Germany approves Act to apply BEPS MLI to nine tax treaties
On 14 June 2024, the German Federal Council gave its approval for the Act on the Application of the Multilateral Agreement and Other Measures, which the Bundestag approved on 16 May 2024. This Act facilitates the implementation of the Multilateral
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Singapore: IRAS publishes the seventh edition of the e-tax guide on transfer pricing
On 14 June 2024, the Inland Revenue Authority of Singapore (IRAS) published the Seventh Edition of its e-tax guide on transfer pricing. The most important changes are summarised as follows: Enhanced clarity on working capital adjustment The
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Ukraine releases updated tax treaty with Cyprus under BEPS MLI
The Ukrainian Ministry of Finance has released an updated version of its tax treaty with Cyprus, which includes changes implemented through the Multilateral Convention (MLI) to combat tax base erosion and profit shifting (BEPS). The MLI is an
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Greece updates list of jurisdictions under AEOI-CRS
The Greek Public Revenue Authority (AADE) has announced an update with the publication of Circular A.1089, issued on 3 June 2024. This circular revises the lists of reportable and participating jurisdictions for the Automatic Exchange of Financial
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Malta implements public CbC reporting directive
Malta has implemented public Country by Country Reporting (CbCR) into domestic legislation (Act XVIII of 2024) on 17 May 2024. Multinational enterprises (MNEs) located in the EU and those outside the EU operating within the EU via a branch or
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US: IRS issues guidelines on inventory valuation methods
The US Internal Revenue Service (IRS) has released an updated practice unit on inventory valuation methods, specifically addressing the Lower of Cost or Market (LCM) approach. The practice unit's general overview comprises the following: There
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Austria: Parliament considers bill to amend tax laws
On 12 June 2024, Austria’s lower house of parliament approved Bill No. 2610 dB for consideration. This bill proposes key amendments to the Tax Amendment Act 2024. The bill focuses on three main measures: Deduction of grants for
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Poland publishes DAC7 implementation act in the gazette
On 17 June 2024, Poland published the Act of 23 May 2024 amending the Act on the exchange of tax information with other countries and certain other acts in the Official Gazette. As previously reported, On 9 April 2024, Poland’s Council of
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OECD: Definition of qualifying jurisdictions for application of Amount B of Pillar One
On 17 June 2024 the OECD Inclusive Framework on BEPS released supplementary elements relating to the report of 19 February 2024 on Amount B of Pillar One. Under the streamlined and simplified approach under Amount B, a pricing matrix is used to
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Malaysia publishes synthesised text of tax treaty with Qatar under BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Qatar, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
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Belgium issues royal decree on public CbC reporting details
On 6 June, 2024, the Belgian government released the royal decree of 18 April, 2024 (Dutch/French). It amends the royal decree of 29 April, 2019, regarding implementation of the Belgian Code for Companies and Associations (BCCA). The new decree
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Finland implements public CbC reporting directive
Finland approved legislation for the implementation of the EU Public Country-by-Country (CbC) Reporting Directive on 4 May, 2024. Finland’s version of its public country-by-country reporting largely aligns with the EU Directive. However, it did
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Austria updates list of jurisdictions under AEOI-CRS
Austria published a revised list of jurisdictions involved in, and subject to, the automatic exchange of financial account information under the Common Reporting Standard (CRS). The updated list replaces the one published in June, 2023, and comes
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Ecuador updates transfer pricing report guideline, introduces new penalties
The Internal revenue service (SRI) has issued “Resolution No. NAC-DGERCGC24-00000020” in the Ecuadorian Official Gazette on 28 May, 2024, which outlines details of the transfer pricing annex concerning related party transactions and the
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Oman Tax Authority extends CRS report deadline
The Oman Tax Authority has declared that the deadline for submitting reports under the Common Reporting Standard (CRS) for the fiscal year 2023 has been extended to 30 June, 2024. Earlier, the Tax Authority Chairman's Decision No. 78/2020,
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Colombia issues resolution on international tax information exchange
Colombia's tax authority (DIAN) has released Resolution No. 000096 on 31 May, 2024, providing an update on the exchange of tax information with international jurisdictions. This resolution is key in assessing the cooperation of various nations in
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Greece announces 2024 CbC report exchange partners
On 30 May 2024, the Greek Public Revenue Authority (AADE) has released Circular A.1083, dated 21 May 2024, outlining the jurisdictions that will exchange Country-by-Country (CbC) reports with Greece in 2024 for the 2022 fiscal year under the
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Dominican Republic extends CbC reporting deadline to 30 August 2024
The Dominican Republic's General Directorate of Internal Revenue (DGII) issued Notice No. 10-24, on 31 May, 2024, extending the deadline for Country-by-Country (CbC) reporting for multinational enterprises (MNEs) as part of Action 13 of the Base
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