Sri Lanka declares CbC notification deadline for FY 2021
On 25 November 2021, the Inland Revenue Department (IRD) has issued a notice as per the paragraph (e) of Regulation 6 of the Extra Ordinary Gazette Number 2217/7 dated 02.03.2021, MNE Group whose total consolidated group revenue is not less than
See MoreTaiwan: MOF reminds taxpayers for submitting MF and CbC report by December 31st
On 30 November 2021, Taiwan’s Ministry of Finance (MOF) has issued a press release as a reminder to the taxpayers for submitting Master Files (MF) and Country-by-Country (CbC) reports. The profit-seeking enterprises that meet the conditions
See MoreKenya: KRA invites public comments on draft CbC reporting regulation
On 19 November 2021, Kenya Revenue Authority has opened a consultation on a country-by-country (CbC) reporting regulation. Accordingly, the National Treasury and Planning and Kenya Revenue Authority would like to inform Multinational Enterprises
See MoreAustralia extends CbC reporting deadline
On 18 November 2021, the Australian Taxation Office (ATO) announced that country-by-country (CbC) reporting entities that have a CbC reporting obligation due by 31 December 2021 will now have until 4 February 2022 to file (lodge) such CbC reporting
See MoreTaiwan notifies affiliates of MNEs on submission of Master File and CbC report
On 9 November 2021, Taiwan’s National Tax Bureau of the Southern Area has indicated that affiliates of multinational enterprises in Taiwan, which meet the threshold to submit Master File or Country-by-Country (CbC) Report, shall not only disclose
See MoreThailand introduces CbC reporting
On 15 October 2021, the Thai Revenue Department released guidance concerning the transfer pricing requirements with regard to country-by-country (CbC) reporting for accounting periods beginning on or after 1 January 2021. The guidance is referred
See MoreDominican Republic: Government establishes thresholds and filing obligation of CbC report
On 5 October 2021, the Government established specific regulations for the country-by-country report through general standard on August 2021. The general rule is aligned with the model legislation included in the OECD’s base erosion and profit
See MoreSerbia publishes rulebook on updating transfer pricing rules
On 1 October 2021, the Serbian Ministry of Finance has published the updated rulebook on transfer pricing. The updated rulebook includes the more detailed guidance regarding CbC report including the conditions, content, and manner of submitting
See MoreJordan issues Executive Instructions on new TP rules for MNE groups
On 16 September 2021, the Hashemite Kingdom of Jordan has published Executive Instructions No. 3 of 2021 regarding new transfer pricing (TP) rules for MNE groups. Jordan has published Regulation No. 40 of 2021 On 7 June 2021 which introduces
See MorePeru sets CbC reports ‘secondary filing’ for US parent entities located in Peru
There is no automatic exchange of country-by-country (CbC) reports agreement between Peru and the United States (US). So the US parent entities located in Peru will be required secondary filing by mid-October 2021 for the fiscal year 2020. The
See MoreUkraine: MOF approves three Orders on transfer pricing and other taxes
On 20 August 2021, the Ukraine Ministry of Finance announced the issuance of three orders that approve tax clarifications/consultations on: Issues of taxation of income of non-residents, which are equated to dividends (Order №
See MoreMalaysia: IRBM releases updated FAQs providing new CbCR submission requirement
On 13 September 2021, the Inland Revenue Board of Malaysia (IRBM) has published the updated “frequently asked questions on tax matters during the national recovery plan”. Accordingly, companies in Malaysia responsible for filing the CbCR report
See MoreBotswana: General Commissioner sets TP documentation threshold
On 1 September 2021, the General Commissioner published a ruling and set a threshold for the preparation and submission of transfer pricing documentation. The ruling is effective retroactively from 1 July 2019 (2020 tax year). According to the
See MoreIndia extends the due dates for E-filing of various forms
On 29 August 2021, the CBDT published circular No. 16/2021 to extend the deadlines for the electronic submission (E-filing) of various forms. Accordingly, the due date for filing the CbC report notice (i.e. Form 3CEAC) may be submitted on or before
See MoreNigeria: FIRS suspends CbC report local filing for non-parent entities
In September 2013, the Organization for Economic Co-operation and Development (OECD) and G20 countries, working together on an equal footing, adopted an ambitious and comprehensive 15-point Action Plan to address BEPS. The Action Plan aims to
See MoreGermany updates the CbC Reporting requirements based on the Annual Tax Act 2020
The Federal Ministry of Finance recently published a notice on the current issue of the Federal Central Tax Office's newsletter, which updates the country-specific (CbC) reporting requirements due to the 2020 Annual Tax Act. As a result of the
See MoreDominican Republic: DGII invites for public comments regarding CbC reporting requirements
Recently, the Directorate General of Internal Revenue (DGII) declared a public consultation on a draft general standard regarding country-by-country (CbC) reporting. The DGII invited for public comments up to 7 September 2021. The CbC report
See MoreLuxembourg updates electronic exchange and frequently asked questions of CbC report
On 20 August 2021, Luxembourg has announced that the section "Electronic exchange - country by country (CbC) reporting" as well as the frequently asked questions relating to the CbC declaration have been updated. Please note that the frequently
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