Finland: Tax authority publishes CbC reporting XML schema version 2.0
On 4 December 2020, the Finnish tax authority has updated its CbC reporting guidance concerning changes in the Country-by-Country (CbC) reporting XML schema to Version 2.0. Version 2.0 (Country-by-Country Reporting XML Schema 2.0) is released by
See MoreIndonesia president sign a law providing tax exemptions on dividends
On 2 November 2020, the Indonesian President Joko Jokowi Widodo has signed the Law on Job Creation (Law No. 11 of 2020). The law provides the following tax exemptions. If dividends received from domestic companies that are to be re-invested in
See MoreSri Lanka: IRD postpones Master file and CbC reporting requirements
According to the notice of 23 November 2020, considering the prevailing Covid-19 pandemic and the multiple requests made by the stakeholders to the Ministry of Finance, the requirements to submit the TP documentations of Master Files and Country by
See MoreIreland: Revenue updates CbC user guide
On 30 November 2020, the Irish Revenue published an eBrief 216/20 on a new Tax and Duty Manual Part 38-03-21, which provides details of the release of CbC User Guide Version 2.0 and CbC XML Schema Version 2.0, which will be in use from 1 February
See MoreMexico issues general tax rules on Mandatory Disclosure Rules (MDR)
On 18 November 2020, the Mexican Tax Administration (SAT) has issued general tax rules (GTR) for 2020. The GTR includes a new ‘chapter’ related to the mandatory reporting requirements for certain transactions. Mandatory Disclosure Rules (MDR)
See MoreMalta: CFR updates CRS and CbC XML schema and user guide
On 30 November 2020, the Maltese Commissioner for Revenue (CFR) notified that the cut-off date for the version change of the CRS and CbC XML schemas for any domestic reporting is 10 January 2021. Any CRS and CbC XML data files submitted after this
See MoreEcuador: SRI issues provisions on automatic application of tax benefits
On 12 November 2020, the Internal Revenue Service (SRI) Officially published Resolution No. NAC-DGERCGC20-00000067 of 12 November 2020, amending the Resolution No. NAC-DGERCGC18-00000433 that establishes the maximum amounts and requirements for the
See MoreArgentina: AFIP delays effective date of SIRE system for VAT withholding purpose
On 26 November 2020, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4864/2020 of 26 November 2020 to extend the effective date of mandatory use of SIRE in case of VAT withholding purposes until 1 March 2021.
See MoreCanada: Finance Department introduces new GST/HST requirement for new DST
On 30 November 2020, the Finance Department published the Fall Economic Statement 2020 - Supporting Canadians and Fighting COVID-19, including prudent fiscal plan with proposed measures for a tax system for the digital economy. Under current rules,
See MoreUK: Research on Enablers and Facilitators of Tax Evasion
On 2 December 2020 HMRC published a research report by IFF Research aiming to reach an improved understanding of the situation of wealth managers, UK goods importers and freight forwarders who may be in a position where they are at risk of
See MoreOECD: Revenue Statistics 2020
On 3 December 2020 the OECD released the annual Revenue Statistics publication with the results of a survey of OECD countries. The data indicates that the average tax to GDP ratio in the OECD countries surveyed fell slightly to 33.8% in
See MorePeru: Tax Administration issues report on interest deduction limitations
On 10 November 2020, the Peruvian Tax Administration (SUNAT) has published Report No. 093-2020-SUNAT/7T0000 on its website, which clarifies the interest deduction limitations rules. Through the Report, SUNAT analyzes the application of the
See MorePeru: SUNAT extends CbC reports submissions deadline for FY 2017, 2018 and 2019
On 2 December 2020, the Peruvian tax authorities (SUNAT) has declared that the deadlines for the secondary local (Peruvian) filing of the country-by-country (CbC) reports for fiscal years (FY) 2017, 2018, and 2019 is 29 January 2021. The
See MoreSri Lanka: TP documentation requirement for domestic controlled transactions
According to the notice of 25 November 2020, under the Regulation 1 of the TP Gazette, transfer pricing regulations inter alia, are applicable to the local transactions made between associated enterprises (AE) as referred to in section 77 of the
See MoreArgentina: AFIP extends suspension on inspections, assessments, appeals
In response to corona virus pandemic, on 27 November 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4868/2020 of 27 November 2020, providing an extension of suspension up to 31 December 2020 regarding
See MoreGerman Upper House Approves MLI to Implement Tax Treaty Related BEPS Measures
On 6 November 2020 the Bundesrat (the upper house in the German parliament) gave its approval to ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also known as the
See MoreTransfer Pricing Brief: December 2020
AustraliaCbC reporting requirement/Master File/Local File: The Australian Taxation Office (ATO) has issued a notice declaring a lodgment deferral until 29th January 2021 for the Local file, Master file, and Country-by-Country (CbC) report for the
See MoreUK: Evaluation of the Patent Box regime
On 17 November 2020 the UK published an evaluation of the patent box regime. The patent box was designed as an incentive for companies to retain and commercialise their intellectual property in the UK. A lower 10% rate of corporation tax is
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