Serbia releases 2024 arm’s length interest rates rulebook
Serbia’s Ministry of Finance has issued the rulebook on arm’s length interest rates for 2024. It was published in the official gazette on 31 May, 2024, and will take effect on 8 June, 2024. The rulebook sets distinct interest rates for
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Australia introduces public country-by-country (CbC) reporting bill
On 5 June 2024, the Australian government presented new legislation in the parliament titled Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024. The bill includes public country-by-country (CbC) reporting, among
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EU issues notices to member states for non-compliance with DAC7
The European Commission (EC) has decided to open an infringement procedure by sending a letter of formal notice to Germany , Hungary , Poland , and Romania for failing to exchange information on income generated by companies and individuals through
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UK revises arbitration rules under BEPS MLI
The OECD has released documents related to information on the United Kingdom’s arbitration position under Part VI of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Part VI
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US, Bulgaria sign CbC exchange agreement
Bulgaria's Ministry of Finance signed a country-by-country (CbC) exchange agreement with the US on 30 May, 2024. The automatic exchange of CbC reports will enhance international tax transparency and aid tax administrations in targeting resources
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Spain completes BEPS MLI procedures for tax treaty with Armenia
Spain, in an updated OECD notification published on 31 May, 2024, announced that it confirmed completing procedures for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with
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Taiwan calls for improved compliance with CRS standard
The Ministry of Finance has issued a critical directive to all Financial Institutions (FIs), emphasising the need for strict adherence to the "Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operations" on 24 May,
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Australia publishes synthesised text of tax treaty with China regarding BEPS MLI
The Australian Taxation Office (ATO) has released the synthesised text of the tax treaty with China, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and
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Singapore updates tax guide for variable capital companies with new GST and deduction rules
The Inland Revenue Authority of Singapore (IRAS) published an e-tax guide (Second Edition) detailing the tax framework for variable capital companies (VCCs), a corporate structure designed for investment funds, on 31 May, 2024. The Second Edition
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Italy announces decree on Pillar Two transitional safe harbour rules
Italy’s Ministry of Finance announced the ‘TSH decree’, which was published in the official gazette on 28 May, 2024. This decree implements the Pillar Two transitional safe harbour (TSH) rules, as stipulated in Article 39 of Legislative
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OECD updates guidance on implementation of CbC reporting of dividends
The Organisation for Economic Cooperation and Development (OECD) has released an updated version of its Guidance on the Implementation of Country-by-Country Reporting: BEPS Action 13. It refines the treatment of dividends in accordance with the
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Bulgaria signs AEOI agreement with USA
The Bulgarian Ministry of Finance announced, on 30 May 2024, the signing of an agreement with the United States for the automatic exchange of information (AEOI). Lyudmila Petkova, Deputy Prime Minister and Minister of Finance, Bulgaria, alongside
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Azerbaijan approves BEPS MLI agreement
The Azerbaijan parliament ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). On 17 March 2023, the Ministry of Taxes of Azerbaijan released a statement regarding the implementation of obligations
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Malaysia publishes synthesised text of tax treaty with Luxembourg under BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Luxembourg, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base
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Poland passes new regulations regarding exchange of information on income derived by sellers through digital platforms
Poland’s Parliament has passed the Act of 23 May 2024 amending the Act on the exchange of tax information with other countries and certain other acts. The Act implements new regulations on the exchange of information on income derived by
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Japan updates CRS FAQs
Japan's National Tax Agency updated its FAQs on the common reporting standard (CRS) for automatic exchange of financial account information concerning non-residents on 9 April 2024. The revised FAQ includes new guidance on reporting requirements
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Spain publishes synthesized text of tax treaty with Armenia under BEPS MLI
Spain's Ministry of Finance has released the synthesized text of the tax treaty with Armenia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
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Algeria announces June deadline for annual transfer pricing declaration form
The Algerian government announced that taxpayers must complete and submit the annual transfer pricing declaration (e-form) for the fiscal year of 2023 by Sunday, 30 June, 2024. The annual transfer pricing declaration form, enacted by the
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