Namibia signs MLI tax convention
On 30 September 2021, Namibia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, becoming the 96th jurisdiction to join the Convention. The provisional list of reservations
See MoreSpain deposits BEPS MLI ratification instrument
On 28 September 2021, Spain deposited its instrument of ratification for the BEPS MLI. On 7 June 2017, Spain signed this convention and the MLI will enter into force on 1 January 2022 for
See MoreAustria releases the new transfer pricing guideline for 2021
On 7 October 2021, the Austrian Ministry of Finance published the updated Austrian Transfer Pricing Guidelines (Austrian Guidelines) 2021. The Austrian Guidelines 2021 are an essential interpretative aid for the application of the arm’s-length
See MoreSerbia publishes rulebook on updating transfer pricing rules
On 1 October 2021, the Serbian Ministry of Finance has published the updated rulebook on transfer pricing. The updated rulebook includes the more detailed guidance regarding CbC report including the conditions, content, and manner of submitting
See MoreSingapore: IRAS simplifies CIT filing 2021
The Inland Revenue Authority of Singapore (IRAS) partnered with the tax community and government agencies to simplify Corporate Income Tax (CIT) Filing 2021 for companies. With the new initiatives, companies and tax agents can further reduce the
See MoreOECD: Inclusive Framework Signs Agreement on Two Pillar Solution
On 8 October 2021 a total of 136 member countries of the OECD/G20 Inclusive Framework on BEPS joined the Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. The Statement finalised
See MoreTurkey: Parliament members submit a new Tax Bill to the Parliament
On 1 October 2021, Turkish Parliament members have submitted a new Tax Bill to the Parliament which includes tax filing periods, tax exemptions, and incentives. The key corporate tax measures of the Bill are: In the reduced corporate tax
See MoreFinland: Supreme court makes a decision on arm’s length range and TP adjustment
On 13 September 2021, the Finnish Supreme Administrative Court (SAC) published a decision addressing the use of comparable data and the range of results in calculating transfer pricing adjustments. The case concerned a company, Finnish A Oy,
See MoreTransfer Pricing Brief: October 2021
BotswanaDocumentation-Thresholds: On 1 September 2021, the General Commissioner published a ruling which sets the threshold for the preparation and submission of transfer pricing documentation. Accordingly, the obligation to prepare and submit
See MoreIndia extends the validity of transfer pricing safe harbor rules
On 24 September 2021, the CBDT issued a new Notification No. 117/2021, to extend the applicability of the transfer pricing safe harbor rules. The extension applies for the 2020-21 and 2021-22 assessment years. Taxpayers opting for safe harbor rules
See MorePuerto Rico: Treasury Department clarifies guidance on transfer pricing studies
On 20 September 2021, the Puerto Rico Treasury Department (PRTD) has issued Administrative Determination (AD) No. 21-08, which amends AD No. 21-05 of 11 May 2021. The AD 21-08 clarifies guidance on submitting transfer pricing studies (TPS). AD
See MoreWorld Bank: Conference looks at implementation of new tax instruments
On 1 October 2021 the second day of the Third World Bank Tax Conference looked at the practical implementation of new tax instruments. Sugar tax in South Africa The sugar-sweetened beverage tax in South Africa was first announced in the 2016
See MoreJordan issues Executive Instructions on new TP rules for MNE groups
On 16 September 2021, the Hashemite Kingdom of Jordan has published Executive Instructions No. 3 of 2021 regarding new transfer pricing (TP) rules for MNE groups. Jordan has published Regulation No. 40 of 2021 On 7 June 2021 which introduces
See MoreCyprus: MoF further extends the deadline for e-filing return
On 24 September 2021, Cyprus’s Ministry of Finance has issued a decree providing further extension of electronic submission of tax returns for business (TD4) and personal (TD1A) for the fiscal year 2019. The new deadline is 30 November 2021.
See MoreCyprus: Tax Department extends the DAC6 reporting deadlines
On 21 September 2021, the Tax Department of Cyprus has issued a notice extending the DAC6 reporting deadlines. Accordingly, there will be no imposition of administrative fines for overdue submission of DAC6 information that will be submitted until
See MoreUkraine: STS clarifies the controlled transactions criteria for TP purposes
Recently, the State Tax Service (STS) has clarified the criteria for classifying transactions between related parties (Ukrainian residents and non-residents) as controlled for transfer pricing (TP) purposes. Under Ukrainian transfer pricing
See MorePhilippines: House of Representatives approves digital service tax
On 21 September 2021, the House of Representatives approved on final reading a proposal imposing a 12% value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country's Covid-19 response efforts. The
See MoreOECD: Model Manual on Exchange of Information
On 16 September 2021 the Global Forum on Transparency and Exchange of Information for Tax Purposes, the World Bank Group and the African Development Bank issued a new version of the Manual on Exchange of Information. The previous version of the
See More