Greece: Government publishes a Law to introduce new tax provisions
On 18 May 2021, the Government Officially published Law 4799/2021, introducing income tax reductions and other amendments to the Greek Income Tax Code. The Act includes some of the following provisions: Transfer pricing Enterprises
See MoreNetherlands updates loss carry forward provision
On 4 June 2021, the Netherlands published the Decree of 21 May 2021 in the Official Gazette, which provides for the implementation of the net operating loss carry forward changes. This legislation will enter into force for fiscal years on or after
See MoreTransfer Pricing Brief: June 2021
ArgentinaTransfer pricing information return: On 30 April 2021, the Federal Administration of Public Revenue (AFIP) made an announcement that it will exceptionally extend the due date of submitting transfer pricing study and Form F. 2668 from June
See MoreColombia joins OECD International Compliance Assurance Programme (ICAP)
Recently, Organisation for Economic Co-operation and Development (OECD) has announced that Colombia joins International Compliance Assurance Programme (ICAP). ICAP is a voluntary risk assessment and assurance programme to facilitate open and
See MoreUS: Nebraska cuts top corporate tax rate
On 26 May 2021, Nebraska Gov. Pete Ricketts signed Legislative Bill 432 which provides for a reduction of top corporate income tax rates over the next two years. Accordingly, for tax years beginning on or after Jan. 1, 2022, the rate will reduce
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Malaysia publishes new CbCR notification guidelines using Form C
On 25 May 2021, the Inland Revenue Board of Malaysia announced on its website that starting from the year of assessment (YA) 2021, constituent entities can now furnish the Country-by-Country Reporting (CbCR) Notification using the C Form.
See MoreFinnish Supreme Administrative Court makes a decision in a transfer pricing case
On 2 June 2021, the Finnish Supreme Administrative Court issued a decision regarding the acceptability of U.S. GAAP accounting standards as a basis for transfer pricing. Background The case concerned a Finnish company owned by a low-risk
See MoreLuxembourg: Circular provides updated guidance on interest deduction limitation
On 2 June 2021, the Luxembourg Tax Authorities has published Circular L.I.R. n° 168bis , which clarifies certain aspects of the interest expense deduction limitation rules included in article 168bis of the Luxembourg Income Tax Law (ITL). The
See MoreLithuania: Government approves the revised budget support measures for COVID-19
On 26 May 2021, the Lithuanian government has approved the revised draft State budget for 2021 including certain support tax measures due to COVID-19 pandemic. Business that incurred losses in the period 2020 can utilize losses to offset taxable
See MoreOECD: G20 Finance Ministers agree in principle to Pillars 1 and 2 on taxation of the digital economy
At the meeting of the G20 Finance Ministers on 4 June 2021 agreement was reached in principle on the two-pillar approach to the tax challenges of the digital economy. Some important details of the approach still need to be worked out, and more
See MoreSingapore updates GST Guide on Transfer Pricing Adjustments
On 1 June 2021, the Inland Revenue Authority of Singapore (IRAS) has published second edition of e-Tax Guide GST: Transfer Pricing Adjustments. The e-Tax guide explains the GST treatment for adjustments on the transfer prices of transactions
See MorePhilippines: BIR publishes a Circular on corporate income tax changes
On 17 May 2021, the Bureau of Internal Revenue (BIR) Officially published Revenue Memorandum Circular No. 62-2021, which provides clarifications on certain provisions of Revenue Regulations No. 5-2021 regarding Corporate Income Taxation. In this
See MoreBangladesh: Budget proposal for FY 2021-2022
On 3 June 2021, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2021-2022 in the parliament. The budget set the target for total revenue collection in the FY 2021-2022 at Tk. 389,000
See MoreTurkey ensures effective date of MCAA of CRS and CbC Reports
On 31 May 2021, Turkey has published Decision No. 4025, and Decision No. 4026, which set the effective date of the Multilateral Competent Authority Agreement (MCAA) of Common Reporting Standard (CRS) and Country-by-Country (CbC)
See MoreUS: Interest rates remain the same for the third quarter of 2021
On 27 May 2021, the Internal Revenue Service announced that interest rates will remain the same for the 3rd quarter beginning from 1 July 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation),0.5% for the
See MoreOECD: Tax Transparency in Africa 2021
On 26 May 2021 the OECD published Tax Transparency in Africa 2021. The 2021 edition indicates that there has been progress in African countries on development of capacities in tax transparency and exchange of information (EOI); and progress in
See MoreUK: Statistics for Funds raised under EIS, SEIS and SITR
On 27 May 2021 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). The latest statistics set out the amount of funds raised by
See MoreNigeria: FIRS issues a notice to suspend CbC reporting obligations for MNE branches
The Federal Inland Revenue service (FIRS) issued a public notice to suspend Regulation 4 of the “Income Tax (CbC Regulations) Regulations, 2018”. This public notice notifies branches and subsidiaries of Multinational Enterprises (MNEs)
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