US: IRS publishes the interest rates on overpaid and underpaid tax for Q2 2021
On 2 March 2021, the Internal Revenue Service announced that interest rates for the calendar quarter beginning April 1, 2021. The rates are unchanged from the previous quarter. The rates are: 3% for overpayments (2% in the case of a
See MoreGeorgia: MOF publishes decree amending transfer pricing rules for APAs
On 2 March 2021, the Georgian Ministry of Finance published Decree No.45 amending the Georgian transfer pricing rules regarding the Unilateral Advance Pricing Agreement (APA). The decree amends the APA clauses, most importantly reducing the filing
See MoreIreland: Revenue publishes an eBrief to update DAC6 reporting guidance
On 1 March 2021, the Irish Revenue published an eBrief No. 014/21 regarding EU mandatory disclosure of reportable cross-border arrangements. On the similar day, the Revenue also published a Tax and Duty Manual, providing guidance to update the DAC6
See MorePanama: Draft bill to introduce tax relief measures
The Cabinet of Panama has approved the Ministry of Finance to submit a draft bill in the National Assembly providing tax relief measures in response to the Covid-19 pandemic. Tax measures are following: Extension of the installment payment for
See MoreZambia introduces CbC Reporting requirements
On 31 December 2020, Zambia has published The Income Tax (Transfer Pricing) (Amendment) Regulations under Statutory Instrument No. 117 of 2020. The Regulations introduce country-by-country (CbC) reporting requirements, which are effective from 1
See MoreDenmark: Government submits a draft Bill to amends various Acts
On 25 February 2021, the Government submitted a draft Bill, L 178, in the Parliament, which is a proposal for an Act amending the Depreciation Act, the Tax Assessment Act, the Pension Returns Taxation Act and the Sulfur Tax Act. The draft bill
See MoreOECD: Report to the Meeting of G20 Finance Ministers
The OECD has published on its website the report prepared for the meeting of G20 Finance Ministers and Central Bank Governors held on 27 February 2021. Taxation of the Digital Economy Unless an international consensus solution is found for
See MoreOECD: Tackling the Professional Enablers of Tax Crime
On 25 February 2021 the OECD published a document entitled “Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes”. The report was prepared by the OECD Task Force on Tax Crimes and Other Crimes based
See MoreCanadian mining company wants to resolve its tax dispute with NAFTA arbitration
On 2 March 2021, a publicly traded Canadian mining company (First Majestic Silver), has resorted to international arbitration to resolve an ongoing transfer pricing dispute with the Mexican government over tax reassessments the government made in
See MoreQatar introduces new TP documentation requirements
On 16 July 2020, the General Tax Authority (GTA) of Qatar has issued Decision No. 4 of 2020 and made public on 1 March 2021, which confirms the obligation to submit the transfer pricing (TP) disclosure form, master file, and local file applies to
See MoreIreland: Revenue issues an eBrief to announce updated TP guidance
On 24 February 2021, the Irish Revenue issued eBrief No. 37/21 regarding updated guidance on transfer pricing. On the similar day, the Revenue also published a Tax and Duty Manual-Part 35A-01-01, providing updated guidance on the operation of the
See MoreOECD Tax Talk Reviews Recent Developments
The OECD Tax Talk on 4 March 2021 provided updates on important areas of OECD tax work. Taxation of the Digital Economy Countries have recognised the need to further simplify the proposals in Pillar One of the taxation of the digital economy
See MoreUK: Call for Evidence on Employee Management Incentives
Employee management incentives (EMIs) were introduced in the UK to provide small and medium enterprises (SMEs) with an additional way to remunerate their employees. This can be of benefit to small, innovative companies that need to recruit the
See MoreUK: Consultation on Research and Development Tax Reliefs
Following the announcement in the UK Budget on 3 March 2021 of a consultation on the research and development (R&D) tax relief the UK government has issued a consultation document. The UK currently offers two main tax reliefs to companies
See MoreIndia further extends the deadlines for audit, reassessment and penalty proceedings
On 27 February 2021, the Central Board of Direct Taxes (CBDT) released a Notification No. 10/2021 that provides the further extension of deadlines for the completion of audit, reassessment, and penalty proceedings due to COVID-19
See MoreUK Budget Announcements for 2021
On 3 March 2021 the Chancellor announced the UK budget provisions for 2021. The furlough scheme, which pays 80% of employees' wages, will be extended until the end of September 2021, but employers will be asked to contribute 10% in July and 20%
See MoreTurkey further extends CbC report filing deadline
On 22 February 2021, the Turkish Revenue Administration has issued Circular TF-3/2021-1 by which Turkey extends Country-by-Country (CbC) report filing deadline. Previously, Turkey extends CbC report filing deadline to 26 February 2021. The new
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
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