OECD: ICAP Awareness Sessions
The OECD is holding virtual Awareness Sessions on 30 March 2021 and 1 April 2021 for multinational groups looking for more information on the International Compliance Assurance Program (ICAP). Background The ICAP was set up as a voluntary
See MoreJapan: National Diet passes tax reform measures for 2021
On 26 March 2021, the National Diet (Parliament) passed the bill tax reform proposals for 2021 providing the following tax measures. A digital transformation-related investment under a certified business adaptation plan made by 31 March 2023 up
See MoreUK: Research on Small Businesses Adopting MTD for VAT
On 23 March 2021 HMRC published the results of research carried out by an independent organisation into how Making Tax Digital (MTD) for VAT has affected small business, and to look at the costs and benefits of adopting MTD. The research focused
See MoreNamibia: MOF publishes the 2021/22 Budget Statement
On 17 March 2021, the Ministry of Finance has published the budget statement for 2021/22 providing the following tax reforms: There were no proposed increases or changes to the main tax brackets.Budgeted expenditure for the 2022 year will be
See MoreUK: Call for Evidence on the Tax Administration Framework
On 23 March 2021 the UK government published a call for evidence entitled: The Tax Administration Framework: Building a 21st Century Tax System. The government has already published a ten-year tax administration strategy called Building a
See MoreOECD: Mongolian Tax Administration issues first transfer pricing tax assessment
The OECD reported on 18 March 2021 that following the implementation of initiatives in mining tax audit capacity building the Mongolian Tax Administration issued its first assessment related to transfer pricing in late 2020. The Mongolian Tax
See MoreIMF Report Recommends Further Tax Measures for Luxembourg
On 15 March 2021 IMF staff issued a concluding statement following discussions under Article IV of the IMF’s articles of agreement. Luxembourg’s economy has come through the pandemic well so far, owing to effective policy measures and
See MoreGhana: Budget Announcements for 2021
On 12 March 2021, Mr. Osei Kyei-Mensah-Bonsu, the Finance Minister of Ghana’s Caretaker Govt., presented the 2021 Budget Statement and Economic Policy in the Parliament. Among the revenue provisions in the 2021 budget are the following tax
See MoreIMF Recommends Tax Measures and Structural Reforms in Chile
On 9 March 2021 IMF staff issued a concluding statement following discussions with Chile under Chile has issued wide policy responses to the pandemic and its macroeconomic policies and institutions remain strong. The economy is recovering from
See MoreDominican Republic: DGII declares public consultation to amend TP rules
On 1 March 2021, the Directorate General of Internal Revenue (DGII) made an announcement of launching a public consultation on the draft modification of articles 5, 7, 10 and 18 of the transfer pricing (TP) regulation, established by means of the
See MoreIMF: Analysis of Fiscal Measures to Reduce US Emissions
An IMF blog of 10 March 2021 entitled A New Vision for the US Climate Agenda looks at fiscal actions that would help curb emissions. The US climate plan aims for US carbon neutrality by 2050, achieved by public funding for clean energy
See MoreOECD: Report to the Meeting of G20 Finance Ministers
The OECD has published on its website the report prepared for the meeting of G20 Finance Ministers and Central Bank Governors held on 27 February 2021. Taxation of the Digital Economy Unless an international consensus solution is found for
See MoreUK Budget Announcements for 2021
On 3 March 2021 the Chancellor announced the UK budget provisions for 2021. The furlough scheme, which pays 80% of employees' wages, will be extended until the end of September 2021, but employers will be asked to contribute 10% in July and 20%
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MoreSouth Africa: Finance Ministry presents Budget 2021 in Parliament
On 24 February 2021, the Finance Minister, Tito Mboweni, made 2021 budget speech in the Parliament. Most of that relief will reduce the tax burden on the lower and middle-income households. Some of the tax proposals in this budget are given
See MoreOECD: Global Forum Capacity Building Report 2021
On 17 February the Global Forum on Transparency and Exchange of Information for Tax Purposes issued its capacity building report for 2021 entitled Developing Capacities in Times of COVID-19. The report outlines the support activities engaged in
See MoreOECD: ICAP Handbook Released
On 18 February 2021 the OECD issued the International Compliance Assurance Programme Handbook for Tax Administrations and MNE groups. The International Compliance Assurance Programme (ICAP) was set up as a voluntary risk assessment and assurance
See MoreSingapore: Summary of tax changes in Budget 2021
On 16 February 2021, the following tax changes were announced by Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat, in his Budget Statement for the Financial Year 2021. Tax measures in the budget 2021 concern: Investment
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