Egypt simplifies tax environment for businesses
The Egyptian Ministry of Finance announced a series of initiatives aimed at improving the tax environment for businesses; introducing a simplified tax regime for businesses with a turnover of up to EGP 15 million, covering small businesses, sole
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Italy issues decree on public CbC reporting
Italy issued Legislative Decree No. 128 of 4 September 2024 in the Official Gazette, implementing Public Country-by-Country Reporting (PCbCR), on 12 September 2024. Earlier, Italy’s Council of Ministers passed the draft decree on 10 June
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Switzerland updates list of jurisdictions under MCAA for CbC reporting
The Swiss Official Gazette published Decision No. RO 2024 502, which updates the list of participating jurisdictions under the Multilateral Competent Authority Agreement (MCAA) for the exchange of country-by-country (CbC) reports on 16 September
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Turkey updates CbC reporting notification deadline
Turkey Revenue Administration introduced amendments to the country's transfer pricing regulations which revises the deadlines and authority responsible for overseeing transfer pricing compliance, particularly for Country-by-Country (CbC) reporting,
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Albania implements country-by-country reporting legislation
Albania enacted regulations on 11 August 2024, concerning country-by-country (CbC) reporting, outlining specific rules and procedures that ultimate parent entities and constituent entities of a multinational enterprise (MNE) group must follow
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Italy: Country File of transfer pricing documentation must be submitted in Italian
The Italian Revenue Agency issued its response to Ruling No. 174 on 21 August 2024, clarifying that the Italian the Country File (National Documentation) must be prepared and submitted in Italian language upon request. The Country File (National
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Singapore updates CbC reporting jurisdictions, adds Ukraine
The Inland Revenue Authority of Singapore (IRAS) has revised the list of jurisdictions for exchanging Country-by-Country (CbC) reports under the Multilateral Competent Authority Agreement on Automatic Exchange of Country-by-Country Reports (2016)
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EU Commission consults CbCR template, electronic formats
The European Commission (EC) initiated a public consultation regarding draft legislation for a common template and electronic formats for public country-by-country (CbC) reports on 1 August 2024. Large multinational corporations operating in the
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Australia: Senate releases report on public CbC reporting bill
Australia’s Senate Economics Legislation Committee has released its report on legislation introducing public country-by-country (CbC) reporting in Australia. The committee advised to approve the legislation with amendments to ensure the proposed
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Bulgaria approves pending CbC report exchange agreement with the US
Bulgaria's Council of Ministers approved the pending Intergovernmental Agreement (IGA) with the US regarding the exchange of Country-by-Country (CbC) reports. Bulgaria’s Ministry of Finance signed a country-by-country (CbC) exchange agreement
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Austria enacts Tax Amendment Act 2024
Austria has enacted the Tax Amendment Act 2024, the law was published as Law No. 113 in the Austrian Official Gazette on 19 July 2024. The Tax Amendment Act 2024 came into effect on 20 July, 2024. Key highlights Country-by-Country
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Belgium updates transfer pricing documentation forms, filing requirements
Belgium has published three new Royal Decrees of 16 June 2024 on 15 July, 2024, announcing revisions to the Local File Form (275. LF), the Master File Form (275. MF), and Country-by-Country Reporting (“CbCR”) Notification Form (275 CBC
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Bulgaria approves CbC exchange agreement with US
Bulgaria’s Council of Ministers approved the Bulgaria – United States Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports on 17 July, 2024. This automatic exchange of CbC reports will enhance international tax transparency
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Australia: ATO issues local and master file guidance for 2024
The Australian Taxation Office (ATO) issued guidance for the local and master file requirements for 2024 on 15 July, 2024. This guidance applies to reporting periods commencing from 1 January 2023. This guidance includes the Local file
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Austria approves public CbC reporting
Austria's Federal Council approved the CBCR Publication Act (CBCR-VG) on 11 July 2024, following earlier approval by the National Council. This new law aligns with EU Directive 2021/2101, requiring public disclosure of Country-by-Country (CbC)
See MoreItaly approves draft public CbCR legislative decree
Italy’s Council of Ministers passed the draft decree introducing Public Country-by-Country Reporting (PCbCR) on 10 June, 2024. It amends Directive 2013/34/EU of 26 June 2013 (Accounting Directive), which pertains to the reporting of income
See MoreSingapore: IRAS publishes the seventh edition of the e-tax guide on transfer pricing
On 14 June 2024, the Inland Revenue Authority of Singapore (IRAS) published the Seventh Edition of its e-tax guide on transfer pricing. The most important changes are summarised as follows: Enhanced clarity on working capital adjustment The
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Belgium issues royal decree on public CbC reporting details
On 6 June, 2024, the Belgian government released the royal decree of 18 April, 2024 (Dutch/French). It amends the royal decree of 29 April, 2019, regarding implementation of the Belgian Code for Companies and Associations (BCCA). The new decree
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