Spain: MoF releases public consultation implementing global minimum tax
On 6 March 2023, the Spanish Ministry of Finance published a public consultation document on the transposition of the EU Directive implementing Pillar Two global minimum tax rules (Council Directive 2022/2523 of 14 December 2022, “Minimum Tax
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IMF Report looks at Luxembourg’s Economy
On 10 March 2023 the IMF issued a report following consultations with Luxembourg under Article IV of the IMF’s articles of agreement. Luxembourg’s economy has recovered well from the pandemic despite the external challenges in 2022, although
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OECD: Design of Presumptive Tax Regimes
An OECD Tax Working Paper on the design of presumptive tax regimes was published on 14 February 2023. Presumptive tax regimes aim to simplify the tax compliance process for micro and small businesses. They aim to bring taxpayers into the formal
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OECD: VAT Digital Toolkit for Africa
On 15 February 2023 the OECD published the VAT Digital Toolkit for Africa. In most African countries value added tax (VAT) is a major revenue source that brings in more than one quarter of total tax revenues on average. In 2020, VAT revenues in
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OECD Tax Talk Outlines Latest Developments
On 27 February 2023 the OECD gave an update of recent developments in their tax work. G20 Chair’s summary The G20 Chair’s summary following the meeting of G20 finance ministers and central bank governors confirmed that the G20 remains
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OECD Report to the February 2023 Meeting of G20 Finance Ministers
On 24 February 2023 the OECD published its report to the February 2023 meeting of the G20 Finance Ministers and Central Bank Governors. Inclusive Framework The report notes that the OECD/G20 Inclusive Framework on BEPS (Inclusive Framework)
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IMF Report Considers the Economic Outlook for Malta
On 8 February 2023 the IMF issued a report following discussions with Malta under Article IV of the IMF’s articles of agreement. The economy has recovered from the recession caused by the pandemic with output growing by 11.75% in 2021. Further
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IMF Report on the Economy of Nigeria
On 6 February 2023 the IMF published a report following consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has recovered from the pandemic due to favourable oil prices and increased consumption.
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Pakistan presents Tax proposal for Budget 2023/24
On 6 February 2023, Pakistan's Federal Board of Revenue has issued a notice on income tax proposals for Budget 2023-24. The notice includes the following tax proposals: Taxation of real Income on progressive basis; Broadening of the tax base
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UK: Transfer Pricing and Diverted Profits Tax Statistics
On 7 February 2022 HMRC published the latest set of statistics relating to transfer pricing and the diverted profits tax. The latest release contains data up to end of the 2022/22 tax year. The transfer pricing work is an important part of
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OECD: Technical Guidance for Implementation of the Global Minimum Tax
On 2 February 2023 the Inclusive Framework released technical guidance on implementation by governments of the global minimum tax. The Agreed Administrative Guidance for the Pillar Two GloBE Rules aims to ensure co-ordinated outcomes and greater tax
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OECD: Manual on Multilateral Mutual Agreement Procedures and APAs
On 1 February 2023 the OECD released the Manual on the Handling of Multilateral Mutual Agreement Procedures (MAPs) and Advance Pricing Arrangements (APAs) (the MoMA). Multilateral MAPs and APAs can offer greater tax certainty to both taxpayers
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OECD: Public comments received on the design elements of Amount B under Pillar One
On 30 January 2023 the OECD published the comments received on the design elements of Amount B under Pillar One relating to the simplification of transfer pricing rules. Comments were received from more than sixty businesses, institutes, NGOs and
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OECD: Comments received on Draft MLC under Amount A of Pillar One
On 24 January 2023 the OECD published the responses received to the public consultation on the Draft Multilateral Convention (MLC) Provisions on Digital Services Taxes (DSTs) and other Relevant Similar Measures under Amount A of Pillar One. The
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IMF report on Japan’s economy
On 25 January 2023 the IMF issued a report following discussions with Japan under Article IV of the IMF's Articles of Agreement. Japan is recovering from the pandemic and the economic recovery is projected to continue in the near term supported
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OECD: Revised Methodology for the BEPS Action 14 Peer Reviews
On 24 January 2023 the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS) agreed a new assessment methodology for continuing the peer review process under BEPS action 14 to improve tax dispute resolution mechanisms. The
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OECD: Revenue Impact of International Tax Reform
During a live webinar on 18 January 2023 the OECD presented the findings of a new analysis of the estimated impact on tax revenue of the implementation of the two-pillar international tax reform. The new analysis carried out by the OECD indicates
See MoreIASB: Proposed Amendments to IAS 12 Arising from Pillar Two Rules
In January 2023 the International Accounting Standards Board (IASB) issued an Exposure Draft with proposed amendments to IAS 12 (Income Taxes). The amendments relate to tax and accounting implications of the implementation of the global minimum
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