Thailand introduces new CbC reporting requirements
On 12 January 2022, the Thai Revenue Department has issued Notification No. 419 with following additional provisions to the CbC reporting requirements: For CbC reporting, the “reporting entity” must register for e-filing via one of two
See MoreOECD: Global Forum launches Asia Initiative
On 16 February 2022 the first meeting of the Asia Initiative was held by the Global Forum on Transparency and Information Exchange for Tax Purposes. Taking part in the meeting were senior officials from 18 Asian members of the Global Forum and
See MoreTurkey ratifies CAA regarding CbC exchange arrangement with US
On 14 February 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5191 in the Official Gazette, through which Turkey ratifies the competent authority arrangement (CAA) on the exchange of country-by-country (CbC) with US.
See MoreDenmark amends the transfer pricing documentation rules
On 31 January 2022, the Danish Ministry of Finance issued updated guidance regarding amendments to the transfer pricing rules requiring the submission of the transfer pricing documentation within 60 days of the due date for filing the tax return,
See MoreSlovenia updates the TP guidelines
On 31 January 2022, the Slovenian Ministry of Finance updated the transfer pricing (TP) guidelines. The revised guidance includes the new documentation requirements and procedures for determining income and transfer pricing, including for
See MoreOECD: Thailand, Vietnam, and Lesotho sign MLI
On 9 February 2022, Thailand, Lesotho, and Vietnam signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Thailand’s MLI position identifies 58 double tax
See MoreCanada: Public comments of draft tax Proposals for Certain Budget 2021
On 7 February 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced and other tax measures. Specifically, the proposals would implement Budget 2021 measures to: Allow
See MoreJamaica: TAJ reminds tax filing deadline for the tax year 2021
On 8 February 2022, Tax Administration Jamaica (TAJ) has announced that the income tax filing deadline is 15 March 2022. TAJ reminds both individual and corporate taxpayers to file the income tax return for the year 2021 and to declare their
See MoreItaly: Final guidance on hybrid mismatches rules
On 26 January 2022, the Italian Revenue Agency (IRA) has declared the finalization of Circular No. 2/2022. The circular clarifies the hybrid mismatch rules that has introduced as part of the Decree No. 142 of 2018, which transposed the measures
See MoreRomania extends deadlines for tax return 2021
On 28 January 2022, the National Agency for Fiscal Administration (ANAF) of Romania has published a Notification No. 137 declaring the annual corporate income tax return and payment deadline is extended to 25 June 2022 for the tax year 2021.
See MoreLithuania publishes form for reportable cross-border arrangements
On 17 January 2022, the State Tax Inspectorate issued Order No. VA-7 of 14 January 2022, amending the rules for annual reporting on the use of reportable cross-border arrangements for DAC6. The order introduces the PRC914 notification form and
See MoreMalaysia: IRBM releases rules amending the restriction on deductibility of interest
On 31 January 2022, Inland Revenue Board of Malaysia (IRBM) published the Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022, amending the original rules published in 2019. The rules amend the definition of
See MoreOECD: 2022 Global Forum Capacity Building Report
On 3 February 2022 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published the 2022 Global Forum Capacity Building Report. Over the past decade the Global Forum has been involved in capacity building to
See MoreJordan: ISTD issues guide on CbC reporting requirements
On 2 February 2022, the Jordan Income and Sales Tax Department (ISTD) has issued a press release clarifying the issuance of a guide related to the preparation and submission of Country-by-Country (CbC) reports. ISTD has published the guidelines
See MoreJamaica joins CRS Multilateral Competent Authority Agreement
On 31 January 2022, the Organization for Economic Co-operation and Development (OECD) published an update regarding signatories of the multilateral competent authority agreement (MCAA) on automatic exchange of financial account information and
See MoreTransfer Pricing Brief: February 2022
ColombiaDocumentation/CbC reporting/Master file/Local file: On 20 December 2021, the Colombian Ministry of Finance and Public Credit has issued Decree 1778 specifying the deadlines for transfer pricing (TP) documentation, including local/master
See MoreMalta: CFR extends electronic filing deadline of CIT returns for 2022
On 27 January 2022, Malta’s Commissioner for Revenue (CFR) has notified that the deadlines for the electronic filing of corporate income tax (CIT) have been extended as follows: Financial Year EndingManual Return DeadlineElectronic
See MoreSingapore publishes TP Guidelines on indicative margin for related-party loans
On 4 January 2022, the Singaporean Inland Revenue Authority updated transfer pricing guidelines to set the 2022 indicative margin at 1.8% for related-party loans. The indicative margins are applied on each related party loan not exceeding
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