Malaysia: 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
See MoreUK: Professional Bodies Request a Delay to Introduction of Tax Changes
Professional bodies in the UK have criticised the speed of proposed reforms to the tax system and have written to the government advising a slower timetable for the next phase of tax administration changes known as Making Tax Digital, and for the
See MoreThailand extends CIT return filing deadline
The Thai Ministry of Finance (MOF) has extended the deadlines for electronic filing of corporate income tax (CIT) return in response to the Covid-19 pandemic. The corporate income tax return (PND 50, 52 and 55), financial statements and the
See MoreIndia: CBDT notifies a formula to adjust MAT relief for secondary adjustment and APA
On 10 August 2021, the Central Board of Direct Taxes (CBDT) has published Notification No. 92/2021, which contains a new rule for calculating tax relief in the event of an increase in book profit as a result of adjustments to Advance Pricing
See MoreUK: Statistics on Creative Industries Tax Relief
On 24 August 2021 HMRC published updated statistics for creative industries tax relief for 2020/21, showing that GBP 1.31 billion was paid out in tax relief for creative industries in 2020/21. Almost half the relief given in the period related to
See MoreRomania approves BEPS MLI
On 19 August 2021, Romania approved the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI). Romania must deposit its ratification instrument to bring the MLI into
See MoreSri Lanka issues TP disclosure form for AY 2020/2021
On 16 August 2021, the Inland Revenue Department (IRD) of Sri Lanka published the transfer pricing disclosure form for the assessment year (AY) 2020/2021. Entities are required to file the TP disclosure form with their annual income tax return if
See MoreSouth Africa: National Treasury invites comments on draft Tax Bills by 28 August
On 12 August 2021, the National Treasury and the South African Revenue Service (SARS) published a media statement the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill (TALAB) for
See MorePeru creates a tax-free zone in Northern Peru
On 14 August 2021, Peru has issued Law No. 31343 in the official gazette creating a tax-free zone in Northern Peru. The Law establishes the creation of the Organization and Administration Committee of Zofracajamarca, both located in the province of
See MoreGermany updates the CbC Reporting requirements based on the Annual Tax Act 2020
The Federal Ministry of Finance recently published a notice on the current issue of the Federal Central Tax Office's newsletter, which updates the country-specific (CbC) reporting requirements due to the 2020 Annual Tax Act. As a result of the
See MoreEU: Commission Letter Comments on Common Corporate Tax
On 3 August 2021 a letter addressed to the European Parliament on behalf of the European Commission confirmed that the single corporate tax system for the EU, to be known as Business in Europe: Framework for Income Taxation (BEFIT), would take into
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