Singapore updates CbC reporting list of jurisdictions, adds Albania and Georgia
The Inland Revenue Authority of Singapore (IRAS) has updated its list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports on 11 October 2024. The recent
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Cyprus revises transfer pricing FAQs
The Cyprus Tax Department announced that it updated its Frequently Asked Questions (FAQs) (English version) on transfer pricing on 24 September 2024. New questions are added from 25 through 43. The main question is 25, which highlights that
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European Commission releases revised list of non-cooperative tax jurisdictions, removes Antigua and Barbuda
The European Commission (EC) announced that European Union (EU) member states have updated the list of non-cooperative tax jurisdictions. The update confirmed that Antigua and Barbuda have been removed from Annex I (the blacklist), while Armenia and
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Ukraine clarifies corporate tax rules for German entities under transfer pricing provisions
The Ministry of Finance of Ukraine has issued a clarification concerning the corporate taxes of the Federal Republic of Germany and their relevance to Ukrainian tax law, particularly in the context of transfer pricing regulations on 30 September
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Italy clarifies DAC7 platform and seller definitions
Italy’s tax authorities issued Law Principle No. 3/2024, on 3 October 2024, clarifying the definitions of "platform" and "seller" to enforce the data reporting obligations for qualifying platform operators, as established by Legislative Decree No.
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Slovak Republic: New bill redefines virtual currencies
The Slovak Republic has enacted a bill to align the Slovak legislation as per the Markets in Crypto-Assets (MiCA) Regulation (2023/1114). The bill pertains to certain obligations and authorisations in the field of crypto active and amending
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European Commission ends infringement case against Germany, Hungary over DAC7 information exchange
The European Commission has announced the conclusion of the infringement procedure against Germany and Hungary for their failure to comply with the obligation to automatically exchange information as mandated by the Amending Directive to the 2011
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Denmark: 2024-25 legislative plan proposes updates to minimum tax, transfer pricing to match OECD rules
Denmark's government announced the legislative programme for the parliamentary year 2024-25 on 1 October 2024. The bill follows up on the government platform "Responsibility for Denmark" from December 2022 and the agreement on "A Stronger Business
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Peru enacts new rules for determining FMV of non-listed securities in related-party transactions
The Peruvian Government enacted Legislative Decree 1663 on 24 September 2024, amending the Income Tax Law to introduce rules for determining the fair market value (FMV) of non-listed securities in related-party transactions. This closes a gap in the
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Chile passes tax compliance bill with income, VAT, transfer pricing measures
Chile’s Senate has approved the Tax Compliance Bill on 24 September 2024, which will be presented to the Lower House for final approval. The newly approved tax measures include modifications to the general anti-avoidance rule (GAAR), statute of
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Dominican Republic extends CbC reporting deadline
The Dominican Republic's Directorate General of Internal Revenue (DGII) announced a second extension for the submission deadline of Country-by-Country (CbC) reports, published in Notice 16-2024, dated 30 August 2024. The new deadline for
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Germany seeks to extend deadline for transfer pricing documentation reporting, reduce bureaucratic burden on taxpayers
Germany’s government has proposed to extend the deadline for taxpayers to submit detailed transfer pricing documentation, and to revise the guidelines for how companies compile information for audits. Germany's first chamber approved a bill
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Azerbaijan deposits instrument of ratification for MLI
Azerbaijan officially became the 86th jurisdiction to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 24 September 2024. This follows after the Azerbaijan parliament
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Costa Rica updates beneficial ownership registry rules, extends 2024 filing deadline
Costa Rica’s General Directorate of Taxation (DGT) and the Costa Rican Institute on Drugs (ICD) updated the regulations governing the beneficial ownership registry; they jointly issued Resolution No. MH-DGT-RES-0020-2024 / DG-336-2024 in the
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Australia consults proposed provision denying deductions for ATO interest charges
The Australian Taxation Office (ATO) announced a proposed provision that will disallow the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years beginning on or after 1 July 2025. After 1 July 2025,
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Cyprus publishes FAQs on new transfer pricing rules
The tax authority has published additional frequently asked questions (FAQs) numbered 25 – 43 to provide clarity on specific provisions of the new transfer pricing rules in Cyprus. Notably, FAQ 25 clarifies that taxpayers do not need to
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Ukraine: Multilateral Agreements for Exchange of CbC Reports, Financial Account Information Under CRS enters into force
The multilateral component authority agreements for the exchange of Country-by-Country Reports (CbC MCAA) and for the exchange of financial account information under the Common Reporting Standard (CRS MCAA) has entered into force in Ukraine. The
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OECD publishes model agreement for Pillar One Amount B
The Organisation for Economic Co-operation and Development (OECD) announced the release of a Model Competent Authority Agreement (MCAA) concerning Amount B of Pillar One, a part of the OECD/G20 Inclusive Framework on BEPS yesterday, 26 September
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