Estonia: Preliminary bill for public CbC reporting submitted to parliament
On 12 February 2024, a draft bill was introduced to the Estonian Parliament to incorporate the EU Public Country-by-Country (CbC) Reporting Directive into Estonian legislation. The parliament acknowledged there are a limited number of companies that
See MoreGermany: MOF issues updated draft guidance on virtual currency transactions
On 6 March 2024, the German Ministry of Finance (MOF) released revised draft guidance concerning the compliance and documentation criteria for transactions involving virtual currency and tokens. This comes after the issuance of a final decree in May
See MoreGermany: Tax authority publishes list of jurisdictions for automatic exchange of financial account information
On 1 March 2023, the German Federal Central Tax Office released the preliminary list of jurisdictions participating in the exchange of financial account information according to the Common Reporting Standard (CRS) for the year 2024, pertaining to
See MoreItaly announces new corporate tax return deadline
Italy has announced new guidelines and procedures for corporate tax return filings for 2024 regarding the tax year 2023. The main change relates to the revised deadline for filing returns as per the corporate tax (IRES) returns. The new
See MoreCyprus announces 2024 reference rates for notional interest deduction
On 7 March 2024, the Cyprus Tax Department announced the release of reference rates for 2024 that will be used to calculate the notional interest deduction (NID) on new equity investments. According to regulations, the NID rate is equivalent to the
See MoreCanada: CRA releases new circular on advance pricing arrangements (APAs)
On 22 February 2024, the Canada Revenue Agency (CRA) released the Information Circular 94-4R2 on International Transfer Pricing: Advance Pricing Arrangements (APAs). This circular offers detailed guidance on APAs, focusing on the prerequisites for
See MoreMalta publishes guidance note on pillar 2 global minimum tax
Malta's Commissioner for Revenue released a Guidance Note on the European Union Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups Regulations 2024. This guide clarifies Malta’s partial
See MoreNetherlands releases decision on public CbC reporting
On 1 March 2024, the Netherlands released the Decision of February 14, 2024, concerning the enforcement of the Directive (EU) 2021/2101. As previously stated, the Netherlands approved a law for public CbC reporting in December 2023 to partially
See MoreBolivia defers deadline for submitting and paying financial transaction tax
On 4 March 2024, Bolivia’s tax authority, the National Tax Service (Servicio de Impuestos Nacionales), released the RND N°102400000007. In this guidance, the tax authorities have extended the deadline for submitting affidavits and paying taxes
See MoreLatvia revises domestic list of tax-free or low-tax jurisdictions
On 28 February 2024, the Latvia Ministry of Finance released the updated domestic list of tax-free or low-tax jurisdictions. The renewed list went into effect on 1 March 2024. In the updated list, Latvia removed Belize, Bahamas, Seychelles, Turks
See MoreOECD: Secretary General’s Tax Report to G20 Finance Ministers
On 19 February 2024 the OECD published the Secretary General’s tax report to the G20 Finance Ministers and Central Bank Governors for their meeting of February 2024. The report covered important international tax developments since their previous
See MoreCyprus extends deadline for 2022 tax return and transaction summary table
On 23 February 2024, the Cyprus Tax Department announced the extension of the deadline for submitting the annual income tax return and summary information table (SIT) for the 2022 tax year. According to the announcement, the deadline has been
See MoreJapan: Platform operators are required to remit consumption tax for foreign e-service providers
On 2 February 2024, Japan's Cabinet presented tax reform bills for the year 2024 to the National Diet. Among the proposed changes is the taxation of platform operators, wherein specific operators would be subject to Japanese consumption tax (JCT) as
See MoreSouth Africa: Finance Minister presents the Budget for 2024
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
See MoreOECD: Comments Received on Proposed Guidance on Pricing of Lithium
On 26 February 2024 the OECD published the responses received on the proposed guidance to support developing countries in addressing risks of base erosion and profit shifting in pricing lithium. Comments were received from eleven government and
See MoreSingapore: IRAS updates list of jurisdictions under CbC reporting
On 23 February 2024, the Inland Revenue Authority of Singapore (IRAS) revised its Country-by-Country Reporting (CbC) guidance page regarding the jurisdictions eligible for automatic exchange of CbC reports. Papua New Guinea has been included in the
See MoreNigeria: FIRS shifts e-platform for transfer pricing and CbC reporting notifications
Nigeria’s Federal Inland Revenue Service (FIRS), in a notice to taxpayers and the general public, announced the transitioning of the electronic platform for filing transfer pricing returns and country-by-country (CbC) reporting notifications from
See MoreEgypt raises materiality threshold for master file and local file for 2024
On 15 February 2024, Egypt published the Ministerial Decree No. 52 of 2024 in the Official Gazette, providing updated transfer pricing documentation requirements for Egyptian taxpayers. This decree came into effect on 22 February 2024. In this
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