Dominican Republic extends CbC reporting deadline to 30 August 2024
The Dominican Republic's General Directorate of Internal Revenue (DGII) issued Notice No. 10-24, on 31 May, 2024, extending the deadline for Country-by-Country (CbC) reporting for multinational enterprises (MNEs) as part of Action 13 of the Base
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EU issues notices to member states for non-compliance with DAC7
The European Commission (EC) has decided to open an infringement procedure by sending a letter of formal notice to Germany , Hungary , Poland , and Romania for failing to exchange information on income generated by companies and individuals through
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US, Bulgaria sign CbC exchange agreement
Bulgaria's Ministry of Finance signed a country-by-country (CbC) exchange agreement with the US on 30 May, 2024. The automatic exchange of CbC reports will enhance international tax transparency and aid tax administrations in targeting resources
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Taiwan calls for improved compliance with CRS standard
The Ministry of Finance has issued a critical directive to all Financial Institutions (FIs), emphasising the need for strict adherence to the "Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operations" on 24 May,
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Bulgaria signs AEOI agreement with USA
The Bulgarian Ministry of Finance announced, on 30 May 2024, the signing of an agreement with the United States for the automatic exchange of information (AEOI). Lyudmila Petkova, Deputy Prime Minister and Minister of Finance, Bulgaria, alongside
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Japan updates CRS FAQs
Japan's National Tax Agency updated its FAQs on the common reporting standard (CRS) for automatic exchange of financial account information concerning non-residents on 9 April 2024. The revised FAQ includes new guidance on reporting requirements
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US negotiates CbC exchange deal with Dominican Republic
As per an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the US has initiated negotiations with the Dominican Republic for a competent authority arrangement concerning the exchange of Country-by-Country (CbC)
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Germany approves Act to facilitate MLI application
The German lower house of parliament (Bundestag) approved a new Act to facilitate the application of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 16 May, 2024. This Act
See MoreEU seeks automatic exchange of financial account information agreement revisions
The Council of the European Union issued Council Decision (EU) 2024/1489 on Tuesday, 21 May, 2024, which authorised negotiations to amend agreements for the automatic exchange of financial account information. This initiative aims to enhance
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Estonia aligns tax laws with EU directives
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union
See MoreEuropean Commission initiates public consultation to evaluate Directive on Administrative Cooperation
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness,
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Albania signs multilateral competent authority agreement on exchange of CbC reports
The Organisation for Economic Co-operation and Development (OECD) updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), on 30 April 2024, showing that Albania
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Austria considering draft law for greater transparency from large companies
The Austrian National Council is considering a new law that would require large companies to publicly disclose their financial activities. The draft – titled “CBCR Publication Act – CBCR-VG (327/ME)” – was submitted by the Federal
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Germany gazettes order declaring MCAA-CbC
On 27 March 2024, the German Official Gazette published a regulation that revises the list of jurisdictions involved in the Multilateral Competent Authority Agreement (MCAA) for exchanging country-by-country (CbC) reports. The regulation comes into
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Albania: Tax Administration announces CRS reporting deadline
On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024.
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Oman: Tax authority issues important notice on CRS reporting and re-registration
On 9 April 2024, the Oman Tax Authority issued an announcement regarding the accessibility of its Automatic Exchange of Information (AEOI) system for submitting Common Reporting Standard (CRS) reports. The Tax Authority has issued a reminder to
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France publishes updated list of participating and reportable jurisdictions for CRS purposes
On 28 March 2024, France's Official Journal No. 0074 published the Order of 15 March 2024, which provides a comprehensive and current list of participating and reportable jurisdictions for Common Reporting Standard (CRS) purposes. Common Reporting
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Lithuania sign MCAA to exchange information with respect to income earned on digital platforms
On 4 March 2024, Lithuania signed the multilateral competent authority agreement (MCAA) on the automatic exchange of information on income derived through digital platforms, according to an update published by OECD on 12 March 2024. The DPI-MCAA
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