Turkey issues Draft General Communiqué on disguised profit distribution
On 16 April 2020, the Turkish Revenue Administration has issued Draft General Communiqué on disguised profit distribution amending General Communiqué no. 1 on Transfer Pricing. The Draft Communiqué No. 4 implements the Presidential
See MoreCOVID-19: Malaysia extends deadline for filing CbC report and notification
On 10 April 2020, the Inland Revenue Board of Malaysia (IRBM) published an updated FAQ document related to the tax management issue in response to COVID-19 pandemic that includes the extension of the deadline for submitting country-by-country (CbC)
See MoreDenmark: Ministry of Taxation extends all filing deadlines, including transfer pricing documentation
On 31 March 2020, the Ministry of Taxation announced that all the deadlines of tax filing for the 2019 income year and transfer pricing documentation is postponed until 1 September 2020. Employees with an annual tax assessment due date of 1 May
See MoreNigeria: Tax authority launches an e-filing portal for TP documents and forms
The Federal Inland Revenue Service (FIRS) has recently announced an electronic portal, which permit taxpayers to complete and submit the transfer pricing declaration and disclosure forms, country-by-country (CbC) reports and CbC notification forms
See MoreCanada: Government extends deadline for filing income tax return and payments
On 18 March 2020, the Prime Minister and the Finance Minister announced some tax relief measures due to COVID-19 outbreak: The federal corporate tax return deadline is extended to 1 June 2020. The filing deadline extensions have also been
See MoreCOVID-19: Hong Kong announces CbCR notification deadline in response to coronavirus
On 27 March 2020, the Inland Revenue Department announced CbCR notification deadline in response to COVID-19. Under section 58H of the Inland Revenue Ordinance (Cap. 112), a Hong Kong entity of a reportable group is required to file a notification
See MoreSaudi Arabia: Tax measures due to COVID-19 pandemic
On 20 March 2020, the Ministry of Finance of Saudi Arabia issued a statement on its website regarding postponement of Zakat returns filing, paying taxes among other procedures for the fiscal year 2019 in response to COVID-19. Main measures of the
See MoreDenmark: Reminder for transfer pricing documentation submission due date
According to the amended Danish Tax Control Act, companies are required to prepare their 2019 transfer pricing documentation and then submit this no later than 30 June 2020 with a financial year that follows the calendar year. On the other hand,
See MoreIceland: The Ministry of Finance and Economy presents a draft law on TPD penalties to Parliament
On 18 February 2020, the Ministry of Finance and Economy submitted a draft bill to the parliament regarding new penalties for failing to comply with transfer pricing documentation requirements. The draft law also includes an amendment to clarify
See MoreArgentina: Government publishes General Resolution regarding TP returns deadline delay
On 29 February 2020, Government published General Resolution 4680/2020 of 28 February 2020 regarding the delayed due dates of submitting transfer pricing (TP) return in the Official Gazette. The filing deadline for the TP return forms (i.e. Form F.
See MoreTurkey: Revenue Administration issues decree on transfer pricing documentation
On 25 February 2020, the Turkish Revenue Administration has published Presidential Decree No. 2151 in the official gazette, which amends transfer pricing documentation rules. The decree aims to set out OECD’s Base Erosion and Profit Shifting
See MoreBrazil: Federal Revenue encourages taxpayers to make comments on CbC reporting
On 13 February 2020, the Department of Federal Revenue encouraged the taxpayers or multinational enterprises to give comments regarding country-by-country (CbC) reports for public consultation documents arranged by the OECD up to 6 March 2020. This
See MoreAustralia: ATO issues urgent notification for CbCR lodgments
The Australian Taxation Office (ATO) has issued an email notification regarding an essential update on Country-by-Country reporting (CbCR) lodgments. An increased number of data validations will now be performed on lodgments before they are
See MoreUruguay extends deadline for CbC reporting
The Directorate General of Taxation of Uruguay has published Resolution No. 234/2020 of 31 January 2020 to extend the Country-by-Country (CbC) reporting deadline to 15 March 2020 for reporting fiscal years ending between 1 January 2019 and 28
See MoreUkraine: Parliament approves draft law to implement BEPS provisions
On 16 January 2020, the Ukrainian Parliament approved draft laws on the improvement of the administration of taxes and elimination of certain inconsistencies in tax legislation (Law No 1209-1 and Law No 1210) to implement the Base Erosion and
See MoreOECD: consultation document on the review of CbC Reporting
On 6 February 2020 the OECD issued a consultation document inviting comments from interested parties on the review of the minimum standard on country by country (CbC) reporting under Action 13 of the project on base erosion and profit shifting
See MorePanama extends CbC reporting deadline and notification again
On 31 January 2020, Directorate General of Revenue of Panama has issued Resolution No. 201-1035 in the official gazette, which extends the deadline for filing the Country by Country Report (CbC) and the Notification as well. The Resolution
See MoreGreece: Public Revenue Authority publishes frequently asked question on CbC Report
On 23 January 2020, the Public Revenue Authority released frequently asked question (FAQ) document in English providing the elaborate description of country-by-country (CbC) reporting, including the format of CbC report, local filing obligations,
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