Estonia: Preliminary bill for public CbC reporting submitted to parliament

March 18, 2024

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

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Germany: MOF issues updated draft guidance on virtual currency transactions

March 15, 2024

On 6 March 2024, the German Ministry of Finance (MOF) released revised draft guidance concerning the compliance and documentation criteria for transactions involving virtual currency and tokens.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

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Germany: Tax authority publishes list of jurisdictions for automatic exchange of financial account information

March 14, 2024

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

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Italy announces new corporate tax return deadline

March 14, 2024

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

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Cyprus announces 2024 reference rates for notional interest deduction

March 10, 2024

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

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Canada: CRA releases new circular on advance pricing arrangements (APAs)

March 09, 2024

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

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Malta publishes guidance note on pillar 2 global minimum tax 

March 08, 2024

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

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Netherlands releases decision on public CbC reporting

March 06, 2024

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

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Bolivia defers deadline for submitting and paying financial transaction tax

March 05, 2024

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

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Latvia revises domestic list of tax-free or low-tax jurisdictions 

March 05, 2024

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

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OECD: Secretary General’s Tax Report to G20 Finance Ministers

March 01, 2024

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

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Cyprus extends deadline for 2022 tax return and transaction summary table

March 01, 2024

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

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Japan: Platform operators are required to remit consumption tax for foreign e-service providers

February 29, 2024

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

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South Africa: Finance Minister presents the Budget for 2024

February 28, 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

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OECD: Comments Received on Proposed Guidance on Pricing of Lithium

February 28, 2024

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

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Singapore: IRAS updates list of jurisdictions under CbC reporting

February 28, 2024

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

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Nigeria: FIRS shifts e-platform for transfer pricing and CbC reporting notifications

February 28, 2024

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

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Egypt raises materiality threshold for master file and local file for 2024

February 27, 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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