Malaysia: 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 MoreDenmark proposes to reduce the TPD obligation for purely Danish transactions
On 23 June 2021, the Ministry of Finance submitted a draft bill for consultation. The bill proposed an amendment to the Danish Tax Control Act in order to relax the documentation requirements for transfer pricing for purely Danish transactions. It
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
See MoreColombia issues Resolution on transfer pricing return and CbC notifications
On 11 August 2021, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued Resolution No. 000072 setting out the procedure of the submission of the transfer pricing return and CbC notification for the tax
See MoreIsrael approves three-tiered TP documentation requirements
On 5 July 2021, the Israeli Ministry of Finance announced the approval of proposed amendment to the Transfer Pricing (TP) provisions of the Israeli Income Tax Ordinance (ITO). The amendment proposal introduces the three-tiered TP documentation
See MoreDenmark: Government publishes a Bill to amend Tax Control and Assessment Act
On 23 June 2021, the Ministry of Taxation proposed a draft Bill to amend the Tax Control Act and the Tax Assessment Act (Competence for approval of the information form, etc., adjustment of the disclosure deadline for legal entities, accounting in
See MoreSri Lanka amends transfer pricing regulations
Sri Lanka has published amended Transfer Pricing (TP) Regulations that update the existing regulations of 2018. The amended regulations were published in the Official Gazette on 2 March 2021 and apply retroactively from 1 April 2020. The
See MoreOman further clarifies about suspension of CbC reporting
On 7 July 2021, Oman’s tax authority published an announcement suspending the requirement to file a country-by-country (CbC) report until further notice On 14 July 2021, tax authority clarifies that the CbC reporting suspension is applicable
See MoreOman suspends Local filing requirements
On 7 July 2021, the tax authority of Oman published an announcement suspending the country-by-country local filing requirement until further notice. All relevant entities operating in Oman are required to continue to comply with all other
See MoreAustralia extends Local file Part A lodgment
The Australian Taxation Office (ATO) has provided 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they are taking up the local file
See MoreAustralia: ATO publishes Local File instructions for 2021
The Australian Taxation Office (ATO) has published the Local file instructions for 2021. These instructions apply to the local file for 2021. This relates to reporting periods starting on or after 1 January 2020. Updates to the instructions
See MorePoland: MOF announces a proposal to change the transfer pricing regulation
On 28 June 2021, Poland Ministry of Finance issued a plans for taxpayer-friendly amendments to the transfer pricing regulations. The following measures have been proposed under this plan. Cancellation on the preparation of transfer pricing
See MoreIceland publishes a law on new penalties for transfer pricing documentation
On 15 June 2021, Iceland published Law 61/2021 in the Official Gazette introducing new rules for the imposition of fines on taxpayers who fail to comply with transfer pricing documentation requirements for related party transactions, whether
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