G20 Leaders’ Declaration
The Declaration issued by the G20 leaders at their meeting on 9 and 10 September 2023 included the following points: Global Economic Situation The Declaration noted the recent global crises that have posed challenges to long-term growth and
See More
Germany: Government releases revised draft bill on corporate tax reform
On 30 August 2023, the German government released a revised version of the Growth Opportunities Act, originally proposed by the German Ministry of Finance in mid-July. This release marks the commencement of the formal legislative procedure with
See More
Dominican Republic signs MCAA for the exchange of CbCR
On 5 September 2023, the OECD updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), showing that the Dominican Republic joined the agreement on 6 July 2023.
See More
OECD: Report to the G20 leaders meeting of September 2023
The tax report by the OECD Secretary General to the meeting of G20 leaders on 9 to 10 September 2023 outlines the latest international tax developments in international tax reform, including the work on the two-pillar international tax plan;
See More
Morocco releases latest CbC reporting guidance
The Moroccan General Directorate of Taxation (DGI) has recently released latest Country-by-Country (CbC) reporting guidance. Morocco implemented CbC reporting obligations starting from 1 January 2021, in accordance with the Finance Law for 2020.
See More
Transfer Pricing Brief: September 2023
Australia Audit risk assessment: The Australian National Audit Office (ANAO) is conducting a performance audit to evaluate the efficiency of the Australian Taxation Office’s (ATO) transfer pricing (TP) management concerning loans between
See More
Malta: CFR updates guidelines on the reporting obligations of DAC7
On 31 August 2023, the Maltese Commissioner for Revenue (CFR) updated guidelines in relation to the reporting obligations of Digital Platform Operators (DAC7). The DAC7 requirements come into effect on 1 January 2023 into Maltese domestic law. The
See More
Luxembourg implements public CbC reporting
On 22 August 2023, Luxembourg published Law of 15 August 2023 in the Official Gazette implementing public Country-by-Country (CbC) reporting in compliance with Directive (EU) 2021/2101. The Law conforms to the directive and sets the public
See More
India: CBDT extends transfer pricing Safe Harbor Rules
On 9 August 2023, the Central Board of Direct Taxes (CBDT) issued a Notification No. 58/2023, to extend the applicability of the transfer pricing safe harbor rules. The extension applies for the financial year 2022-23 and 2023-24 assessment years.
See More
Anguilla suspends exchange of tax information with Russia and Belarus
On 21 August 2023, the Government of Anguilla announced the suspension of exchanges and the sharing of tax information with Russia and Belarus in solidarity with the United Kingdom (UK) Government. Tax information is exchanged as part of a
See More
Portugal implements CbC reporting requirements
On 23 August 2023, the Portuguese government published Decree-Law No. 73/2023 in the Official Gazette, which establishes the requirements for public country-by-country (CbC) reporting by multinational enterprises (MNEs). The new rules on public
See More
UK updates transfer pricing documentation requirements
The United Kingdom (UK) has published the Transfer Pricing Records Regulations 2023, which updated transfer pricing documentation requirements by introducing Local file and Master file requirements. The UK has officially updated its transfer
See More
IMF: International Tax Spillovers and Tangible Investments
On 4 August 2023 an IMF working paper was published with the title International Tax Spillovers and Tangible Investments, with Implications for the Global Minimum Tax, authored by Michael Keen, Li Liu and Hayley Pallan. The paper assembles new data
See More
UN: Report of the Secretary General on Promoting Inclusive Tax Cooperation
An advance unedited report released by the UN Secretary General on 8 August 2023 considered the Promotion of inclusive and effective international tax cooperation at the United Nations. A final version of the report is to be released in time for the
See More
UK: HMRC announces new reporting regulations for digital platform operators (DAC7)
On 20 July 2023, the United Kingdom’s HMRC issued a policy paper outlining a comprehensive plan to establish reporting regulations for digital platform operators operating in the United Kingdom (UK). This initiative, which aligns with the OECD
See More
Ukraine ensures technical capacity for information exchange on CRS and CbCR
On 17 August 2023, Ukraine announced that the development of software for the State Tax Service of Ukraine has been completed, which will ensure the international automatic exchange of information under the Common Reporting Standard (CRS) and the
See More
Israel releases Guidance on MAP and APA procedures
On 17 August 2023, the Israel Tax Authority (ITA) released Tax Circular No. 1/2023, which provides guidance for mutual agreement procedure (MAP), and bilateral advance pricing agreement (APA) requests. The new circular replaces the guidance of
See More
Canada updates electronic filing requirements for business entities
On 16 August 2023, the Canada Revenue Agency (CRA) announced that businesses filing six or more information returns must file them electronically to avoid penalties. Recent legislation has amended mandatory electronic filing thresholds.
See More