Hong Kong and Mainland China sign an agreement for the exchange of CbC reports
On 4 March 2020, the Inland Revenue Department (IRD) of Hong Kong announced that Mainland China and Hong Kong have entered into a bilateral arrangement for the automatic exchange of country-by-country (CbC) reports. Under this, Hong Kong entities
See MoreOECD: Tax Report to the G20 Finance Ministers
On 14 February 2020 the OECD published the Tax Report to the G20 Finance Ministers, in advance of their meeting on 22 and 23 February 2020. The report covers recent international tax developments. Tax challenges of the digital economy Pillar
See MoreLuxembourg updates list of jurisdictions for exchanging CbC reports
On 27 January 2020, Luxembourg Ministry of Finance published Grand-Ducal Regulation of 24 January 2020 amending Grand-Ducal Regulation of 13 February 2018. The Regulation updates the list of jurisdictions for exchanging Country-by-Country (CbC)
See MoreOECD: Peer review reports on exchange of information on tax rulings
On 23 December 2019 the OECD released the 2018 peer review reports on the exchange of information on tax rulings. The reports cover implementation of the minimum standard under action 5 of the OECD action plan on base erosion and profit shifting
See MoreEstonia: President signs a Law to ratify BEPS MLI
On 13 December 2019, Estonian President has signed a law for ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). On 4 December 2019, the Parliament ratified the MLI. Estonia must now deposit
See MoreSOUTH KOREA: National Assembly approves Multilateral Instrument (MLI)
On 10 December 2019, South Korea's National Assembly has approved multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (MLI). After the ratification process, South Korea will need to deposit
See MoreOman signs MCAA on automatic exchange of financial information
On 26 November 2019, Oman signed the multilateral competent authority agreement (MCAA) for the automatic exchange of financial account information. The multilateral competent authority agreement (MCAA) provides for the exchange of information under
See MoreOman signs MLI to implement tax treaty related BEPS measures
On 26 November 2019, Oman signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Oman also signed the Multilateral Convention on Mutual Administrative Assistance in Tax
See MoreSaudi Arabia Cabinet ratifies BEPS Multilateral Instrument (MLI)
On 15 November 2019, Saudi Arabia Cabinet has published a decree for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI), which was signed on 18 September 2018.
See MoreOECD: Global Forum issues reports on tax transparency
On 12 November 2019 the Global Forum on Transparency and Exchange of Information for Tax Purposes issued peer review reports on eight countries. The reports cover Andorra, Curacao, the Dominican Republic, the Marshall Islands, Samoa and the United
See MoreKazakhstan: Lower house of parliament approves ratification of BEPS MLI
On 30 October 2019, the lower house of Parliament (Mazhilis) approved the ratification of the Multilateral Agreement on the Implementation of Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). It was approved by the
See MoreLatvia deposits its Multilateral Convention ratification instrument
On 29 October 2019, OECD confirmed that Latvia deposited its instrument of ratification for the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (BEPS MLI). The MLI is a multilateral tax
See MoreBosnia and Herzegovina signs MLI to implement tax treaty related BEPS measures
On 30 October 2019, Bosnia and Herzegovina signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). The countries involved in the Inclusive Framework are working towards implementation of the BEPS
See MoreIreland: Tax authority publishes a manual on MLI Tie-Breaker Rule
On October 9, 2019, the tax authorities published a guide that describes the way of how the new rule regarding the determination of treaty residence of dual-resident companies applies under the Multilateral Convention to Implement Tax Treaty
See MoreRussia: MLI enters into force
On 1 October 2019, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force with respect to the Russian Federation. On 18 June 2019 the Russian Federation deposited
See MoreDenmark deposits ratification instrument for MLI
On 30 September 2019, Denmark deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to Prevent Base Erosion and Profit Shifting. The MLI is designed to allow countries to swiftly add to
See MoreIndia: MLI enters into force
On 1 October 2019, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force with respect of India. On 25 June 2019, India has deposited its instrument of ratification
See MoreNigeria: FIRS issues Income Tax (CRS) Regulations, 2019
Recently, the Federal Inland Revenue Service (FIRS) issued the Income Tax (Common Reporting Standard (CRS)) Regulations, 2019. The effective date of the regulations is 1 July 2019. This follows Nigeria's signing of the Multilateral Convention on
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