Cyprus adopts public CbC reporting
Cyprus has published the Companies (Amendment) (No. 5) Law of 2024 in the Official Gazette on 6 December 2024, implementing the public Country-by-Country (CbC) under Directive (EU) 2021/2101 which establishes a reporting threshold for companies with
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Kazakhstan sets higher penalties for failing to file CbC notification
Kazakhstan will enforce higher penalties for non-compliance with Country-by-Country (CbC) notification requirements from 13 March 2025. Large taxpayers will face fines of KZT 1,966,000, while medium-sized enterprises will be penalised KZT 983,000
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Czech Republic posts CAA text for CbC reporting with the US
The Czech Republic’s Ministry of Finance has published the text of a Competent Authority Agreement (CAA) concerning the exchange of country-by-country (CbC) reports with the United States on 9 January 2025. This agreement between the two
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Azerbaijan amends tax code: Cuts branch profit tax, introduces new corporate tax and VAT exemptions
Azerbaijan has approved several amendments to the Azerbaijan Tax Code on 27 December 2024. Key amendments include a reduction of branch profit tax rate, new corporate income tax exemptions, and revised transfer pricing penalties. Reduction of
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US, France announce spontaneous exchange of CbC reports for 2024-2025
The US Internal Revenue Service (IRS) in collaboration with France's competent authority, has issued a joint statement outlining plans for the spontaneous exchange of country-by-country (CbC) reports. This initiative will apply to fiscal years
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Australia: ATO issues guidance for local file and master file, private property and construction sector company transfer pricing for 2025
The Australian Taxation Office (ATO) has published updated guidance on the local and master file requirements – which applies to reporting periods beginning on or after 1 January 2024 –, and transfer pricing guidance for the private property and
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Czech Republic updates jurisdictions list for MCAA-CRS, CbC report exchange
The Czech Ministry of Finance issued Financial Bulletin No. 1/2025 on 9 January 2025 which updates the list of jurisdictions participating in exchanges under the Multilateral Competent Authority Agreement (MCAA) on automatic financial account
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Iceland announces CbC reporting requirements, deadline for FY 2024
The Icelandic Directorate of Internal Revenue has issued Notice No. 1676/2024, outlining the for country-by-country (CbC) reporting requirements for multinational enterprises for the 2024 fiscal year. As per the notice, entities subject to CbC
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Lithuania updates CbC reporting rules for MNEs
Lithuania’s tax authority has revised its Country-by-Country (CbC) reporting requirements for multinational enterprises (MNEs), effective from 21 November 2024. All notifications must now be submitted electronically via the "Mano VMI"
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Dominican Republic extends CbC reporting deadline
The Dominican Republic's Directorate General of Internal Revenue (DGII) issued Notice 26-2024 on 2 January 2024, extending the deadline for the submission of Country-by-Country (CbC) reports for 2023 fiscal year to 31 January 2025. The MNE
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Russia updates CbC reporting jurisdictions
The Russian Federal Tax Service (FTS) has updated its list of jurisdictions for automatic exchange of country-by-country (CbC) reports, effective 31 December 2024. The revised list comprises 45 states and 10 territories, compared to the previous
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Australia gazettes instrument regarding Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024
The Australian Official Gazette, on 17 December 2024, published a legislative instrument for CbC reporting jurisdictions by the Taxation Administration for the year 2024. This instrument includes the list of CbC reporting jurisdictions along with
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Australia announces jurisdictions for public CbC reporting
Australia has published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024. Notably, Liechtenstein has been excluded
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The Australian Taxation Office (ATO) has revised its guidance on the public country-by-country (CbC) reporting regime focusing on public CbC parent registration requirements on 11 December 2024. Australia’s public CbC reporting is a reporting
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Romania clarifies public CbCR reporting rules
Romania’s Ministry of Finance, in a release, outlined the preliminary format for public Country-by-Country (CbC) reporting. This follows after Romania has introduced public country-by-country (CbC) reporting requirements through Order no. 2.048
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Colombia: DIAN sets tax value unit for 2025
The Colombian National Tax and Customs Directorate (DIAN) issued Resolution No. 000193 on 4 December 2024, setting the tax value unit (UVT) at COP 49,799. The UVT is a tool in the Colombian tax system which allows for the annual update of tax
See MoreAustralia: Pillar Two minimum tax, PCbC reporting, capital gains withholding laws receive royal assent
Australia’s laws related to the Pillar Two minimum tax, Public Country-by-Country (PCbC) reporting requirements, and capital gains withholding received Royal Assent on 10 December 2024. Pillar Two global minimum tax law The Pillar Two global
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Azerbaijan plans to raise penalties for CBC reporting tax non-compliance
Azerbaijan has proposed changes to the Tax Code on penalties for tax non-compliance and country-by-country (CbC) reporting. The penalty for failing to submit requested documents and information to the tax authorities within 60 days will be
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