Sweden Updates CbC reporting guideline
On 14 March 2022, the Swedish Tax Agency updated the country-by-country reporting (CbC) guidelines for multinational companies (MNEs). The guidelines introduced the following updates: 1) Annual notification requirements for Swedish
See MoreNigeria: FIRS posts digital FAQs regarding transfer pricing
On 15 March 2022, the Federal Inland Revenue Service (FIRS) made a post of frequently asked questions and answers (FAQs) related to transfer pricing (TP) through online. This includes applicable regulations and their scope; documentation
See MoreKazakhstan: Government invites public comments regarding transfer pricing amendments
On 16 March 2022, the State Revenue Committee announced that they opened a public consultation on a draft bill to amend transfer pricing rules. The deadline for this public comments is 8 April 2022. The draft Bill contained the following measures
See MoreBolivia: Deadline extension for compliance with tax obligations for private companies
Recently, the Tax administration issued a guidance (RND 1022-04), which extends the deadline for the presentation of Sworn Declarations and payment of tax obligations until 18 March 2022 for the fiscal period February 2022, of the Public Entities
See MoreCanada: Finance Department invites public comments on draft tax proposals
On 4 February 2022, the Canadian federal government released draft legislation to implement a variety of proposed tax measures including the new "Excessive Interest and Financing Expenses Limitation" (EIFE Limit) first announced in the April 2021
See MoreIMF Report on Armenia’s Economic Situation
On 17 March 2022 the IMF published a report following discussions with Armenia in relation to the sixth and final review of the economic program which is supported by a three-year IMF stand-by arrangement (SBA). Armenia is in a stronger economic
See MoreOECD: Tax Administration Capacity Building in Relation to the Mining Sector in Latin America
On 15 March 2022 the OECD published a blog post on its website commenting on the importance of capacity building to enable tax administrations to collect a fair amount of tax and royalties from mining activities. The post highlighted the
See MoreSweden: Administrative court rules in favor of the taxpayer in TP case
On 28 February 2022, the Swedish Administrative Court announced its ruling and have supported Pandox AB claim in the company’s dispute with the Swedish Tax Agency. Pandox is a chain company owning around 157 hotel properties in 15
See MoreSingapore: Corporate tax proposals under budget 2022
Recently, the Minister of Finance presented the 2022 budget to Parliament. The main corporate tax proposals are summarized below: The Ministry of Finance is introduced a minimum effective tax rate of 15% for multinational enterprise groups (MNE)
See MoreHong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 4 March 2022, the Inland Revenue Department (IRD) of Hong Kong has issued a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. In this letter, the term “tax representative” refers to a
See MoreOECD: Request for Public Input on the Implementation Framework for the Global Minimum Tax
On 14 March 2022 the OECD issued a request for public input on the implementation framework for the global minimum tax under Pillar Two of the OECD/G20 two-pillar international tax proposals. This follows the release of the Commentary on the global
See MoreSpain adopts ATAD2 anti-hybrid rules
On 9 March 2022, Spanish government amended the Corporate Income Tax (CIT) law and the Non-Resident Income Tax (NRIT) law to address hybrid mismatches. The purpose of these amendments is to enact into Spanish domestic law the anti-hybrid rules
See MoreOECD: Taxation of Part Time Work
On 14 March 2022 the OECD published on their website a working paper entitled Taxation of Part-time Work in the OECD. The working paper sets out a summary, with detailed data, of the taxation of part-time work in OECD countries, including
See MoreMalta changes the interest rate on unpaid tax and additional tax rate
On 4 March 2022, Malta issued Legal Notice 99 of 2022 in the Official Gazette, through which Malta changes the interest rate on unpaid tax and additional tax rate. The Legal Notice provides the following changes: the additional tax shall be
See MoreBrazil: Government allows incentives on most manufactured products
On 25 February 2022, the Federal Government Officially published Decree 10.979/2022, which reduces tax rates by 25% on manufactured products (IPI) such as, freezers, fridges, ovens and washing machines. The decree establishes 18.5% of IPI to be
See MoreJordan: ISTD publishes transfer pricing and CbC Notification forms
Recently, the Jordan Income and Sales Tax Department (ISTD) has published new transfer pricing and country-by-country (CbC) Notification forms (Arabic language) in line with executive instructions No. 3 of 16 September 2021. Transfer pricing
See MoreKazakhstan: Government announces tax benefits for manufacturing industry
On 28 February 2022, the State Revenue Committee announced new corporate income tax and value added tax (VAT) benefits for the small businesses in the manufacturing industry. This was reported by the State Revenue Committee of the Ministry of
See MoreIMF Report Considers the Economic Situation in Luxembourg
On 11 March 2022 the IMF published a report following discussions with Luxembourg under Article IV of the IMF’s articles of agreement. The report notes that Luxembourg’s economy has recovered quickly from a relatively mild contraction in
See More