Australia: Parliament passes law for public CbC reporting
Australia's parliament passed a legislation, on 29 November 2024, that mandates all multinational groups to publicly disclose country-by-country (PCbCR) tax information starting 1 July 2024. The legislation requires multinational Australian and
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OECD: Czech Republic, Hungary, Germany sign agreement to share digital platform income information
The Organisation for Economic Co-operation and Development (OECD) has announced that the Czech Republic, Germany, and Hungary have signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on Income Earned
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Australia: ATO updates CbC Reporting Exemptions, adds additional compliance rules
The Australian Taxation Office (ATO) announced updates to its country-by-country (CbC) reporting exemptions on 29 November 2024. These updates bring changes to previous exemptions for the local file, master file, and CbC report. For example,
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Singapore, New Zealand sign Competent Authority Arrangement on arbitration under BEPS MLI
The Inland Revenue Authority of Singapore has announced the signing of a Competent Authority Arrangement with New Zealand regarding arbitration under the BEPS MLI on 29 November 2024. On 18 and 21 November 2024, the competent authorities of the
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Cyprus confirms CbC exchange effective date with US, filing obligations
The Cyprus Tax Department has issued a notice on 19 November 2024, outlining the anticipated effective date for the agreement on exchanging Country-by-Country (CbC) reports with the US as well as related local filing requirements. The Cyprus Tax
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Germany: Fourth Bureaucracy Relief Act updates transfer pricing documentation requirements
The Fourth Bureaucracy Relief Act, which goes into effect on 1 January 2025, brings major updates to transfer pricing documentation requirements in Germany. This latest amendment brings the following changes: Transfer pricing documentation
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Poland consults updated low-tax jurisdictions list, removes Andorra
Poland’s Ministry of Finance has initiated a public consultation on a proposed legislation that identifies countries and territories involved in harmful tax practices, classifying them as low-tax jurisdictions. The bill proposes to remove
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Slovak Republic consults DAC8 implementation bill
The Slovak Republic’s Ministry of Finance has launched a public consultation on the draft bill No. LP/2024/645 on 25 November 2024. This proposed amendment to the Act on the Automatic Exchange of Information on Financial Accounts for Tax
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Brazil consults commodity transfer pricing
Brazil's revenue authority has launched a public consultation on a proposed amendment to its transfer pricing rules on 27 November 2024. The proposed amendment concerns Normative Instruction RFB No. 2,161 of September 28, 2023, addressing
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El Salvador launches ‘Inspectores Fiscales Sin Fronteras’ programme to combat tax evasion
El Salvador’s Ministry of Finance has launched the "Inspectores Fiscales Sin Fronteras" programme to improve tax auditing and criminal investigations, focusing on Transfer Pricing and Tax Crime Investigation. The initiative aims to strengthen
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Bosnia and Herzegovina updates transfer pricing rules
The Ministry of Finance of the Federation of Bosnia and Herzegovina (FBiH) has announced amendments to the Transfer Pricing Rulebook regarding Master File and Country-by-Country (CbC) reporting requirements. These changes were published in the
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US: Georgia consults digital sales tax rules
Georgia’s Department of Revenue has launched a public consultation on the proposed regulations regarding the taxation of digital product sales. The rules set forth the application of Georgia sales and use tax concerning the sale or use of
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Philippines proposes VAT rules for digital services
The Philippines Bureau of Internal Revenue (BIR) has released draft revenue regulations on 8 November 2024 to implement the Republic Act No. 12023. This act introduces a 12% VAT on all digital services used in the Philippines, including those
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Switzerland updates list of jurisdictions of automatic exchange of financial account information
The Swiss State Secretariat for International Finance has released an updated list of Automatic Exchange of Financial Account Information (AEOI) under the Common Reporting Standard (CRS) on 19 November 2024. The Automatic Exchange of Information
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European Commission develops standard forms, formats for DAC7 compliance
The European Commission announced its plans to draft an implementing regulation featuring standard forms and digital formats on 18 November 2024. These tools will be related to the Amending Directive of the 2011 Directive on Administrative
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Mexico introduces several tax incentive with economic package 2025
Mexico’s Federal Executive submitted the 2025 economic package to the Congress of the Union on 15 November 2024. This package does not include new taxes or increases to existing ones but adjustments to tax incentives and withholding taxes on
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Colombia: DIAN proposes adjusted tax value unit for 2025
The Colombian National Directorate of Taxes and Customs (DIAN) has published a draft resolution proposing to adjust the tax value unit the Tax Value Unit (UVT) for 2025 at COP 49,799. Comments on this draft resolution opened for submission until
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Lithuania proposes tax reforms on DAC8, reporting tax information
Lithuania’s government has proposed several tax reforms to curb tax evasion and improve compliance as per international standards. These include DAC8 and amending the Code of Administrative Offences, among others. On 9 October 2024, the
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