Thailand declares penalty relief for transfer pricing disclosure forms in response to Covid-19 pandemic
The Revenue Department of Thailand declared a reduction of the penalty from THB 200,000 to THB 5,000 for late submissions of the transfer pricing (TP) disclosure form due to Covid-19 pandemic. The reduced penalty is available for disclosure
See MoreLuxembourg: Tax Administration issues update guidance on DAC6 reporting
On 14 October 2020, the Luxembourg Tax Administration has issued updated guidelines concerning the mandatory disclosure and exchange of cross-border tax arrangements (DAC6) as per Council Directive (EU) 2018/822 of 25 May 2018. DAC6 is effective
See MoreSaudi Arabia: GAZT extends tax relief measures up to 31 December 2020
On 6 October 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines and exemption from financial penalties for taxpayers until 31 December 2020 in response to the
See MoreOECD: Taxation of Virtual Currencies
On 12 October 2020 the OECD released a report on taxing virtual currencies that was prepared for the meeting of G20 Finance Ministers. The report looks at the tax treatment of virtual currencies, considering income tax, consumption tax and property
See MoreJordan ratifies BEPS multilateral convention (MLI)
On 29 September 2020, Jordan deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the OECD. The MLI will enter into force for Jordan
See MoreSweden: Countermeasures in the tax area against non-cooperating jurisdictions
On 13 October 2020, the Swedish Ministry of Finance has issued a press release, where they confirm that a draft bill was submitted to the Parliament to restrict deductions for interest expenses paid to non-cooperative jurisdictions. The
See MoreBelarus is set to join the Inclusive Framework on BEPS
On 14 October 2020, Belarus has published Resolution No. 590 on the National Legal Internet Portal, through which Belarus is set to join the Global Forum on Transparency and Exchange of Information for Tax Purposes. The decision was formalized in
See MoreOECD: Tax Talk Summarises Latest Tax Developments
In a Tax Talk on 12 October 2020 the OECD gave an update of recent developments. Digital Economy The OECD’s Inclusive Framework met on 8 and 9 October 2020 and Blueprint reports on Pillar 1 and Pillar 2 of the proposals on taxation of the
See MoreIsrael issues draft bill to amend transfer pricing documentation requirements
On 12 October 2020, the Israeli Tax Authority (ITA) published a draft bill for public consultation, proposing to amend Section 85A of the Income Tax Ordinance (ITO) and its regulations. The proposal incorporates the principles of the OECD’s
See MoreOman extends relief provisions for late payment and late filing of tax returns
The tax authority of Oman declared extensions of certain tax relief measures due to the Covid-19 Outbreak. Previously, in response to the pandemic tax authority has granted relief from the imposition of interest for late payment of tax or late
See MoreCzech Republic: Finance Ministry declares the extension of COVID-19 tax relief
On 14 October 2020, the Finance Ministry announced that a large liberation packages are extended in response to coronavirus pandemic. The package includes delay of tax payments by companies whose primary activity falls into an area targeted by the
See MoreEcuador: Government delays MCAA on automatic exchange of financial information
On 29 September 2020, the Organization for Economic Co-operation and Development (OECD) published an update regarding signatories of the multilateral competent authority agreement (MCAA) on automatic exchange of financial account information and
See MoreDenmark: High Court makes a decision against tax authority’s TP approach
On 5 October 2020, the High Court made a decision on a case entitled “Denmark vs. Shoe Group A/S” against the tax administration’s transfer pricing (TP) approach. The tax administration of Denmark used various theories to claim that a
See MoreDenmark: National tax court clarifies TP documentation rules for intergroup companies
On 24 September 2020, the Danish Tax Administration published a Decision No. SKM2020.387.LSR, clarifying the transfer pricing documentation requirements for a change of business structure within a group company. The case concerns a Danish
See MoreRomania introduces installment option for unpaid tax in response to Covid-19 outbreak
On 4 October 2020, the Ministry of Finance of Romania declared a tax payment installment option for companies that have been affected by the Covid-19 pandemic and have unpaid tax liabilities that arose after 16 March 2020. The installment option
See MoreNigeria: President presents 2021 Budget proposals
On 8 October 2020, the President, Muhammadu Buhari, presented the Federal Budget proposals for the year 2021 at the Joint Session of the National Assembly. The recent developments in this draft Budget includes: The draft 2021 Budget, themed
See MoreIceland: Parliament approves a bill to implement tax measures under 2021 budget
On 1 October 2020, the Icelandic Parliament approved a Bill No.5 in order to implement tax measures under the 2021 budget. The bill includes the following measures; Taxes on carbon, alcohol and tobacco, oil, and car tax increased by
See MoreUS: Final Withholding Regulations on Transfer of Partnership Interest by Foreign Partner
On 7 October 2020, the IRS issued final regulations on the withholding rules for transfers of partnership interests by foreign transferors. A gain on the sale or disposition by a non-US partner of an interest in a partnership that engaged in a
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