UAE publishes new guidance on CbC reporting

25 November, 2020

On 2 November 2020, the Ministry of Finance of the United Arab Emirates (UAE) conducted a sessions on Cabinet Resolution No. 44 of 2020 with respect to the country-by-country (CbC) reporting requirements for multinational enterprise (MNE)

See More

Australia: ATO declares lodgment deferral for Local File, Master File, and CbC Report for FY 2019

18 November, 2020

The Australian Taxation Office (ATO) has issued a notice declaring a lodgment deferral for the Local file, Master file, and Country-by-Country (CbC) report for the year ended 31st December 2019. Significant Global Entities (SGEs) that have

See More

South Africa: SARS extends the CbC filing deadline

17 November, 2020

On 12 November 2020, the South African Revenue Service (SARS) published a notice, which stated that the due date for submitting country-by-country (CbC) report is extended on the basis of some specified person. According to the notice, the

See More

Belgium further extends Local file and CIT return filing deadline

15 November, 2020

On 12 November 2020, the Belgian Minister of Finance (MoF) announced a further extension of the filing corporate income tax (CIT) returns to 30 November 2020 for the Assessment Year 2020. Previously, the deadline for filing corporate income tax

See More

Vietnam: MoF issues new transfer pricing Decree

15 November, 2020

On 5 November 2020, the Vietnamese Ministry of Finance (MoF) has issued new transfer pricing Decree No. 132/2020/ND-CP. The new Decree replaces the existing Transfer Pricing (TP) regulations (Decree No. 20/2017/ND-CP) and provides the following new

See More

Ghana: Finance Minister submits new TP Regulations 2020 before Parliament

10 November, 2020

On 10 August 2020, Mr. Ken Ofori-Atta, the Minister of Finance of Ghana submitted new Transfer Pricing (TP) Regulations 2020 (L.I. 2412) before Parliament. Accordance to Article 11(7) of the Constitution of the Republic of Ghana,

See More

Lithuania publishes new transfer pricing requirements

04 November, 2020

On 19 October 2020, the Ministry of Finance in Lithuania published new transfer pricing documentation requirements. The new requirements for transfer pricing documentation correspond to the recommendations of OECD base erosion and profit shifting

See More

Italy updates filing instructions for CbC Report

31 October, 2020

The Italian tax authorities updated the technical rules and filing instructions to submit country-by-country (CbC) reports in accordance with the OECD’s CbC XML schema adopted in June 2019. The updated technical rules and filing instructions will

See More

Egypt: President approves unified tax procedures law

31 October, 2020

On 19 October 2020, Egyptian President Abdel Fattah El Sisi has approved a unified tax procedures law (Law no. 206 of 2020). The Law was published in the Official Gazette. The law will be applied to tax on income, added value tax, stamp duty, fees

See More

Thailand declares penalty relief for transfer pricing disclosure forms in response to Covid-19 pandemic

20 October, 2020

The Revenue Department of Thailand declared a reduction of the penalty from THB 200,000 to THB 5,000 for late submissions of the transfer pricing (TP) disclosure form due to Covid-19 pandemic. The reduced penalty is available for disclosure

See More

Israel issues draft bill to amend transfer pricing documentation requirements

18 October, 2020

On 12 October 2020, the Israeli Tax Authority (ITA) published a draft bill for public consultation, proposing to amend Section 85A of the Income Tax Ordinance (ITO) and its regulations. The proposal incorporates the principles of the OECD’s

See More

Denmark: High Court makes a decision against tax authority’s TP approach

16 October, 2020

On 5 October 2020, the High Court made a decision on a case entitled “Denmark vs. Shoe Group A/S” against the tax administration’s transfer pricing (TP) approach. The tax administration of Denmark used various theories to claim that a

See More

Belgium: Further extension of deadline for CIT return and local file

15 October, 2020

On 12 October 2020, the Ministry of Finance declared further extension of the deadline for filing corporate income tax (CIT) return to 16 November 2020 for Assessment Year 2020. Previously, the corporate income tax returns filing deadline had been

See More

Zambia: MOF presents the budget for 2021 to the National Assembly

15 October, 2020

On 25 September 2020, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2021: Corporate tax

See More

Poland: Transfer pricing changes in recent tax law

14 October, 2020

On 29 September 2020, a draft bill amending the corporate income tax (CIT) laws was submitted to the lower house of the Polish parliament. The amendments include following proposals related to transfer pricing. Extends the application of the

See More

Peru extends country-by-country report submissions deadline

12 October, 2020

On 25 September 2020, the Peruvian tax authority has published Resolution No. 000155-2020/SUNAT, through which the country-by-country (CbC) reports on multinational group entities are extended for the fiscal year 2019. SUNAT extend it until the

See More

Hong Kong: IRD updates CbC XML schema and user guide

10 October, 2020

On 6 October 2020, Inland Revenue Department of Hong Kong has published the updated CbC reports XML schema and user guide. The Department has developed a data schema in XML which is based on the CbC XML Schema issued by the OECD. The data schema

See More

Poland: Parliament approves a bill to amend various income tax rules

06 October, 2020

On 30 September 2020, the Polish lower house of Parliament (Sejm) approved a Bill No.642 amending various income tax rules for business. The measures of Bill No. 642 will apply from 1 January 2021. The bill includes a number of proposed tax

See More