Italy launches public consultation on draft circular on TP documentation requirements
The Italian tax authorities have introduced a public consultation on the draft circular clarifying transfer pricing (TP) documentation requirements. Comments should be submitted by 12th October 2021 to the email
See MorePeru sets CbC reports ‘secondary filing’ for US parent entities located in Peru
There is no automatic exchange of country-by-country (CbC) reports agreement between Peru and the United States (US). So the US parent entities located in Peru will be required secondary filing by mid-October 2021 for the fiscal year 2020. The
See MoreUK: OTS report reviews change of tax year end
On 15 September 2021 the Office for Tax Simplification (OTS) issued a report outlining its views on the advantages and potential costs of moving the tax year end for individuals in the UK. The review looks in detail at the possibility of moving
See MoreUK: Tax Gap Statistics Published
On 16 September 2021 the UK government released the latest edition of Measuring Tax Gaps, estimating the tax gap for 2019/20 to be 5.3% of total theoretical tax liabilities, or GBP 35 billion. The tax gap is the difference between the tax that
See MoreRussia increases the interest rate from September 2021
On 10 September 2021, the Russian Central Bank has announced the decision to increase the key rate from 5.5% to 6.75% with effect from 13 September 2021. For tax purposes, the key rate is important in relation to the safe harbor rates for
See MoreUkraine: MOF approves three Orders on transfer pricing and other taxes
On 20 August 2021, the Ukraine Ministry of Finance announced the issuance of three orders that approve tax clarifications/consultations on: Issues of taxation of income of non-residents, which are equated to dividends (Order №
See MoreThailand extends tax refunds deadline in MAP cases
On 23 August 2021, the Ministry of Finance of Thailand has issued a notification that provides an extension of the deadline to request a corporate or individual income tax refund for certain eligible persons whose standard time to request a tax
See MoreColombia approves new Tax Reform Bill 2021
On 14 September 2021, Colombia has approved the new Tax Reform Bill 2021 (Law No. 2155 of 2021) which modifies corporate income tax (CIT), value-added tax (VAT), and tax incentives. The main tax measures of the Tax Reform Bill are as
See MoreIreland: Government publishes Tax Strategy Group Papers prior to Budget 2022
On 16 September 2021, the Finance Department and the Department of Employment Affairs and Social Protection published Tax Strategy Group papers prior to Budget 2022. Some of the changes in the Budget papers are given below: Corporate tax As
See MoreIMF: Tax and Digitalisation in Asia
On 14 September 2021 the IMF held a digital seminar on Tax and Digitalisation in Asia, coinciding with the launch of an IMF paper on the same subject (Departmental Paper No 2021/017). Currently the most highly digitalised companies often escape
See MoreOECD: Behavioural Insights for Better Tax Administration
On 1 September 2021 the OECD’s Forum for Tax Administration issued a paper entitled: Behavioural Insights for Better Tax Administration: A Brief Guide. Behavioural insights Cognitive science has found that people process information either
See MoreOECD: Measures to Facilitate Withholding Tax Relief Claims
On 6 September 2021 the OECD issued a document entitled: Tax administration responses to COVID-19: Administrative measures to facilitate withholding tax relief claims. Cross-border withholding tax relief procedures are frequently reliant on
See MoreDenmark plans to make permanent the tax incentives for R&D
On 7 September 2021, the Danish government proposed to make permanent the current temporarily increased deduction for research and development expenses of companies under an economic and social plan. An increased deduction of 130% of R&D
See MoreGreece: Prime Minister declares reduced CIT rate for SMEs
On 11 September 2021, the honorable Prime Minister, Kyriakos Mitsotakis, made a speech in Thessaloniki International Fair regarding tax measures. According to his speech, corporate tax rate will be reduced from 24% to 22%. In addition, small and
See MoreFinland: Ministry of Finance issues budget proposal for 2022
On 9 September 2021, the Ministry of Finance of Finland has released the government’s budget proposal for 2022 including following tax measures. Companies may make an extra deduction of 150% in their taxation for 2022-2027 for research and
See MoreIreland: Revenue updates TP rules for some qualifying companies
On 6 September 2021, the Revenue updated its guidance to assist some qualifying companies in accordance with Section 110 regarding the application of transfer pricing (TP) rules and other issues. Under Section 110, a company be a qualifying one if
See MoreSingapore: MOF responses to public consultations on the draft ITA Bill 2021
On 3 September 2021, the Ministry of Finance (MOF) published its responses to feedback provided as part of the public consultation exercise conducted in connection with the draft Income Tax (Amendment) Bill 2021, which proposed a number of
See MoreMexico: Executive Branch submits 2022 economic proposal to Congress
On 8 September 2021, the Mexican Executive Branch has submitted Economic Package for the fiscal year 2022 including a proposal of Tax Reform. The proposed 2022 Tax Law clarifies income tax law, value-added tax (VAT) law, excise tax (duty)
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