OECD: Consultation on GloBE Information Return
On 20 December 2022 the OECD’s Inclusive Framework issued the consultation document Pillar Two – GloBE Information Return, setting out proposals on the information return to be completed by multinationals in relation to the global minimum tax.
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OECD: Draft Multilateral Convention Provisions on Digital Services Taxes under Amount A
On 20 December 2022 the OECD issued for public consultation draft provisions on digital services taxes that would be included in a multilateral convention (MLC) in relation to Pillar One of the two-pillar approach to international taxation. The
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Czech Republic enacts DAC7
On 7 December 2022, the Czech Republic enacted Law No. 373/2022 for implementing into domestic legislation, the EU Directive imposing reporting and exchange of information requirements concerning the activities of certain digital platform operators
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Russia updates list of jurisdictions under AEOI-CRS
On 5 December 2022, the Russian Official gazette published Order No. ED-7-17/986 of 28 October 2022. The order provides an updated list of jurisdictions with which Russia will automatically exchange financial account information (AEOI) under the
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Germany updates the list of jurisdictions under BEPS MLI
On 14 December 2022, Germany published a notice in the Official Gazette regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, Germany added South Africa to the
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Hungary: MoF publishes draft transfer pricing decree on TP reporting obligation
On 9 December 2022, the Hungarian Ministry of Finance issued a draft transfer pricing decree detailing a new transfer pricing reporting obligation. Accordingly, taxpayers are required to prepare a transfer pricing report on a transaction basis or on
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Belgium gazettes statute of limitations amendments
On 30 November 2022, Belgium published the Law of 20 November 2022 on amending the statutes of limitations periods and financial provisions in the Official Gazette. The Belgian parliament approved the law amending the statutes of limitations
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Slovak Republic implements EU CbC reporting directive
The amendment to the Accounting Act No. 407/2022 implements EU Directive No. 2021/2201 requiring qualifying multinational enterprises (MNEs) doing business in the EU to publicly disclose certain information on a country-by-country (CbC) basis,
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US: IRS publishes join statement with France on exchange of CbC reports for FY 2022-2023
On 7 December 2022, the Internal Revenue Service (IRS) published a joint statement with the competent authority of the United States of America and the competent authority of the French republic on the implementation of the spontaneous exchange of
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Papua New Guinea: National treasury presents budget 2023 raising the CIT rate for banks
On 29 November 2022, the Papua New Guinean Department of Treasury has announced the 2023 National Budget to Parliament, containing increased tax rate for banks. Accordingly, the corporate tax rate on banking institutions will rise to 45 percent from
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Spain: Council of Ministers adopts Royal-Decree implementing the reverse hybrid rules
On 18 October 2022, the Spanish Council of Ministers approved the Royal Decree-Law (RDL) implementing the reverse hybrid rules under the Anti-Tax Avoidance Directive 2017/952 (ATAD-2). The law generally aims to combat tax avoidance as a result of a
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Transfer Pricing Brief: December 2022
Argentina Compliance with BEPS standards: On 8 November 2022, the Argentine Commission on Foreign Affairs accepted a bill to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). See the story in
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South Africa: National treasury releases statement on BEPS MLI
On 1 December 2022, the South African National Treasury publishes a media statement on Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "BEPS MLI"). The Base
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Austria plans to expand the application on existing treaties under BEPS MLI
On 30 November 2022, the Austrian Council of Ministers approved the extension of the application on existing tax treaties under the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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Germany publishes a draft bill updating list of participating jurisdictions under MCAA-CbC
On 23 November 2023, the German Ministry of Finance published a draft bill providing an updated list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the exchange of CbC reports. Accordingly, Germany will
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Mexico ratifies BEPS multilateral convention
On 22 November 2022, the Mexican President approved a Decree for the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Mexico signed the MLI on 7 June 2017. Mexico
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OECD: Mutual Agreement Procedure Statistics for 2021
On 22 November 2022 the OECD published the mutual agreement procedure (MAP) statistics for 2021. The report covers 127 jurisdictions and is a part of the work on the minimum standard on BEPS action 14 (improving dispute resolution mechanisms). The
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Malta implements formal transfer pricing rules
On 18 November 2022, Malta published Legal Notice 284 of 2022 in the Official Gazette implementing transfer pricing rules into Malta’s tax code. These rules shall apply for basis years commencing on or after 1 January 2024 in relation to any
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