Azerbaijan joins the inclusive framework on BEPS
On 16 December 2022, the Organization for Economic Cooperation and Development (OECD) announced that Azerbaijan joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Collaborating on an equal footing with all other members of
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Serbia: Ministry of Finance release arm’s length interest rates for 2022
On 16 December 2022, the Serbian Ministry of Finance published the Rulebook on arm’s Length interest rates applicable for 2022 that applies to related parties’ loans. The rulebook comes into force on 24 December 2022. Taxpayers can use the
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Morocco suspends CbC reporting requirement temporarily
On 16 December 2022, the Moroccan tax authority published an announcement, which temporarily suspending the requirement to file a country-by-country (CbC) report for companies that are part of multinational enterprises (MNEs) operating in Morocco
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UK: Consultation on Transfer Pricing Records Regulations 2023
On 21 December 2022 the UK issued for consultation the draft regulations on Transfer Pricing Documentation, inviting comments from interested parties by 31 January 2023. The draft statutory instrument would require multinationals operating in the
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Luxembourg: Parliament approves budget law 2023
On 15 December 2022, the Luxembourg Parliament approved the budget law 2023. There is no major tax reform or an increase in the tax rate in the draft budget law. Most of the measures will apply from 1 January 2023. The budget law sets out the
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Colombia: Congress enacts tax reform law
On 13 December 2022, the Colombian Congress approved Law 2277 of 2022 (tax reform law) which contains changes in the current tax regime. The main tax measures of the Tax Reform Bill are as follows: Corporate Income Tax (CIT) Although the
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Bulgaria: National assembly approves law for implementation of DAC7
On 8 December 2022, the national assembly of Bulgaria approved law on amendments and supplements to the tax and insurance procedural code. The primary objective of the law is to implement the new rules on the exchange of information on income
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UAE publishes new corporate tax law
On 9 December 2022, the UAE Ministry of Finance (MoF) released the Federal Decree-Law No. 47 of 2022 on business taxation to enact a new Corporate Tax Law in the UAE. The new law has been supplemented with Frequently Asked Questions (FAQs). The
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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.
See MoreOECD: 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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