Morocco revises TP documentation penalty
On 18 December 2020, the Ministry of Finance of Morocco has published the Finance Law for 2021 in the Official Gazette, apply from 1 January 2021. Morocco's Finance Law 2021 introduced new transfer pricing (TP) documentation
See MorePakistan: FBR launches e-filing of appeals
On 2 January 2021, Federal Board of Revenue (FBR) of Pakistan has published a notice regarding the launch of the e-Filing of Appeals with effect from 1 January 2021. Commissioner Inland Revenue (Appeals) is the first tier of appellate hierarchy
See MoreBolivia: Government publishes Budget Law for 2021
On 28 December 2020, the Government Officially published the Budget Law for 2021 and Law No. 1355, which effects from 1 January 2021. Under Law No. 1355, a 5% VAT refund is introduced on sales prices for low-income individuals with monthly income
See MoreBulgaria: Government reveals tax measures included in 2021 Budget
On 8 December 2020, the Government Officially published a Law, which provides tax measures included as part of the 2021 Budget. The key measures are given below: The Law introduced new deadline for filing annual corporate income tax returns up
See MoreArgentina: AFIP further extends the deadline for beneficial ownership declaration
On 31 December 2020, the Federal Administration of Public Revenue (AFIP) Officially published General Resolution 4897/2020 of 29 December 2020, which extends the initial reporting deadline of beneficial ownership declaration for 2019 and, with
See MoreGreece: MoF extends the deadline for beneficial ownership declaration
On 30 December 2020, a decision of the Deputy Minister of Finance, Mr. George Zavvos, was signed, which extends the deadline for the registration of beneficial ownership (UBO) information in the UBO registry from 31 December 2020 until 1 February
See MoreUK: OECD rules on cross-border arrangements to replace DAC 6
On 4 January 2021 HMRC confirmed that the EU rules on mandatory reporting of cross-border tax arrangements involving an EU member state (DAC 6) will mostly cease to apply in the UK from 2021. Under the EU rules set out in DAC 6, cross-border tax
See MoreTransfer Pricing Brief: January 2021
AustraliaFinancial transactions-Restriction on interest deduction: On 10 December 2020, the Australian Taxation Office (ATO) issued final transfer pricing guidance on interest-free loans between related parties, in “Schedule 3 – Interest-free
See MoreIreland: Finance Minister publishes a feedback on ATAD interest limitation rule
On 23 December 2020, the Finance Department published feedback statement, which considers the final ATAD measure, an Interest Limitation Rule, which will also be implemented in Finance Bill 2021. In Ireland, the general anti-abuse rule (GAAR) met
See MoreMalta: CFR releases guideline on DAC6 reporting
On 4 January 2021, the Maltese Commissioner for Revenue (CFR) has released guidelines concerning the mandatory disclosure and exchange of cross-border tax arrangements (DAC6) as per Council Directive (EU) 2018/822 of 25 May 2018. The guidelines
See MoreGermany: Ministry of Finance extends tax payment relief measures for COVID-19
Germany’s Ministry of Finance (MOF) released decrees on 21 and 22 December 2020 that extend various tax measures in response to the coronavirus (COVID-19), including administrative measures relating to corporate income tax payments and extension
See MoreColombia issues a decree on the tax return and TP documentation deadline
On 17 December 2020, the Colombian Ministry of Finance and Public Credit has issued Decree 1680 specifying the deadlines for filing and payment of the tax return (declaration) in 2021 and the deadline for transfer pricing (TP) documentation,
See MoreDenmark: Parliament temporarily increases R&D deduction
In the late December 2020, the Parliament published Legislation to temporarily increase the deduction for research and development (R&D) up to 130%. The legislation notifies the following issues: Company conducts R&D activities for
See MoreLuxembourg intends to extend the tax return filing deadline for 2019 and 2020
On 21 December 2020, Luxembourg's Ministry of Finance has issued a press release regarding the extension of filing deadlines for tax returns due to the ongoing COVID-19 pandemic. The deadline for filing individual and corporate income tax (CIT)
See MoreUK: Report of the Wealth Tax Commission
On 14 December 2020 the Wealth Tax Commission issued a report outlining its conclusions on the design of a wealth tax for the UK. The report covers one-off and annual wealth taxes and makes recommendations on specific design of a tax in some cases.
See MoreSri Lanka: IRD publishes CbC reporting and notification due dates
On 22 December 2020, the Inland Revenue Department (IRD) of Sri Lanka has published a notice related to the filing of Country-by-Country (CbC) reports and notifications. According to the notice, the ultimate parent company or its
See MoreIndia further extends the time limits for income tax returns
On 30 December 2020, the Press Information Bureau of India published a notice providing further extensions of the deadlines for the furnishing of income tax returns and audit reports for FY 2019-20 (AY 2020-21) as a result of the challenges faced
See MoreOman extends CbC notification deadline
In reference to the Decision No. 79/2020 on Rules for Country-By-Country Reporting that specified designated persons (MNEs), information to be provided, retention periods, and the procedures to be followed in this regard; and after considering that
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