UN: Tax Committee Discusses Transfer Pricing
The UN Tax Committee at its meetings from 18 to 21 October 2022 discussed the progress made on transfer pricing issues. The transfer pricing Subcommittee has been drafting guidance in the area of primary products and pharmaceuticals; domestic
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OECD: Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors
The OECD Secretary-General’s Tax Report to the G20 Finance Ministers and Central Bank Governors released in October 2022 outlined recent developments in international taxation. Two-pillar approach Ahead of its Plenary meeting on 6-7 October
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OECD: Updates to the Guidance on Country by Country Reporting
In October 2022 the OECD published some updates to the Guidance on the Implementation of Country-by-Country Reporting under Action 13 of the action plan on base erosion and profit shifting (BEPS). Additional sections of guidance were added in
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Greece: AADE extends annual certificate of the tax compliance deadline
On 21 October 2022, the Greek Public Revenue Authority (AADE) published Decision A. 1141 on the official website regarding the filing deadline for the annual certificate of tax compliance issued by certified accountants and auditing companies. AADE
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Ireland: Government publishes Finance Bill 2022
On 20 Oct 2022, Ireland’s Minister for Finance Paschal Donohoe published the Finance Bill 2022 as part of the Irish budget. The Finance Bill contains new tax measures that were not included in the budget presented in September 2022. The main tax
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Hong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 19 October 2022, the Hong Kong Inland Revenue Department (IRD) issued a Circular Letter extending the lodgement of 2021/22 tax returns to 30 November 2022. Recognising the genuine difficulties being experienced by businesses and practitioners
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South Africa introduces draft interpretation on definition of “associated enterprises”
On 14 October 2022, the South African Revenue Service (SARS) published a draft interpretation note on the definition of "associated enterprise" for public comment. This draft note provides guidance on the interpretation and application of the
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Nigeria: President signs the startup act 2022 into law
On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income
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UN: Increasing Tax Transparency
At the meeting of the UN Committee of Experts on International Cooperation in Tax Matters from 18 to 21 October 2022 the Subcommittee on increasing tax transparency reported on its work program. The Subcommittee was formed to consider ways to
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South Korea exempts taxes on government bonds for non-residents
On 17 October 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced an exemption from tax on interest income derived from government bonds and monetary stabilization bonds. This exemption is temporary and will be applicable from 17
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Israel gazettes amendments to transfer pricing regulations
On 22 September 2022, the Israeli Official Gazette published the Income Tax Regulations 2022, amending the Income Tax Ordinance, which adopted on 30 June 2022 for the introduction of the three-tiered transfer pricing documentation requirements of
See MoreUN: Guidance on Digitalisation of Tax Administration
At the meeting of the UN Committee of Experts on International Cooperation in Tax Matters from 18 to 21 October 2022 the committee heard a report on progress by the group on digitalisation and other opportunities to improve tax
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UN: Relationship of Tax, Trade and Investment Agreements
The UN Tax Committee at its meetings from 18 to 21 October 2022 discussed an update of the work on the interaction of tax, trade and investment agreements. The Subcommittee on the Relationship of Tax, Trade and Investment Agreements is mandated
See MoreUN: Handbook on Health Taxes to be Drafted
At the meeting of the UN Committee of Experts on International Cooperation in Tax Matters from 18 to 21 October 2022 the health tax subcommittee gave further details of its developing work. The subcommittee is focusing on producing a Handbook on
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UN: Update of the Manual on Negotiation of Tax Treaties
The UN Tax Committee at its meetings from 18 to 21 October 2022 discussed the update of the Manual for the Negotiation of Bilateral Tax Treaties between Developed and Developing Countries. The Manual is being updated to incorporate the recent
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Zambia: MoF presents 2023 Budget
On 30 September 2022, the Minister of Finance (MoF) proposed the 2023 Budget to the National Assembly. The important tax measures of the budget include: Reduce the corporate income tax rate from 30% to 25% on income earned from value addition
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Romania gazettes public CbC reporting directive
On 7 September 2022, the Romanian Official Gazette published the regulations to implement the EU Public country-by-country (CbC) Reporting Directive. The Directive requires qualifying multinational companies operating business in the EU to publicly
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Luxembourg: Finance Minister presents draft budget law 2023 to the Parliament
On 12 October 2020, Luxembourg’s Finance Minister presented the draft budget law 2023 to the Parliament. There are no measures regarding major tax reform or an increase in the tax rate in the draft budget law. The draft budget law sets out the
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