Algeria clarifies transfer pricing documentation and asset depreciation rules
Algeria’s Ministry of Finance has issued two key orders: the Order of 15 February 2024, outlining transfer pricing documentation requirements, and the Order of 25 February 2024, setting depreciation periods for fixed assets to calculate taxable
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Vietnam joins multilateral deal on CbC report exchange
The Organisation for Economic Co-operation and Development (OECD), in an update on 10 February 2025, has confirmed that Vietnam signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 3
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Singapore: IRAS publishes FAQs on spontaneous exchange of tax information
The Inland Revenue Authority of Singapore ( IRAS) has released a set of Frequently Asked Questions (FAQs) regarding the Spontaneous Exchange of Information on 1 January 2025. Â Â Â Why did Singapore commit to the spontaneous exchange of
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Switzerland updates AEOI jurisdictions list, delays Uganda’s inclusion to 2026
The Swiss State Secretariat for International Finance has revised its list of jurisdictions participating in the automatic exchange of financial account information (AEOI) under the OECD's Common Reporting Standard (CRS) on 21 January 2025. AEOI,
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IMF: Revenue and Spending Measures for Developing Countries to Reduce Debt Levels
An IMF Public Finance Management (PFM) Blog, written by Talal Rafi (a Director at EY Sri Lanka) and published on 27 January 2025, looked at the measures developing countries can take to reduce public debt levels. The author notes that more than 3
See MoreIMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
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Luxembourg issues new guidelines on interest rates for debit current accounts
The Luxembourg Administration of Direct Tax has released Circular L.I.R. no. 164/1 on 29 January 2025, detailing updated rules for determining interest rates on debit current accounts held by associates or shareholders of corporate taxpayers. The
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Slovak Republic passes draft bill for DAC8 implementation
The Slovak Government has approved a draft bill to implement Council Directive (EU) 2023/2226 (DAC8), which introduces new reporting and due diligence rules for crypto-asset service providers. This follows after the Slovak Republic’s Ministry
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EU Commission seeks feedback on DAC7 rules
The European Commission has initiated a feedback period from 4 February 2025 to 4 March 2025 on a draft regulation detailing the statistical data Member States must provide to evaluate the Amending Directive to the 2011 Directive on Administrative
See MoreSingapore: IRAS updates lists of reportable, participating jurisdictions for CRS
The Inland Revenue Authority of Singapore (IRAS) released updated lists of reportable and participating jurisdictions under the Common Reporting Standard (CRS) on 3 February 2005. The Common Reporting Standard (CRS) is an internationally agreed
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Australia: Senate report on bill to amend luxury car tax and deny interest deductions on tax debts
Australia’s Senate Economics Legislation Committee has published its report on the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024. This follows after the Senate referred the provisions of the Treasury Laws Amendment (Tax
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UK: HMRC publishes transfer pricing, diverted profits tax data for 2023-24
UK tax authority, HMRC, released a transparency data report covering statistics on transfer pricing and Diverted Profits Tax through the end of the 2023-24 tax year on 27 January 2025. The report contains data on the following: Transfer
See MoreAustralia: ATO publishes guidance on public CbC reporting for large multinational enterprises
The Australian Taxation Office has published guidance on Public Country-by-Country reporting on 27 January 2025. Public CbC reporting is a reporting regime which requires certain large multinational enterprises to publish selected tax
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Slovenia adopts public CbC reporting
Slovenia has published a decree to implement the EU public country-by-country (CbC) reporting under Directive (EU) 2021/2101 into its domestic legislation on December 2024. Under the decree, public CbC reports must be translated into Slovenian.
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Slovak Republic drafts bill for DAC9, Pillar Two global minimum amendments implementation
The Slovak Republic’s Ministry of Finance has announced plans to draft an amendment to Law No. 507/2023, enacted on 8 December 2023. This law partially implemented the Pillar Two global minimum tax in alignment with Council Directive (EU)
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Cyprus adopts public CbC reporting
Cyprus has published the Companies (Amendment) (No. 5) Law of 2024 in the Official Gazette on 6 December 2024, implementing the public Country-by-Country (CbC) under Directive (EU) 2021/2101 which establishes a reporting threshold for companies with
See MoreWTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
See MoreAustralia: ATO updates guidance on transfer pricing for inbound-related private group funding
The Australian Taxation Office (ATO) has released new guidance on transfer pricing for inbound related party funding within private groups that receive funding from an overseas related party or associate for property and construction on 15 January
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