OECD: Peer Review Report on Tax Transparency in Finland
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round peer review report in relation to Finland. The peer review report examines the legal and regulatory framework in Finland and its
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OECD: Peer Review Report on Tax Transparency in Sweden
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Sweden. The peer review report examines the legal and regulatory framework in Sweden
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Australia updates local file and master file guidelines for 2022
On 9 August 2022, the Australian Taxation Office (ATO) updated guidance on the Local and Master file for 2022 along with instructions. The guidance applies to reporting periods beginning on or after 1 January 2021. The local file must be
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OECD: Peer Review Report on Tax Transparency in Portugal
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round peer review report in relation to Portugal. The peer review report examines the legal and regulatory framework in Portugal and
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OECD: Peer Review Report on Tax Transparency in Poland
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Poland. The peer review report examines the legal and regulatory framework in Poland
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Australia: GST treatment of financial supplies
On 10 August 2022 the ATO opened a consultation on a draft update to Taxation Ruling No. GSTR 2002/2DC1, on the GST treatment of financial supplies and related activities. The draft update to the ruling incorporates changes in the GST law such as
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Colombia: New Government presents Tax Reform Bill to Congress
On 8 August 2022, the new Government of Colombia presented a Tax Reform Bill to Congress. Although the general income tax rate (35%) is not modified, the Bill includes changes in corporate income tax (CIT), and personal income tax. The main tax
See MoreBulgaria Ratifies MLI Convention
On 17 June 2022, Bulgaria ratified the OECD Multilateral Convention (MLI) (2017) and published it in the Official Gazette (No. Decree No. 153). Bulgaria also submitted its provisional MLI position at the time of signature, listing its
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Australia: Consultation on Multinational Tax Integrity and Tax Transparency
A consultation launched by the Australian government on 5 August 2022 sets out measures that would help to address tax avoidance by multinational groups. Comments are invited by 2 September 2022. The package would implement part of the
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Costa Rica: DGT extends the deadline for filing dormant entities tax returns
The General Directorate of Taxation has extended the deadline for filing income tax returns for dormant companies until 15 November 2022. A dormant company is considered a company that meets the conditions defined in Circular 2014/2. The return must
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Spain publishes order revising tax prepayments forms
On 30 June 2022, Spain released an Order HFP/604/2022 of 30 June 2022 which approves the forms for tax installment payments. The form 202 used for prepayments of corporate tax and income tax for non-residents (permanent establishments and
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Singapore: IRAS Publishes Updated E-Tax Guide on GST TP Adjustments
On 3 August 2022, the Inland Revenue Authority of Singapore (IRAS) updated the GST-E Tax Guide on Transfer Pricing Adjustments (Third Edition). The e-Tax guide explains the GST treatment for adjustments on the transfer prices of transactions between
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Ethiopia publishes investment incentives Law
On 12 July 2022, a new Investment Incentive Law No. 517/2022 was published by the Ethiopian Council of Ministers. The new Law aims to expand the scope of investment incentives and boost investment in Ethiopia. The law provides the following
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Canada: Consultation on Strengthening the General Anti-Avoidance Rule
On 9 August 2022 the Canadian government published a consultation paper on strengthening the general anti-avoidance rule (GAAR). Comments are invited by 30 September 2022. The paper notes that the GAAR, which was first introduced in 1988, has
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Russia updates the list of foreign states for automatic exchange of CbC reports
Recently, the Federal Tax Service of Russia published (Order No. ED-7-17/449) a new list of foreign states (territories), with which Russia will automatically exchange Country-by-Country (CbC) reports. Accordingly, the following states are
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Ghana issues Mid-year fiscal policy review of 2022
Ghana issues Mid-year fiscal policy review of 2022 10 Aug 2022 On 25 July 2022, Mr. Ken Ofori-Atta, the Minister for Finance and Economic Planning of Ghana presented the 2022 Mid-year Budget Review Statement to Parliament. This is in
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French Court of Appeal of Paris clarifies TP rules for cross-border group companies
Recently, the French Court of Appeal of Paris issued a decision in the case of France v. Ferragamo France (No. 20PA0360), in June 2022, explaining the transfer pricing (TP) rules for cross-border group companies. The taxpayer (Ferragamo France),
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UK revises guidance on R&D tax relief for SME enterprises
On 5 August 2022, The HMRC published updated guidance on research and development (R&D) tax relief for small and medium-sized enterprises. Small or medium-sized enterprise (SME) R&D tax relief allows companies to: deduct an extra
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