Turkey extends the first installment deadline on the tax amnesty and tax base
On 27 August 2021, Turkey has published Presidential Decision No. 4420 published in the Official Gazette numbered 31581, which extends the application deadline and the first installment deadline under Law No. 7326 regarding the restructuring of the
See MoreTransfer Pricing Brief: September 2021
ChinaAPAs-Unilateral: On 26 July 2021, the State Administration of Taxation (SAT) issued Announcement No. 24 (2021) that finalizes a simplified procedure for unilateral advance pricing arrangements (APAs), which will come into effect on 1 September
See MoreAustralia: ATO publishes loss carry back video guidance
The Australian Taxation Office (ATO) has published video guidance on the loss carry back tax offset. Loss carry back provides a refundable tax offset that eligible corporate tax entities (companies, corporate limited partnerships and public trading
See MoreGermany publishes Guidance on MAP and arbitration procedures
On 27 August 2021, the Federal Ministry of Finance published guidance on mutual agreement (MAP) and arbitration procedures. The guide explains how to initiate procedures, how to carry out procedures, how to execute agreements, etc. The guidance
See MoreUS: IRS publishes interest rates for Q4 maintaining the same as 3rd quarter
On 25 August 2021, the U.S. Internal Revenue Service announced interest rates for the fourth quarter which remains the same as third quarter. The fourth quarter will be started from 1 October 2021 with the following rates: 3% for overpayments
See MoreIndia extends the due dates for E-filing of various forms
On 29 August 2021, the CBDT published circular No. 16/2021 to extend the deadlines for the electronic submission (E-filing) of various forms. Accordingly, the due date for filing the CbC report notice (i.e. Form 3CEAC) may be submitted on or before
See MoreNigeria: FIRS suspends CbC report local filing for non-parent entities
In September 2013, the Organization for Economic Co-operation and Development (OECD) and G20 countries, working together on an equal footing, adopted an ambitious and comprehensive 15-point Action Plan to address BEPS. The Action Plan aims to
See MoreDenmark presents Budget for 2022
On 30 August 2021, the Minister of Finance presented the government's budget proposal for 2022. With its proposal for the Finance Act 2022, most of the measures presented focus on easing the country's transition out of the crisis and include a
See MoreQatar: GTA extends deadline for filing tax returns
On 30 August 2021, the General Tax Authority (GTA) of Qatar has announced the extension of deadline for submitting tax returns for fiscal year 2020 for companies and establishments owned by Qatari citizens and GCC citizens, which are exempt from
See MoreIndonesia: President delivers the budget speech for 2022
On 16 August 2021, the President of Indonesia, Mr. Joko Widodo delivered the budget speech for the year of 2022. In the speech, the President urged to continue the tax reforms in order to promote independence in financing the development. The
See MoreMalaysia: IRBM announces additional one-month extension to file tax returns
On 19 August 2021, the Inland Revenue Board of Malaysia has announced an additional one-month extension of time to file income tax returns for 2021. Companies/taxpayersCalendar year / accounting period endingGrace PeriodFor individuals,
See MoreUS: IRS publishes joint statement with Germany on the exchange of CbC reports
The Internal Revenue Service (IRS) published a joint statement with the competent authority of the United States of America and the competent authority of the Germany on the implementation of the spontaneous exchange of Country-by-Country Reports
See MoreUS: IRS publishes joint statement with France on the exchange of CbC reports
The Internal Revenue Service (IRS) published a joint statement with the competent authority of the United states of America and the competent authority of the French republic on the implementation of the spontaneous exchange of country-by-country
See MoreEU: Proposed carbon border tax criticised by BRICS countries
On 27 August 2021 a virtual BRICS ministerial meeting on the environment stated its joint opposition to the EU’s proposed carbon border adjustment mechanism and referred to it as discriminatory. The BRICS countries – Brazil, Russia, India,
See MoreFinland: MOF launches public consultation on transfer pricing adjustment
On 21 August 2021, the Finland’s Ministry of Finance has launched a public consultation on draft bill concerning the revision of the Finnish transfer pricing adjustment provision. The draft law includes measures that: 1) align the
See MoreRussia: MOF clarifies the deductibility of R&D expenses for CIT purposes
The Russian Ministry of Finance (MoF) recently issued a Guidance Letter No. 03-03-06/1/49733, published on July 26, 2021. The MoF noted that R&D expenditure was completed in the reporting period (tax period) in which this R&D was completed
See MoreGerman: Federal Constitutional Court voids 6% interest rate on back taxes
On 18 August 2021, the Federal Constitutional Court has published a press release stating that interest of 6% pa on tax back payments and tax refunds from 2014 is unconstitutional. Earlier, the First Senate of the Federal Constitutional Court
See MoreUK: Survey Indicates Businesses are Unprepared for Plastic Packaging Tax
A study conducted by the waste management company Veolia on preparation for the plastic packaging tax has found that more than 80% of the businesses taking part in the survey were not aware that the tax is being introduced. The plastic packaging
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