Germany: MOF issues new guidance on transfer pricing
On 14 July 2021, the German Ministry of Finance (MoF) published a decree providing updated administrative principles on transfer Pricing. The new decree replaces several decrees that were passed in the past at transfer prices, in particular the
See MorePakistan enacts Budget for FY 2021-22
On 30 June 2021, the Finance Act 2021 was enacted after passage by Pakistani Parliament and assent of the president. The Federal Board of Revenue (FBR) of Pakistan has published the Finance Act 2021 on their official website. Some of the key
See MoreKenya enacts Finance Act 2021
On 1 July 2021, Kenya published the Finance Act 2021 in the official gazette. The act was signed into law by the president on 29 June 2021. The act was presented to Parliament by the Kenyan Treasury Cabinet Secretary on 4 May 2021. The act
See MoreOECD: Communique Issued by the Meeting of G20 Finance Ministers
Following the meeting of the G20 finance ministers and central bank governors on 9 and 10 July 2021 a communiqué was issued summarising the issues discussed. The communiqué noted that the global outlook has further improved since the previous
See MoreOECD: Tax Report to G20 Finance Ministers and Central Bank Governors
The OECD Secretary-General has prepared a tax report for the July 2021 meeting of the G20 Finance Ministers and Central Bank Governors. Tax challenges of the digital economy On 1 July 2021 the OECD issued a Statement on the tax challenges of
See MoreGreece: BEPS MLI entry into force
On 29 June 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into
See MoreIndia further extends the deadlines of tax compliances due to COVID-19
On 25 June 2021, India’s Central Board of Direct Taxes (CBDT) has issued Notifications No. 74 and No. 75, Circular No. 12/2021 granting further extension in timelines of certain tax compliances related to corporate taxation
See MoreTransfer Pricing Brief: July 2021
ArgentinaTransfer pricing information return: On 18 June 2021, the Federal Administration of Public Revenues (AFIP) officially published General Resolution 5010/2021, which extends the deadline for filing transfer pricing reports and related forms
See MoreMLI enters into force for Hungary
On 1 July 2021, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Hungary. The agreement has come to into effect from the first day of the fourth month
See MoreNigeria: FIRS extends the deadline of submitting CIT return
On 1 July 2021, the Federal Inland Revenue Service (FIRS) announced that the deadline of submitting corporate income tax return, which was due in June is to be extended until 31 July 2021. This announcement was made public in a notice on Wednesday
See MoreIreland: Government declares a second feedback statement on ATAD interest limitation rule
On 2 July 2021, the Finance Minister, Paschal Donohoe TD, launched a second Feedback Statement on transposition of the ATAD interest limitation ratio. The Anti-Tax Avoidance Directive (ATAD) requires Member States to introduce an interest
See MoreIreland: Finance Ministry declares for a feedback statement on ATAD anti-hybrid rule
On 2 July 2021, the Finance Minister, Paschal Donohoe TD, launched a Feedback Statement on the Anti-reverse hybrid rule. The anti-hybrid rules are largely contained in ATAD2, which extended the basic anti-hybrid provisions of the first ATAD and
See MoreDenmark: OECD publishes latest MLI position on arbitration reservation
On 29 June 2021, the OECD published a document, which contains the consolidated list of reservations and notifications made by the Kingdom of Denmark upon deposit of the instrument of ratification pursuant to Articles 28(5) and 29(1) of the
See MorePoland: MOF announces a proposal to change the transfer pricing regulation
On 28 June 2021, Poland Ministry of Finance issued a plans for taxpayer-friendly amendments to the transfer pricing regulations. The following measures have been proposed under this plan. Cancellation on the preparation of transfer pricing
See MoreOECD: Statement on the tax challenges of the digital economy
On 1 July 2021 the OECD released a Statement in relation to the work on the tax challenges of the digital economy. The OECD reported that 130 countries and jurisdictions are taking part in the two-pillar reform to the international tax system
See MoreSouth Africa: SARS publishes list of jurisdiction with effective CbC report exchange agreements
The South African Revenue Service (SARS) published a latest list of jurisdictions. These listed jurisdictions have CbC report exchange agreements with South Africa from 22 June 2021. The lists are intended to assist members of MNE Groups tax
See MoreIceland publishes a law on new penalties for transfer pricing documentation
On 15 June 2021, Iceland published Law 61/2021 in the Official Gazette introducing new rules for the imposition of fines on taxpayers who fail to comply with transfer pricing documentation requirements for related party transactions, whether
See MoreMalaysia: BEPS MLI enters into force
On 29 June 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, the MLI entered into
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