OECD: Public Consultation on minimum standard under BEPS Action 14
On 1 February 2021 a virtual public consultation meeting was held as part of the review of BEPS Action 14 on improving tax dispute resolution mechanisms. This follows the publication of a consultation document in November 2020 and the publication
See MoreSingapore: IRAS issues updated tax guide on R&D tax measures
On 29 January 2021, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (6th Edition). The Guide sets out the relevant R&D tax measures as announced in Budgets
See MoreOECD: Meeting of the Inclusive Framework on BEPS
The 11th plenary meeting of the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) was held on 27 and 28 January 2021 as a virtual meeting. The countries involved in the Inclusive Framework are working towards implementation of
See MoreUS and Argentina sign CbC exchange arrangement
On 27 January 2021, US and Argentina have signed a competent authority agreement to exchange country-by-country reports. The purpose of the agreement is to increase international tax transparency and improve access of their respective tax
See MoreMalta: CFR notifies about DAC6 reporting deadline
On 29 January 2021, the Maltese Commissioner for Revenue (CFR) has notified that with respect to cross-border arrangements where the trigger point for reporting took place between 1 July 2020 and 31 December 2020, the deadline for reporting must
See MoreAustralia amends the definition of SGE
Australian Taxation Office (ATO) expanded the definition of “significant global entity (SGE)”. The SGE concept determines whether an entity is subject to a number of tax integrity and reporting measures. The SGE concept was introduced by the
See MoreItaly issues digital services tax return form for FY 2020
On 25 January 2021, the Italian Revenue Agency has published Provision no. 22879/2021, which approves the digital services tax (DST) return form, instructions and technical specification for submission. The deadlines of DST for FY 2020 have
See MoreFrance: Government publishes new voluntary tax compliance audit program
On 13 January 2021, the Government published a new voluntary tax compliance audit program for taxpayers to use in addressing and correcting their mistakes while at the same time, allowing the tax authorities to improve the efficiency of tax audits.
See MoreGreece: Parliament considers a Bill to extend tax return filing deadline
On 26 January 2021, the Parliament considered a Bill to extend the filing deadlines for the 2019 income tax returns of foreign tax residents up to 30 June 2021 instead of 26 February 2021 due to COVID-19 pandemic. The Bill proposed to extend the
See MoreGreece: Parliament approves a Bill to ratify BEPS MLI
On 21 January 2021, the Parliament approved the Bill for ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). Greece must now deposit its ratification instrument to bring the MLI into force for its
See MoreSpain defers due dates of digital services tax and financial transaction tax
The Spanish Tax Agency has issued a notice announcing a deferral of the initial deadlines for the new Financial Transactions Tax (FTT) and Digital Services Tax (DST), which both entered into force on 16 January 2020. The deadline deferrals
See MoreUganda: URA issues guidance on tax compliance
On 22 January 2021, the Uganda Revenue Authority (URA) has issued guidance on tax compliance on its website. The guidance includes following measures: Registration Process A person liable to pay tax shall apply to the Commissioner for
See MoreAlgeria: President signs Finance Act 2021
On 31 December 2020, the President signed the Finance Act for the year 2021, which includes the following measures: The Act imposes a 15% capital gains tax on the real estate and securities transactions and describes calculations and liability
See MorePeru sets deadlines for individual and CIT returns for 2020
On 30 December 2020, the Peruvian tax authorities (SUNAT) has issued Resolution No. 000229 -2020/SUNAT in the official gazette regarding the deadlines for individual and corporate tax (CIT) returns for 2020. The Resolution includes an
See MoreParaguay introduces new guidance on TP law
On 30 December 2020, the tax authority of Paraguay issued Decree 4644/2020, providing further guidance on the technical aspects of Paraguay’s transfer pricing (TP) provisions included in Law 6380. Law No. 6,380/2019 modernized the Paraguayan
See MoreCzech Republic: Government request to extend the state of emergency until February 2021
On 18 January 2021, the Andrej Babiš cabinet approved the Government’s request to extend the state of emergency for another 30 days, i.e. until 21 February 2021. The measures included in this State of emergency are given below: The government
See MoreSouth Korea enacts tax revision bill for 2021
At the end of December 2020, South Korea has enacted a tax revision bill for 2021, which was passed by Korea’s National Assembly on 2 December 2020. The tax revision bill generally effective from fiscal years beginning on or after 1 January 2021.
See MoreSaudi Arabia: GAZT extends tax penalty relief measures up to 30 June 2021
On 21 January 2021, 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 30 June 2021 in response to the COVID-19
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