U.S. and Germany sign agreement on exchange of CbC reports
On 4 November 2020, IRS published the updated information on CbC reporting jurisdiction status table. Accordingly, on 14 August 2020, U.S. and Germany sign an agreement on exchange of Country-by-Country reports. Each Competent Authority intends
See MoreTaiwan: NTBSA issues press release on COVID-19 relief measure
On 3 November 2020, Minxiong Office, Taiwan’s National Taxation Bureau of the Southern Area (NTBSA), Ministry of Finance indicated that, in accordance with Article 9-1 of the Special Act for Prevention, Relief and Revitalization Measures for
See MoreOECD: Combining Green Budgeting and Tax Policy Tools
An OECD Environment Focus published on the website on 29 October 2020 looked at the use of a combination of green budgeting and environmental tax policy to bring about an improved economic recovery after the pandemic. The OECD note referred to a
See MoreSri Lanka declares penalty relief for late return filing
On 3 November 2020, in response to the Covid-19 pandemic Inland Revenue Department (IRD) of Sri Lanka has published a notice declaring penalty relief for late return submission for the assessment year 2019/2020. Under the provisions of the
See MorePanama deposits its instrument of ratification for the Multilateral BEPS Convention
On 5 November 2020, Panama has deposited its instrument of ratification for the Multilateral Convention to implement tax treaty related measures to prevent base erosion and profit shifting (Multilateral Convention or MLI), which now covers almost
See MoreArgentina: AFIP extends suspension of prosecution proceedings for tax collection
In response to corona virus pandemic, on 29 October 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4847/2020 of 29 October 2020, providing further suspension up to 30 November 2020 regarding the blocking of
See MoreTransfer Pricing Brief: November 2020
AustriaScope of transfer pricing rules: On 21 October 2020, the Finance Ministry published final guidance of cross border arrangements (DAC6) including definition of terms, reportable arrangements, hallmarks and main benefit test, deadlines for
See MoreSwitzerland: Federal Council adopts dispatch on Federal Act on implementation of international tax agreements
On 4 November 2020, the Swiss Federal Council adopted the dispatch on the Federal Act on the implementation of international tax agreements. With this proposal, the Federal Council is adapting the existing law to the changes made to international
See MoreOman: BEPS MLI in force
The Multilateral Convention to execute tax agreement related measures to prevent base erosion and profit shifting (MLI) entered into force for Oman on 1 November 2020. As regards the double taxation agreement (DTA) between Oman and the other
See MorePeru: SUNAT will be able to access and review the international tax and financial information
On 19 October 2020, the Peruvian Tax Administration (SUNAT) has issued Press release No. 101, where it was stated that SUNAT will be able to access and review the international tax and financial information of more than 16,000 companies and 33,000
See MoreIndia: CBDT releases Equalisation levy (Amendment) Rules,2020
On 28 October 2020, the Central Board of Direct Taxes (CBDT) has published the Notification No.87/2020 Equalisation levy (Amendment) Rules, 2020 to further amend the Equalisation levy Rules, 2016. The rules amend the Equalisation levy Rules, 2016
See MoreIndonesia releases regulation on tax holidays for pioneer industries
On 24 September 2020, Indonesian Ministry of Finance has published the Regulation No. 130/PMK.010/2020 regarding the tax holiday (exemption) incentive for pioneer industries. The new regulation updates and replaces the Regulation No.
See MoreIndonesia releases regulation on tax incentives for R&D activities
On 9 October 2020, the Indonesian Ministry of Finance published Regulation No. 153 / PMK.010 / 2020 on the super deduction for R&D activities carried out in Indonesia. This regulation is one of the implementing regulations required under GR-45
See MoreLithuania publishes new transfer pricing requirements
On 19 October 2020, the Ministry of Finance in Lithuania published new transfer pricing documentation requirements. The new requirements for transfer pricing documentation correspond to the recommendations of OECD base erosion and profit shifting
See MoreVirtual meeting of top-level government officials in African countries on UNCTAD report
A high-level meeting was convened by the UN on the role of Extractive Industries in financing sustainable development in Africa. Participants included top-level government officials Mr. Abdulla Hamdok, the prime minister of
See MoreIndia: CBDT extends deadline to make payment under Vivad Se Vishwas scheme
On 27 October 2020, India's Central Board of Direct Taxes has published a notification extending the deadline (third time) for making payment under the direct tax dispute settlement scheme 'Vivad Se Vishwas' by three months to March 31,
See MoreUS: IRS updates parameters for APA and MAP
On 28 October 2020, the US Internal Revenue Service (IRS) published that it is updating parameters that the Advance Pricing and Mutual Agreement program (APMA), a representative office of the U.S. competent authority, will follow in implementing
See MoreItaly updates filing instructions for CbC Report
The Italian tax authorities updated the technical rules and filing instructions to submit country-by-country (CbC) reports in accordance with the OECD’s CbC XML schema adopted in June 2019. The updated technical rules and filing instructions will
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