OECD: Consultation Document on Transfer Pricing for Minerals
On 10 May 2023 the OECD published a consultation document with the title Determining the price of minerals: A Transfer Pricing Framework. This is a draft toolkit to support developing countries in combating base erosion and profit shifting relating
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Sri Lanka: IRD publishes MAP guidelines
On 8 May 2023, the Sri Lanka Inland Revenue Department (IRD) has published Mutual Agreement Procedure (MAP) guidelines. The guidelines provide several key aspects related to Mutual Agreement Procedure (MAP) requests in Sri Lanka. The guidelines
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UAE: MoF issues decision on TP documentation requirements
On 11 May 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) issued Ministerial Decision No. 97 of 2023 on the requirements for maintaining transfer pricing (TP) documentation. Federal Decree Law No (47) of 2023 on the Taxation of
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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
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UK: Tax Administration – New Legislative Pilots
On 27 April 2023 the UK published a consultation document with the title The Tax Administration Framework Review - Creating Innovative Change through New Legislative Pilots. The document looks at the use of a “sandbox” piloting model
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UK: Consultation on HMRC’s Information and Data Gathering Powers
On 27 April 2023 the UK government published a consultation document with the title The Tax Administration Framework Review – Information and Data. The government requested input on HMRC’s information and data-gathering powers, and how they
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IMF Report Looks at Portugal’s Economy
On 9 May 2023 the IMF issued a report following discussions with Portugal under Article IV of the IMF’s articles of agreement. The economic recovery from the pandemic continued strongly into 2022 with growth of 6.7% led by stronger tourism and
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Australia: Federal Budget for FY 2023-24
On 9 May 2023, Mr. Jim Chalmers, the Australian Treasurer handed down Federal Budget for FY 2023-24, with some proposed changes to tax and superannuation laws. Many of the measures announced are subject to receiving royal assent and therefore not
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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
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Lithuania considers draft order for public CbC Reporting
The Lithuanian parliament (Seimas) is currently considering draft Order 23-4588, which aims to introduce public Country-by-Country (CbC) reporting obligations in line with Directive (EU) 2021/2101. The draft Order specifies the required content of
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Bolivia grants extension for submitting corporate income tax reporting requirements
On 28 April 2022, the Bolivian National Tax Service published a Resolution No. 102300000014 extending the corporate income tax (IUE) reporting deadline for the tax year ending 31 December 2022 to 31 May 2023 for (i) financial statements; (ii) annual
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Singapore publishes guidance on corporate income tax filing for 2023
The Inland Revenue Authority of Singapore (IRAS) has released comprehensive guidance for the corporate income tax filing season 2023. The guidance provides detailed instructions on various aspects of tax filing, ensuring taxpayers understand the
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Peru extends income tax exemption for certain non-profit entities until 31 December 2026
On 22 April 2023, Peru issued Legislative Decree No. 1549 in the Official Gazette, which extends the income tax exemption provided by Article 19 of the Income Tax Act for certain non-profit entities. Accordingly, the income tax exemptions, which
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Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before May 31
On 2 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued a statement urging all taxpayers subject to tax laws to take advantage of the Cancellation of Fines and Exemption of Financial Penalties Initiative that is ending on 31
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Luxembourg: Parliament approves law to implement DAC7
On 3 May 2023, the Luxembourg Parliament approved law no. 8029 to implement new rules on the exchange of information on income generated through digital platforms (DAC7) in accordance with the Council Directive (EU) 2021/514 of 22 March 2021. The
See MoreUK: More Severe Penalties for Promoters of Tax Avoidance
On 27 April 2023 the UK issued a consultation document on more severe penalties for promoters of tax avoidance, inviting comments from interest parties by 22 June 2023. Criminal offence for failure to comply with a Stop Notice The document
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Australia declares small business energy incentive
The Australian Taxation Office (ATO) has declared small business energy incentive with an additional 20% deduction on eligible expenditures aimed at promoting electrification and enhancing energy efficiency. Eligible assets or upgrades will need
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IMF Comments on the Economy of Mozambique
On 6 May 2023 the IMF issued a press release following discussions with Mozambique in relation to the second review of the program under the extended credit facility (ECF) arrangement. The report notes that Mozambique’s economic recovery has
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