OECD: New Transfer Pricing Country Profiles Published
On 9 June 2022 the OECD released new transfer pricing country profiles for Egypt, Liberia, Saudi Arabia and Sri Lanka. The OECD transfer pricing profiles cover the OECD member countries and a number of member countries of the Inclusive
See MoreDominican Republic: DGII invites comments on the draft MAP rule
On 26 May 2022, the Dominican Republic's Directorate General of Internal Revenue (DGII) launched a public consultation on a draft general standard (rules) on Mutual Agreement Procedures (MAP) for dispute resolution under the country's tax treaties.
See MoreSaudi Arabia relaunches tax relief measures from 1 June to 30 November 2022
On 1 June 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the relaunch of tax relief measures due to the Covid-19 pandemic. Under the measures, the taxpayers can be exempted from fines and financial penalties for six
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Netherlands publishes latest DAC6 reporting guidelines
The Netherlands Tax and Customs Administration have published latest user guidelines for the use of the Mandatory Disclosure/DAC6 data portal for reporting potentially aggressive cross-border tax arrangements. As a result of the Dutch
See MoreMalta: CFR notifies corporate income tax return for the assessment year 2022
On 31 May 2022, Malta’s Commissioner for Revenue (CFR) notified that the year of assessment 2022 electronic corporate income tax return is available on online services. Although such returns may be downloaded and filled in, the facility to upload
See MoreUkraine: National Bank increases the interest rate from June 2022
On 2 June 2022, the National Bank of Ukraine decided to increase its key policy rate from 10% to 25% per annum with effect from 3 June 2022. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to 120% of
See MoreIMF Report Considers Fiscal Policy in Lithuania
On 7 June 2022 the IMF published a report following discussions with Lithuania under Article IV of the IMF’s articles of agreement. Before the Ukraine war began, Lithuania’s economy was recovering strongly. A recession was avoided in 2020 by
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WHO: World Health Organisation looks at the effect of the tobacco industry on the environment
On 29 May 2022 the World Health Organisation (WHO) published a document entitled Tobacco: Poisoning Our Planet looking at the environmental damage caused by the tobacco industry. The report looks at the damage done to the environment throughout
See MoreEl Salvador: Ministry of Finance declares the interest rate for late tax payment
On 3 May 2022, the Ministry of Finance has published a notice announcing the interest rate for tax payments during the period 1 February to 31 July 2022. Accordingly. the average interest rate is 6.43% per year which will be increased to 10.43%
See MoreEstonia deposits new notifications under Article 35(7)(b) of the BEPS MLI
On 1 June 2022, the Organization for Economic Cooperation and Development (OECD) announced that the Republic of Estonia notified the confirmation of the completion of its internal procedures for the entry into effect of the provisions of the
See MoreLuxembourg issues guidance on non-deductible interest and royalty expenses
On 31 May 2022, the Luxembourg Tax Authorities published Circular L.I.R. no. 168/2 which clarifies the non-deductibility of interest or royalties paid to associate enterprises established in countries that are “blacklisted” as being
See MoreRomania: BEPS MLI in Force
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Romania on 1 June 2022. With regard to the tax treaties between Romania and other countries for which
See MorePoland: MoF reply to parliamentary inquiry on transfer pricing information
On 30 May 2022, the Treasury Department responded to a Parliamentary inquiry (No. 31287) regarding the rules for reporting certain transfer pricing information to be reported on the TPR-C form. According to response, the TPR-C form can be
See MoreSpain publishes form in relation to digital services tax
On 23 May 2022, Spain published the Order HFP/480/2022 approving a revised form 490 of “Digital Services Tax (DST)”. The form replaces the previous form approved in Order HAC/590/2021 of 9 June 2021 with effect for self-assessments corresponding
See MoreTransfer Pricing Brief: June 2022
ArgentinaFiling deadlines: On 28 April 2022, the Federal Public Revenue Administration (AFIP) published General Resolution 5189/2022 of 28 April 2022, which extends the submission deadline of corporate tax return to between 23 and 26 May 2022.See
See MoreUK: HMRC exercises new powers to combat electronic sales fraud
On 31 May 2022 HMRC announced that a number of businesses had been visited and some arrests made following the introduction of new powers to combat the use of electronic sales suppression (ESS) systems. Around 30 businesses, including including
See MoreUK: HMRC Data on Financial Assets Held Abroad
It was reported on 31 May 2022 that UK residents had GBP 850 billion in financial accounts overseas in 2019 (the latest year for which statistics are available) of which GBP 570 billion was based in tax havens. This data was disclosed by HMRC in
See MoreMalaysia: MoF announces principal hub incentive scheme 2022
On 24 May 2022, the Finance Ministry of Malaysia has issued the Income Tax (The Principal Hub Incentive Scheme) Rules 2022. The rules may be cited as the Income Tax (The Principal Hub Incentive Scheme) Rules
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