OECD to launch Corporate Tax Statistics
The OECD announced on 11 January 2019 that a new report and dataset entitled Corporate Tax Statistics is to be published containing internationally comparable statistics and analysis relevant to the debate on tax policy. These statistics that will
See MoreColombia: Tax authority publishes decree regarding tax return and TP documentation deadline
On 27 December 2018, the Colombian Tax Administration (DIAN) has published Decree No.2442 specifying the deadlines for filing and payment of the tax return (declaration) for 2019 and the deadline for transfer pricing documentation, including
See MoreLithuania gazettes new Transfer Pricing rules for 2019
On 31 December 2018, the Lithuanian Official Gazette published an order for the transfer pricing (TP) rules. The new requirements generally reflect measures implementing recommendations under the OECD’s base erosion and profit shifting (BEPS)
See MoreUruguay updates CbC Reporting requirements
On 4 January 2019, Uruguay's Directorate General of Taxation (DGI) has issued Resolution No. 94/2019 regarding submission of Country-by-Country (CbC) reports and notifications. Uruguay's CbC reporting requirements apply fiscal years beginning on 1
See MoreAlgeria publishes finance bill 2019
On 30 December 2018, Algeria's Finance Bill 2019 was published in Official Gazette No. 79 and this Bill came into force as of 1 January 2019. The key measures introduced by the Finance Bill are following -The bill clarifies provisions regarding
See MoreIndia: Ministry of Finance issues CbC report extension deadline
On 26 December 2018, India’s Ministry of Finance released a Circular, which provides for an extension of the deadline for non-parent constituent entities in India to submit a Country-by-Country (CbC) report where secondary local filing is
See MoreCyprus extends the deadline for submission of CbC report for FY 2017
On 18 December 2018, the tax department declared that the deadline for submission of CbC reports for reporting financial year 2017, which was due on 31 December 2018, was extended until 31 January 2019. The extension also applies to constituent
See MoreNigeria: Alerting TP compliance regulation deadline
The Federal Inland Revenue Service (FIRS) of Nigeria declared 31st December as the last date for the taxpayers for complying the pending transfer pricing obligations and also submitting the documentations which include the disclosures of all related
See MoreSaudi Arabia: General Authority of Zakat and Tax (GAZT) publishes draft transfer pricing law
On 10 December 2018, General Authority of Zakat and Tax (GAZT) released draft transfer pricing regulations (TPBy-laws) for public consultation. The regulations broadly follow international standards, including the arm’s-length principle and
See MoreBelgium extends transfer pricing documentation deadline
On 7 December 2018, the Federal Service for Finance of Belgium extended the deadline for submitting master file (275MF) and local file (275LF) from 31 December 2018 to 28 February
See MoreSweden:Tax Authority declares on the relevance of the TP documentation when filing an incorrect tax return
On 3 December 2018, the tax authority issued Declaration No. 202 251680-18 / 111, on the relevance of Transfer Pricing documentation in the event of a tax surcharge for providing incorrect information. If the company has made an inaccurate task
See MoreSingapore enacts the Income Tax (Amendment) Act 2018
On 12 November 2018, Singapore enacted the Income Tax (Amendment) Act 2018. The Act(amended) implements the changes in income tax announced in the 2018 budget statement and changes in the taxes resulting from the regular review of income tax
See MoreTanzania: Government issues new Transfer Pricing Regulations 2018
On April 27, 2018,Government has published new Income Tax (Transfer Pricing) Regulations of 2018. The regulations have issued on November 2018, which replaces the Income Tax(Transfer Pricing) Regulations 2014. This provides extra requirements
See MoreChina: CbC reporting requirement for certain outbound MNCs alleviated
China has initiated country-by-country (CbC) reporting and exchange relationships with 44 countries. China expands current exchange relationship with the UK, France, and Germany. For Chinese outbound multinational companies (MNCs), the expanded CbC
See MoreAustralia: ATO extends deadline to file CbC reports
Significant Global Entities (SGE) that have a Country-by-Country (CbC) reporting obligation for the year ended 31 December 2017 will be aware that the Local file, Master file, and CbC report are due to be lodged by 31 December 2018. However, due
See MorePoland: President signed an act including amendment of TP measures effective in 2019
On 14 November 2018, President of Poland signed an act including amendment of transfer pricing measures effective in 2019. The new laws repeal the Article 9a of the CIT Act regarding transfer pricing, which is being replaced by Chapter 1a,
See MoreThailand enacts Transfer pricing law
On 21 November 2018, Thailand's new transfer pricing law was enacted and published in the Official Gazette and will be effective from 1 January 2019, which was approved by the National Legislative Assembly in 27 September 2018. Tax assessment
See MoreDenmark: Court imposes fines for not providing timely submission of TP documents
On 19 November 2018, the Danish tax authority published an overview of a decision by the Copenhagen Court on whether a company acted in a grossly negligent act for failing to submit the timely submission of transfer pricing (TP) documents and should
See More