IMF Report Looks at the Economy of Hong Kong SAR
On 4 May 2023 the IMF published a report following discussions with Hong Kong SAR, China under Article IV of the IMF’s articles of agreement. The economy of the Hong Kong SAR economy has been recovering following the problems caused by the
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US: IRS releases interim guidance on review and acceptance of APA submissions
On 25 April 2023, the Internal Revenue Service (IRS) published a memorandum providing guidance to employees of the Treaty and Transfer Pricing Operations (TTPO) practice area in the Large Business and International Division (LB&I) with respect
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Belgium declares e-Filing services for CIT returns
On 28 April 2023, the Belgian Federal Public Service Finance made an official announcement regarding the launch of the Biztax e-service. This digital platform is aimed at facilitating the submission of corporate income tax (CIT) returns for the
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Transfer Pricing Brief: May 2023
Algeria Filing deadlines: The Algerian Directorate General of Taxes (DGI) has extended the deadline for filing corporate tax returns to 31 May 2023 for the tax year 2022. See the story in Regfollower Brazil Scope of transfer pricing
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Kenya: Transfer pricing tax measures in Finance Bill 2023
On 28 April 2023, the Cabinet Secretary of the Kenya Ministry of Finance submitted the Finance Bill 2023 (the Bill) to Parliament, which provides the following tax measures related to transfer pricing. The bill proposes to prohibit taxpayers from
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Panama extends ‘Large Taxpayer’ definition
The Directorate General of Revenue (DGI) of Panama released Resolution No. 201-3346 on 13 April 2023. On 19 April 2023, this resolution has been published in Official Gazette No. 29764, and effective since that date. The resolution revises the
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IMF: Economic Growth in Sub-Saharan Africa Vulnerable to Geopolitical Tensions
An IMF country focus published on 1 May 2023 noted that if geopolitical tensions continue to escalate, sub-Saharan Africa could experience an economic decline of up to 4% of real GDP after ten years. This estimate is based on a scenario where the
See MoreOECD: Taxing the Informal Economy: Policy, Evidence and Lessons for the Future
On 4 April 2023 a webinar was held to present the results of two studies on presumptive tax regimes and the informal sector, and to draw lessons for the future design of such taxes. The webinar was co-hosted by the International Centre for Tax
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OECD: Communication and Engagement with SMEs
On 3 April 2023 the OECD’s Forum on Tax Administration (FTA) published another report in its series on Supporting Small and Medium-sized Enterprises to Get Tax Right, this time looking at ways in which tax administrations can organise
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IMF Report Looks at Tanzania’s Economy
On 24 April 2023 the IMF issued a report following the first review of the extended credit facility (ECF) Arrangement and the 2023 Article IV Consultation with Tanzania. Tanzania’s economic reform program is continuing well despite the
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IMF: Leveraging Anti-Money Laundering Measures to Improve Tax Compliance
On 21 April 2023 the IMF published a working paper with the title Leveraging Anti-money Laundering Measures to Improve Tax Compliance and Help Mobilize Domestic Revenues. The paper points out that anti-money laundering (AML) measures could be used
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OECD: Reform Options for Climate Neutrality in Lithuania
On 24 April 2023 the OECD published a report outlining the reform options for Lithuanian climate neutrality by 2050. The report sets out the policy options that could be followed by Lithuania to reach its target for climate neutrality, taking
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OECD: Tax Transparency in Asia
On 27 April 2023 the OECD published Tax Transparency in Asia 2023: Asia Initiative Progress Report. The report documents the progress made by countries in Asia between 2009 and 2022 in implementing the requirements on transparency and exchange of
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OECD: Taxing Wages 2023
On 25 April 2023 the OECD published Taxing Wages 2023, containing the latest annual analysis of tax rates on income from labour in the OECD. The analysis shows that the effective tax rates on labour income rose on average in the countries of the
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Russia: Government proposes to extend limitation for carry-forward of losses
On 24 April 2023, the Russian Government has submitted a draft bill to parliament proposing an extension of the current limit on the offset of carried forward losses. Currently, from 1 January 2017 to 31 December 2024, companies are only allowed to
See MoreUS: IRS issues interim guidance on review and acceptance of advance pricing agreement (APA) submissions
The Internal Revenue Service (IRS) Large Business and International (LB&I) division released a memorandum providing guidance to employees of the Treaty and Transfer Pricing Operations (TTPO) practice area in the Large Business and International
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India: Supreme Court decides high courts responsible for adjudicating transfer pricing cases
On 19 April 2023, the Indian Supreme Court published a decision on whether High Courts should hear appeals challenging the findings of the Income Tax Appellate Tribunal on transfer pricing issues. The judgment pertains to cases where appeals
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El Salvador: Parliament approves law for the promotion of technological manufacturing and innovation
On 19 April 2023, the Legislative Assembly approved a law for the Promotion of Technological Innovation and Manufacturing with 69 votes in favor. The new legal law offers tax benefits to individuals or organizations, both domestic and foreign,
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