country (CbC) reporting in compliance with Directive (EU) 2021/2101. The bill conforms to the
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Egypt releases explanatory instructions on transfer pricing reporting obligations
On 19 September 2023, the Egyptian Tax Authority issued Explanatory Instruction No. 78 introducing mandatory transfer pricing reporting obligations for related party transactions. Accordingly, the Tax Authority has set deadlines for submitting
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Finland proposes minimum tax law in parliament
On 19 October 2023, the Government of Finland formally introduced domestic legislation in parliament for implementing the European Union’s (EU) Minimum Tax Directive-Pillar 2. According to this directive, large multinational (MNE) groups must pay
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Ukraine proposes to temporarily double the corporate income tax rate for banks
On 19 October 2023, the Ukrainian Parliament (Verkhovna Rada) passed Draft Law 9656-d in the first reading. Accordingly, Ukraine proposes to temporarily double the corporate income tax rate from 18% to 36% for banks for tax periods starting from 1
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Hungary: MoF initiates public consultation regarding a draft bill on pillar two
On 17 October 2023, Hungary’s Ministry of Finance initiated a public consultation process regarding a draft law for implementing the corporate minimum tax under Pillar 2 as per the Council Directive (EU) 2022/2523 of 14 December 2022. The
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Poland introduces new electronic templates to report transfer pricing
On 17 October 2023, the Polish Ministry of Finance released new electronic templates for transfer pricing reporting on its website. These templates include: Personal Income Tax Transfer Pricing Report - TPR-P(5) Corporate Income Tax
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Belgium releases FAQ on DAC7 obligations of digital platform operators
The Ministry of Finance in Belgium has recently released a Frequently Asked Questions (FAQ)Â addressing the obligations of digital platform operators imposed by DAC7 (Council Directive (EU) 2021/514). Under DAC7 rule, the digital platform
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Italy: Council of Ministers passes draft Budget for FY 2024-2026
On 16 October 2023, Italy's Ministry of the Economy and Finance declared the Council of Ministers' approval of the 2024-2026 draft budget bill. The key proposals include: The plastic and sugar tax will remain suspended until 1 July 2024;
See MoreBelgium approves draft law on public CbC reporting
On 13 October 2023, the Belgian Council of Ministers passed the preliminary draft law for transposing the EU public country-by-country (CbC) reporting directive (2021/2101). According to the new public (CbC) rules, groups with consolidated
See MoreBelgium: Federal Government agrees on budget measures for FY 2024
On 9 October 2023, the Belgian government agreed on Budget measures for the fiscal year 2024. Here is a broad summary of the key tax measures in the budget agreement, as announced by the finance minister. The proposed key measures are
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Chile declares revised tax return deadlines for 2024
On 4 October 2023, the Chilean federal tax agency published Resolution No. 116 with revised filing deadlines of different forms for the 2024 tax year. The deadlines of forms are as follows: March 1: Forms 1811, 1822, 1834, 1891, 1900, 1902,
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