US negotiates CbC exchange deal with Dominican Republic
As per an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the US has initiated negotiations with the Dominican Republic for a competent authority arrangement concerning the exchange of Country-by-Country (CbC)
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Cyprus issues new clarifications on transfer pricing rules
The Cyprus Tax Department (CTD) announced further developments concerning the Cyprus transfer pricing (TP) rules on Monday, 27 May, 2024. These updates include detailed information on the filing process for the summary information table (SIT).
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Ireland updates guidance on relief from stamp duty and property transfers for associated companies
The Irish Revenue has released eBrief No. 142/24 on 21 May, 2024, which provides an updated guidance on the associated companies relief for stamp duty on conveyances and transfers of property between associated corporate bodies. Revenue eBrief
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Germany approves Act to facilitate MLI application
The German lower house of parliament (Bundestag) approved a new Act to facilitate the application of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 16 May, 2024. This Act
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Cyprus releases 2022 transfer pricing documentation form
The Cyprus Tax Department announced the release of the final version of the "Table of Summarised Information" (TSI) form for the 2022 tax year on 20 May, 2024. This new form introduces a transfer pricing reporting requirement for taxpayers
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European Commission releases May 2024 infringements package
The European Commission unveiled its May 2024 infringements package on 23 May, 2024, detailing legal actions against several EU member states for non-compliance with EU law. The process begins with a "letter of formal notice", allowing two months
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Malaysia releases synthesized text of Jordan tax treaty affected by BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesized text of the tax treaty with Jordan, regarding changes mandated by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
See MoreEU seeks automatic exchange of financial account information agreement revisions
The Council of the European Union issued Council Decision (EU) 2024/1489 on Tuesday, 21 May, 2024, which authorised negotiations to amend agreements for the automatic exchange of financial account information. This initiative aims to enhance
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UK releases synthesized text of Liechtenstein tax treaty affected by BEPS MLI
The UK HMRC has released the synthesized text of the tax treaty with Liechtenstein, regarding changes from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Multilateral
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Australia: ATO proposes exemptions from Sharing Economy Reporting Regime for online platforms
The Australian Taxation Office (ATO) has proposed specific exemptions from the Sharing Economy Reporting Regime (SERR) for online platforms. The exemptions are in compliance with the OECD’s Model Reporting Rules for Digital Platforms and the
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France: Tax Authority updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 31 December, 2023, and 29 June,
See MoreMalaysia: IRBM announces updated guidelines for advance pricing arrangement (APA)
The Inland Revenue Board of Malaysia (IRBM) has revised its Advance Pricing Arrangement (APA) guidelines to align with updates introduced in the Income Tax (Advance Pricing Arrangement) Rules 2023, introduced in May, 2023. The revision imposes
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Estonia aligns tax laws with EU directives
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union
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Ghana mandates transfer pricing compliance in CbC reporting
Ghana has made it mandatory for Multinational Enterprises (MNEs) operating in the country, that meet specific revenue thresholds, to provide detailed information on their worldwide operations through Country-by-Country Reporting (CbCR). MNEs are
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Costa Rica announces consultation on draft legislation for reporting on digital platform operators
Costa Rica’s tax authority released a draft resolution, on 26 April, 2024, "Resolution on Automatic Exchange of Information Regarding Sellers Who Carry Out Relevant Activities Through Digital Platforms (Spanish)," for public consultation. The
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US: IRS releases 2025 HSA inflation-adjusted amounts
The US Internal Revenue Service (IRS) published on Thursday, 9 May, 2024, the Rev. Proc. 2024-25, in which it detailed the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the 2025 calendar
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Hong Kong releases synthesised text of BEPS MLI-affected tax treaty with Russia
The Hong Kong Inland Revenue Department (IRD) has released the synthesised text of the tax treaty with Russia, as affected by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
See MoreEuropean Commission initiates public consultation to evaluate Directive on Administrative Cooperation
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness,
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