South Korea: MOEF announce tax reform plan for 2022
On 21 July 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform plans for 2022. The aim of this plan is to enhance corporate competitiveness, reinforcement of tax support for jobs and investment, support smooth
See MoreUkraine issues law on tax preferences for industrial parks
On 22 July 2022, the Ukrainian State Tax Service (STS) issued a press release on tax preferences for industrial parks. The STS states that the Ukrainian Parliament adopted Law No. 2330-IX on amendments to the ‘Tax Code of Ukraine on creating
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Turkey increases annual deferred interest rate
On 21 July 2022, the Turkish Revenue Administration has announced that the annual deferred interest rate has been increased from 15% to 24% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 6. The General Communiqué
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Hungary: Parliament adopts a bill imposing additional requirement for TPD
On 19 July 2022, the Hungarian Parliament passed a bill introducing important changes to the transfer pricing rules. The law introduces a significant additional reporting requirement for intra-group transactions and requires transfer pricing
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UK plans to introduce three-tiered documentation requirements
On 20 July 2022, the UK Government published draft legislation as part of the Finance Bill 2022-23 which will make it a requirement for large multinational businesses operating in the UK to keep and retain transfer pricing (TP) documentation in a
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Dominican Republic publishes resolution on inflation adjustments
On 20 July 2022, the Dominican Republic tax authorities published a Resolution (DDG-AR1-2022-00006) on multipliers and adjustments for the fiscal year closing in June 2022. The Resolution includes the following changes: Set the inflation
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Belgium plans for tax cut
On 18 July 2022, Mr. Vincent Van Peteghem, the Finance Minister of Belgium declared plans for broad tax reforms. Some of the key reform measures include: Increasing the tax-exempt amount for individual income tax from EUR 9,270 to EUR 13,390,
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UK: Responses to Consultation on Reporting Rules for Digital Platforms
On 20 July 2022 the UK government published a summary of responses to the consultation on the reporting rules for digital platforms and its views on the responses. The consultation document published in July 2021 invited comments on the
See MoreUK: Mid-Size Business Customer Survey 2021
On 18 July 2022 HMRC published the mid-sized Business Customer Survey for 2021. HMRC has commissioned a mid-sized Business Customer Survey each year since 2015 to measure general perceptions of HMRC and tax administration among mid-sized
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Israel introduces three-tiered TP documentation requirements
On 30 June 2022, the Israeli Parliament passed legislation to amend Section 85A of the Income Tax Ordinance (ITO) and its regulations, by introducing three-tiered transfer pricing documentation requirements of BEPS Action 13. The legislation
See MoreUK: Research into Value of Low-Risk Status to Businesses
On 19 July 2022 HMRC published the results of research conducted into the value of Low-Risk status to large businesses. The results of the research were used as an input into the design of the new Business Risk Review (BRR+) process that was
See MoreUK: Large Business Customer Survey for 2020
On 19 July 2022 HMRC published the results of the Large Business Customer Survey for 2020. HMRC commissions the Large Business Customer Survey, conducted each year since 2015, to help assess the attitudes of business to their interaction with
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Germany enacts the bill on the interest rate for late payment
On 21 July 2022, The Ministry of Finance published the bill providing for a reduced rate for late interest payments on excess payments and refunds of tax in the Official Gazette. The bill had been previously approved by the lower house of the
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Philippines issues MAP Guidelines
The Philippines Bureau of Internal Revenue (BIR) has published Revenue Regulations No. 10/2022 on mutual agreement procedure (MAP) guidelines and process for requesting MAP assistance. The MAP article in the Double Taxation Agreements or tax
See MoreKazakhstan issues Law on amendments to the tax code
On 11 July 2022, Kazakhstan issued Law No. 135-VII on amendments to the tax code which will be effective from 1 January 2023. The Tax Code of the Republic of Kazakhstan provides for a number of following changes: Limitation of deductions
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OECD: Summary of progress on Amount A of Pillar One
On 11 July 2022 the OECD published for consultation a Progress Report on Amount A of Pillar One. Further input is invited from commentators by 19 August 2022 in relation to the technical design of Amount A. Following the Statement on the
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Australia revises guidance on diverted profits tax
On 13 July 2022, the Australian Taxation Office (ATO) issued updated guidance on the application of Diverted profits tax. The diverted profits tax (DPT) achieves the following outcomes: Aims to ensure that the tax paid by significant global
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Australia issues guidance on changing in loss carry back choice
The Australian Taxation Office (ATO) has published guidance on how to change a loss carry back choice and whether a change will affect assessments for subsequent income years. Changing loss carry back choice When taxpayers made original loss
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