OECD: Second Stage Peer Review of Guernsey under BEPS Action 14
On 24 January 2022 the OECD issued the stage 2 peer review report assessing Guernsey’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). Action 14 is concerned with making tax dispute
See MoreOECD: Stage Two Peer Review Report on Jersey under BEPS Action 14
On 24 January 2022 the OECD’s Inclusive Framework published the stage 2 peer review report on Jersey’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). Action 14 is concerned with
See MoreCzech Republic: Finance Ministry updates list of jurisdictions exchanging CbC reports
On 20 January 2022, the Finance Ministry published Finance Bulletin No.3/2022, which updates the list of jurisdictions participating in the exchange of country-by-country (CbC) reports for the 2021 reporting
See MoreIndia: CBDT further extends due dates of certain tax returns
On 11 January 2022, the Central Board of Direct Taxes (CBDT) has extended the filing of income tax returns and various audit reports for the 2021-22 tax years due to some difficulties reported by taxpayers and stakeholders due to the COVID-19
See MoreBulgaria approves amendments to the CIT Act
On 20 January 2022, the Bulgarian Parliament passed the draft law amending and supplementing the Corporate Income Tax Act (CITA). The draft law provides for the implementation of the reverse hybrid mismatch rules of the EU Anti-Tax Avoidance
See MorePeru sets deadlines for individual and CIT returns for 2021
On 30 December 2021, the Peruvian tax authorities (SUNAT) has issued Resolution No. 000195-2021/SUNAT in the official gazette regarding the deadlines for individual and corporate tax (CIT) returns for 2021. The Resolution includes an
See MoreOECD: Stage Two Peer Review Report on Serbia under BEPS Action 14
On 24 January 2022 the OECD’s Inclusive Framework released the stage 2 peer review report on Serbia’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). The minimum standard under
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Colombia issues decree on the tax return and TP documentation deadline in 2022
On 20 December 2021, the Colombian Ministry of Finance and Public Credit has issued Decree 1778 specifying the deadlines for filing and payment of the tax return (declaration) in 2022 and the deadline for transfer pricing (TP) documentation,
See MoreItaly confirms VAT treatment of TP adjustments
On 30 December 2021, the Italian Revenue Agency has published Ruling No. 884 clarifying the VAT treatment of transfer pricing (TP) adjustments. In the case at issue in Ruling Answer No. 884/2021, a resident company made a number of TP
See MoreUK: Consultation on Technical Guidance on Uncertain Tax Treatment
On 18 January 2022 the UK launched a consultation on the technical guidance in relation to the legislation on uncertain tax treatment. Comments are invited by 1 February 2022, and the government intends to publish the final version of the guidance
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South Korea enacts tax revision bill for 2022
In December 2021, South Korea has enacted a tax revision bill for 2022 which was passed by Korea’s National Assembly on 2 December 2021. The tax revision bill is generally effective from fiscal years beginning on or after 1 January 2022. The
See MoreLithuania adopts important tax law changes
On 7 December 2021, the Lithuanian Parliament adopted several important amendments to the Law (No.IX-675) on the Corporate Income Tax of the Republic of Lithuania. The law proposed the following measures: Effective from 1 July 2022, the
See MoreAustralia: ATO declares review of APA program
On 12 January 2022, the Australian Taxation Office (ATO) has announced that it is undertaking a review of its advance pricing arrangement (APA) program. The APA program provides a valuable service delivering certainty on dealings with
See MoreNigeria: FIRS withdraws suspension of CbC reporting obligations for non-parent entities
On 4 January 2022, the Federal Inland Revenue Service (FIRS) issued a new Public Notice to announce that the withdrawal of its Public Notice of 6 May 2021 which suspended local filing obligations contained in Regulation 4 of the Income Tax (CbC
See MoreCroatia: Finance Ministry decides new interest rate between related parties
The Ministry of Finance announced a new interest rate of 2.68% on loans between related parties for 2022 before the beginning of the tax period in which it is applied. This means that interest is calculated at the rate of 2.68% of the minimum
See MoreJordan: ISTD publishes transfer pricing documentation forms
On 2 January 2022, the Jordan Income and Sales Tax Department (ISTD) has published new transfer pricing documentation forms (Arabic) in line with Regulation No. 40 of 7 June 2021. ISTD has published forms for Local File, Master File,
See MoreParaguay publishes new income tax return form with TP section
On 30 December 2021, Paraguay’s tax authorities published a new version of income tax return form including a new section to disclose transfer pricing (TP) adjustments. The new section of income tax return form differentiates the TP
See MoreSingapore updates Order on CbC Exchange of Multilateral Agreement
On 21 December 2021, Singapore published the Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on The Exchange of Country-by-Country Reports) Order 2018. The change includes the addition of a
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