Azerbaijan plans to raise penalties for CBC reporting tax non-compliance
Azerbaijan has proposed changes to the Tax Code on penalties for tax non-compliance and country-by-country (CbC) reporting. The penalty for failing to submit requested documents and information to the tax authorities within 60 days will be
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India extends transfer pricing safe harbor rules to FY 2024-25, updates filing deadline for international transactions
India's Central Board of Direct Taxes (CBDT) has released Notification No. 124/2024 outlining the Income Tax (Tenth Amendment) Rules, 2024 on 29 November 2024. According to the amendment, the transfer pricing safe harbor rules under Rule 10TD of
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Argentina issues transfer pricing rules for SPV transactions under large investment incentive regime
Under the new rules, SPVs must annually file transfer pricing analyses with the ARCA for both local and international transactions, including those in low- or no-tax jurisdictions, and may engage in Contribution and Cost Sharing
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Costa Rica updates beneficial ownership registry rules, extends 2024 filing deadline
Costa Rica’s General Directorate of Taxation (DGT) and the Costa Rican Institute on Drugs (ICD) updated the regulations governing the beneficial ownership registry; they jointly issued Resolution No. MH-DGT-RES-0020-2024 / DG-336-2024 in the
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Turkey extends Q2 2024 provisional tax return deadline
Turkey's Revenue Administration has announced an extension for the submission of the provisional tax return for the second quarter of the 2024 accounting period. The deadline has been moved from 19 August 2024 to 27 August 2024. Normally,
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Hong Kong extends deadline for 2023-24 tax returns
The Hong Kong Inland Revenue Department (IRD) released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns, on 25 July 2024, extending the deadline for 2023-24 tax returns. Recognising the
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Costa Rica extends beneficial ownership filing deadline
Costa Rica’s Tax Administration announced an extension for the filing deadline of the informative return on beneficial ownership for companies, partnerships, and trusts. However, the announcement is yet to be published in the Official
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Slovak Republic releases 2023 transfer pricing documentation guidelines
Slovak Republic's Ministry of Finance has issued guidelines (MF/020061/2022-724) outlining the requirements for transfer pricing documentation for 2023. These guidelines categorise transfer pricing documentation into three types: Full-scope
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Italy 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
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Cyprus 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
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Ukraine reports 2023 transfer pricing adjustments results and penalty relief
On 22 February 2024, the State Tax Service of Ukraine published a release about the outcome of the transfer pricing adjustments in 2023. The release mentioned that from 1 August 2023 until the conclusion of martial law in Ukraine, taxpayers can
See MoreItaly: Deadline for initial DAC7 reporting extended
On 30 January 2024, Italy’s Revenue Agency released the Provision (Measure) of 30 January 2024. This legislation is related to the implementation of new regulations regarding the exchange of income information from sellers on digital platforms
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Luxembourg: Deadline extended for DAC7 declarations
On 19 January 2024, the Luxembourg Administration of Direct Tax (Administration des Contributions Directes - ACD) in a newsletter declared the launch of the pre-validation environment and the submission procedure for DAC7 declarations via MyGuichet.
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Colombia issues tax return filing deadlines for year 2024 and beyond
On 22 December 2023, Colombia's Ministry of Finance published Decree No. 2229 of 22 December 2023, outlining the deadlines for filing tax returns and payments for the year 2024 and subsequent years. The main deadlines for tax returns and payments
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South Korea approves 2024 tax reform bill and postpones undertaxed profits rule
On December 31, 2023, South Korea implemented the 2024 Tax Reform Bill (the 2024 Tax Reform) after approval from Korea's National Assembly on 21 December 2023. The 2024 Tax Reform will take effect for fiscal years starting on or after 1 January 1,
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Iceland announces CbC notification deadline for 2023
On 19 December 2023, Iceland published Notice 1525/2023 in the Official Gazette. The notice stipulates that the CbC report notification for the 2023 fiscal year must be submitted within one month from the year's end (by 31 January 2024, for the
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Algeria announces supplementary finance law for 2023
In November 2023, Algeria published the Supplementary Finance Law for 2023 in the Official Gazette. The key tax measures of the law include: A new transfer pricing declaration obligation has been introduced, requiring taxpayers to submit an
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Norway to implement global minimum tax
On 24 November 2023, the Norwegian government submitted a draft bill to the parliament to enforce Norway's Pillar 2 global minimum tax rules. On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on implementing the
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