Australia: New transfer pricing documentation standards

10 August, 2015

On 6 August 2015, the Australian Treasury released exposure draft law to implement reporting requirements for large multinational businesses in line with recommendations by the OECD and G20. In the 2015-16 Budget, the Australian government announced

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US Treasury to develop regulations implementing CbC reporting requirement

09 August, 2015

US Treasury announced on 31 July 2015 that the US government intends to develop regulations implementing the OECD/G20 base erosion and profit shifting (BEPS) action plan guidance on country-by-country (CbC) reporting by multinational

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Ukraine: State Fiscal Service published letter regarding tax control over transfer pricing

05 August, 2015

The State Fiscal Service (SFS) published Letter No. 24525/7/99-99-22-01-02-17 issued on 7 July 2015 addressing the penalties levied for failure to submit transfer pricing (TP) documentation or to include relevant information about controlled

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Spain: BEPS country by country reporting provisions enacted

26 July, 2015

The Spanish Ministry of Finance published Royal Decree 634/2015 of 10 July 2015 in the Official Gazette on 11 July, 2015. The Decree contains corporate income tax regulations including (BEPS) country by country reporting requirements in line

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Greece: tax authorities issue circular to clarify transfer pricing regulations

26 July, 2015

The Greek tax authorities issued circular no. POL 1142/02.07.2015 dated July 2, 2015 to explain transfer pricing (TP) documentation issues raised in light of the new Income Tax Law no. L. 4172/2013 and Tax Procedures Code no. L. 4174/2013. The

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Germany plans to adopt BEPS guidance on transfer pricing documentation and CbC reporting requirement

23 July, 2015

The German government has announced plans to incorporate guidance on transfer pricing documentation and country-by-country (CbC) reporting) in line with the OECD’s Base Erosion and Profit Shifting (BEPS) project into local legislation. The

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Poland: Published revised draft bill on transfer pricing documentation

08 July, 2015

Poland’s Government published the revised draft of the Personal Income Tax /Corporate Income Tax Act (Bill) concerning documentation of intercompany transactions on 18 June 2015. According to the revised draft, the management or control

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Bangladesh: Changes in Transfer Pricing Provisions in Finance Bill 2015 Passed by Parliament

30 June, 2015

The Bangladesh Parliament passed the Finance Bill 2015 on June 29, 2015 with some changes in the transfer pricing provisions. The legislation relating to the report from an accountant required to be furnished by a person who has entered into

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Slovak Republic: New transfer pricing documentation guidance

25 June, 2015

The Finance Ministry has issued new guidance on transfer pricing documentation. This guidance creates three categories of documentation based on the degree of detail of the information required in relation to a taxpayer’s risk profile. The

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Thailand: Draft Act contains new transfer pricing provisions

02 June, 2015

The Cabinet of Thailand approved a draft Act on Revenue Code Amendment on 7 May 2015. If enacted the Act would introduce specific transfer pricing provisions into the Revenue Code and also would amend the tax law of Thailand to apply transfer

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Poland: Draft Regulation Introducing Amendments Based on BEPS Documentation Requirements

26 May, 2015

The Polish Ministry of Finance published a draft regulation on 27 April 2015 which introduced amendments on transfer pricing documentation in line with the requirements of the OECD/G20 action plan on base erosion and profit shifting

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Australia: Budget for 2015-2016 Includes BEPS Measures and Exposure Drafts for a New Targeted Anti-Avoidance Rule

13 May, 2015

The Government of Australia announced the 2015-2016 fiscal budget on May 12, 2015. Australia has included in the budget a country-by-country reporting requirement following the recommendation in the OECD/G20 action plan on base erosion and profit

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US: The Department of Treasury announces plans to implement country-by-country (CbC) reporting

20 April, 2015

The US Treasury Department has announced plans to implement a country-by-country (CbC) reporting requirement starting for fiscal years beginning in 2016 as set out in the guidance issued by the Organization for Economic Cooperation and Development

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UK: draft legislation on country by country reporting

06 March, 2015

The UK Finance Bill 2015 that will be published soon after the budget announcements of 18 March 2015 is to contain legislation in respect of country by country reporting for purposes of transfer pricing documentation. The UK is committed to being

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Nigeria: Penalty and interest rates for unpaid tax has approved

05 February, 2015

The Federal Inland Revenue Service (FIRS) has released the accepted penalty and interest rates to be applied for the year 2015 on 2nd February 2015 regarding taxes not paid within the given periods. The 15% interest rate is determined while the

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Spain: Modifies the transfer pricing legislation

29 January, 2015

In the “Corporate Income Tax Reform 2015” enacted under the Law 27/2014 the following transfer pricing rules are amended; Scope of related-party transactions - The ownership requirement for related parties is increased from 5% (1% in the

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Spain: Government Announces New Country-by-Country Reporting Obligations for MNEs

25 January, 2015

The Spanish government on 20 January 2015 announced that it will issue regulations, expected to be adopted in the first half of 2015, that will require country-by-country reporting by multinationals. The new regulations would enter into force on 1

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France: Increases Transfer Pricing Documentation Penalties

21 January, 2015

France’s 2015 Finance Bill, enacted on December 29, 2014, increased the penalties applicable in cases of failure to comply with the French transfer pricing documentation rules. The newly defined penalty for a failure to produce transfer pricing

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