Hungary defers MDR reporting deadlines for six months
On 14 July 2020, the Hungarian Government issued a new regulation, deferring the reporting deadlines by six months. The deadline for the reporting of arrangements in the period between 25 June 2018 and 30 June 2020 will be 28 February
See MoreUS and Switzerland sign competent authority arrangement on implementation of arbitration
On 28 July 2020, U.S. and Switzerland signed an agreement for the implementation of the arbitration process provided for in Article 25 (Mutual Agreement Procedure) of the 1996 income tax treaty between the two countries as amended by the 2009
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Kenya deposits MLI ratification instrument
On 22 July 2020, Kenya deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the OECD. The MLI will enter into force for
See MoreSouth Africa: SARS publishes a notice regarding submission of 2020 income tax returns
On 3 July 2020, the South African Revenue Service (SARS) published Notice 741 in terms of section 25 for submission of 2020 income tax returns for both legal entities and natural person. This notice provides information about eligible legal entity
See MoreNigeria: FIRS announces an extension for filing corporate tax return
On 31 July 2020, the Federal Inland Revenue Service (FIRS) made an announcement through Twitter regarding a week extension of deadline for the submission of corporate income tax return 2020 with a December year end. The new deadline is extended
See MoreOECD: Ninth round of Stage 1 Peer Review Reports on Dispute Resolution
On 27 July 2020 the OECD issued the ninth round of stage 1 peer review reports assessing efforts made by jurisdictions to implement the minimum standard in relation to dispute resolution mechanisms as set out in the report on BEPS Action 14. The
See MoreIndia: CBDT once again extends the income tax return filing deadline for FY 2018-19
On 29 July 2020, the Central Board of Direct Taxes of India has published a Notification No 56/2020 providing further extension of income tax return for AY 2019-20. The deadline for filing the annual return (ITR) for FY 2018-19 (AY 2019-20) has
See MoreOECD: Case Study on BEPS in the Mining Sector in Zambia
On 30 July 2020 the OECD published on its website a case study summarising assistance given to Zambia’s tax administration in relation to base erosion and profit shifting (BEPS) in the mining sector. The case study details how support was given
See MoreOECD and Brazil: Call for Input on Safe Harbours and Simplification Issues
On 30 July 2020 the OECD and Brazil jointly launched a survey looking for comments on the development of safe harbours and other simplification measures. OECD and Brazil The survey is part of a project begun in February 2018 to review the
See MoreDAC6 Updates: Optional deferral of DAC6 reporting deadlines
On 24 June 2020, the European Council reached agreement on an optional 6-month postponement to the reporting deadlines for relevant taxpayers under EU Directive 2018/822 (DAC6), and a delay to the exchange of information under
See MoreFrance: Parliament approves the postponement of DAC6 reporting deadlines
Due to coronavirus outbreak, the European Commission has recently agreed to delay the entry into force of certain European Union (EU) taxation measures. Among these is the delay of Council Directive 2018/822, commonly known as the Directive on
See MoreAustralia updates transfer pricing legislation in accordance with OECD guidelines
Australia's transfer pricing legislation has been updated to specify that it is to be interpreted to achieve consistency with the Organisation for Economic Co-operation and Development (OECD)Â Transfer Pricing Guidelines for Multinational
See MoreCyprus postpones reporting cross-border arrangements (DAC6)
On 27 July 2020, the tax authority of Cyprus issued a notice declaring an initial deferral of DAC6 reporting on cross-border arrangements. The submission of DAC6 information in Cyprus is extended as information on reportable arrangements
See MoreUS: IRS issues final regulations and other guidance on business interest expense deduction limitation
On 28 July 2020, the Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For
See MoreOman signs multilateral competent authority agreement on exchange of CbC reports
On 16 July 2020, Oman signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA). Oman has not yet implemented Country-by-Country (CbC) reporting requirements, although draft amendments to
See MoreTanzania: Revenue Authority issues new transfer pricing guideline 2020
On 1 July 2020, the Tanzania Revenue Tax Authority issued the Transfer Pricing Guidelines 2020, which provides the instructions of how to apply Transfer Pricing Regulations, 2018. It covers the guidance on the arm’s length principle, functional
See MoreGreece: Government publishes a draft legislation to extend the DAC6 reporting deadline
Due to coronavirus outbreak, the European Commission has recently agreed to delay the entry into force of certain European Union (EU) taxation measures. Among these is the delay of Council Directive 2018/822, commonly known as the Directive on
See MoreOman deposits its instrument of ratification for the Multilateral BEPS Convention
On 7 July 2020, Oman deposited its instrument of ratification for the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) with the OECD’s Secretary-General, Angel GurrĂa, thus
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