Puerto Rico: Treasury Department clarifies guidance on transfer pricing studies
On 20 September 2021, the Puerto Rico Treasury Department (PRTD) has issued Administrative Determination (AD) No. 21-08, which amends AD No. 21-05 of 11 May 2021. The AD 21-08 clarifies guidance on submitting transfer pricing studies (TPS). AD
See MoreWorld Bank: Taxation of the Digital Sector
On 1 October 2021 the Third World Bank Tax Conference discussed the taxation of the digital sector. Value added tax collection The growth of the digital economy has changed business models and has presented new problems for tax assessment and
See MoreWorld Bank: Conference looks at implementation of new tax instruments
On 1 October 2021 the second day of the Third World Bank Tax Conference looked at the practical implementation of new tax instruments. Sugar tax in South Africa The sugar-sweetened beverage tax in South Africa was first announced in the 2016
See MoreWorld Bank: Third Tax Conference Discusses Environmental Taxes
The first day of the Third World Bank Tax Conference on 30 September 2021 included a session on environmental taxes, focusing on carbon pricing and carbon taxes. Some issues raised in the discussion are summarised below. Carbon rebate
See MoreSri Lanka declares final tax payment deadline for AY 2020-21
On 29 September 2021, the Inland Revenue Department (IRD) of Sri Lanka published a notice regarding the final income tax payment deadline for the assessment year (AY) 2020-21, which is due on 30 September 2021. The payments can be made through
See MoreJordan issues Executive Instructions on new TP rules for MNE groups
On 16 September 2021, the Hashemite Kingdom of Jordan has published Executive Instructions No. 3 of 2021 regarding new transfer pricing (TP) rules for MNE groups. Jordan has published Regulation No. 40 of 2021 On 7 June 2021 which introduces
See MoreCyprus: MoF further extends the deadline for e-filing return
On 24 September 2021, Cyprus’s Ministry of Finance has issued a decree providing further extension of electronic submission of tax returns for business (TD4) and personal (TD1A) for the fiscal year 2019. The new deadline is 30 November 2021.
See MorePuerto Rico extends the due date for filing annual corporate reports for 2020
On 20 September 2021, the Puerto Rico Department of State has issued Administrative Order 2021-05, extending the due date to 22 November 2021 for filing annual corporate reports for 2020 due to the ongoing Covid-19 pandemic. Previously, taxpayers
See MoreCyprus: Tax Department extends the DAC6 reporting deadlines
On 21 September 2021, the Tax Department of Cyprus has issued a notice extending the DAC6 reporting deadlines. Accordingly, there will be no imposition of administrative fines for overdue submission of DAC6 information that will be submitted until
See MoreKenya issues public notice regarding withdraws ruling on treatment of tax Loss
On 22 September 2021, Kenya Revenue Authority (KRA) issued a public notice announcing the withdrawal of a ruling on the treatment of tax loss in computing profits. Section 15(7) of the Income Tax Act Cap. 470 requires that a person who derives
See MoreIndia: SC finds Mitsubishi is not liable for interest on late advance tax
On 17 September 2021, in the DIT vs Mitsubishi Corporation case, the Supreme Court ruled that a taxpayer should not liable for interest on late tax advances prior to fiscal 2012/2013 if the income payer failed to deduct the tax at source. The
See MoreUK: Making Tax Digital for Self Employed and Landlords
On 23 September 2021 HMRC issued a policy paper on the extension of Making Tax Digital (MTD) to the self-employed and landlords with income more than GBP 10,000 in a tax year, with effect from April 2024. The MTD programme requires businesses to
See MoreUkraine: STS clarifies the controlled transactions criteria for TP purposes
Recently, the State Tax Service (STS) has clarified the criteria for classifying transactions between related parties (Ukrainian residents and non-residents) as controlled for transfer pricing (TP) purposes. Under Ukrainian transfer pricing
See MoreFrance: Government presents 2022 Finance Bill to National Assembly
On 22 September 2021, the Minister of Economy, Finance and Recovery, Bruno Le Maire and the Minister Delegate in charge of Public Accounts, Olivier Dussopt, presented 2022 Finance Bill to the National Assembly. Some of the proposed changes of this
See MoreBrazil: Senate announces to analyze tax reform Bill
On 21 September 2021, the Senate made an announcement that the Senate will analyze tax reform Bill, PL 2.337/2021 , a bill that changes the income tax rules. The Bill represents the second phase of the tax reform, which was approved by the Chamber
See MorePhilippines: House of Representatives approves digital service tax
On 21 September 2021, the House of Representatives approved on final reading a proposal imposing a 12% value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country's Covid-19 response efforts. The
See MoreOECD: Model Manual on Exchange of Information
On 16 September 2021 the Global Forum on Transparency and Exchange of Information for Tax Purposes, the World Bank Group and the African Development Bank issued a new version of the Manual on Exchange of Information. The previous version of the
See MoreNetherlands presents Budget for 2022
On 21 September 2021, the Dutch Budget for 2022 was presented. This year, the 2022 tax plan package mainly contains minor changes aimed at improving the tax system. In particular, improvements will be made to existing taxes in the areas of housing,
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