OECD: Stage Two Peer Review Report on India’s compliance with BEPS action 14
On 26 July 2021 the OECD published the stage 2 peer review report on India in relation to making dispute resolution mechanisms more effective under action 14 of the action plan on base erosion and profit shifting (BEPS). The BEPS action 14
See MoreRussia increases the Interest rate from July 2021
On 23 July 2021, the Russian Central Bank announced the decision to increase the key rate from 5.5% to 6.5% with effect from 26 July 2021. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
See MoreColombia submits a new Tax Reform Bill to Congress
On 20 July 2021, the Colombian Executive branch has submitted a new tax reform bill (the Social Investment Act) to Congress. The Bill modifies corporate income tax (CIT), value-added tax (VAT), and tax evasion measures. The main tax measures of
See MoreAustralia amends corporate tax rate
The Australian Taxation Office (ATO) has issued a reminder on changes to corporate income tax rates for base rate entities from FY 2021-22. Progressive changes to the company tax rate as following: Income yearAggregated turnover
See MoreUK: Notification of uncertain tax treatment
On 20 July 2021 the UK government published a policy paper, together with draft legislation, on the notification of uncertain tax treatment by large businesses. This would require large businesses to notify HMRC when the tax treatment of an item is
See MoreIreland: Revenue issues an eBrief to announce the reopening of DAC6 reporting portal
On 20 July 2021, the Revenue published an eBrief 142/21 and a tax and duty manual, which amend filing guidelines for DAC6 at Section 7.4 to include a revised date for the re-opening of the portal of 17 August 2021. This portal will be temporarily
See MoreSri Lanka amends transfer pricing regulations
Sri Lanka has published amended Transfer Pricing (TP) Regulations that update the existing regulations of 2018. The amended regulations were published in the Official Gazette on 2 March 2021 and apply retroactively from 1 April 2020. The
See MoreATAF statement on OECD plans on tax challenges of the digital economy
On 1 July 2021 the African Tax Administration Forum (ATAF) issued a statement on the OECD/G20 two-pillar solution to address the tax challenges arising from the digitalization of the economy and its implications for Africa. ATAF has actively
See MoreOman further clarifies about suspension of CbC reporting
On 7 July 2021, Oman’s tax authority published an announcement suspending the requirement to file a country-by-country (CbC) report until further notice On 14 July 2021, tax authority clarifies that the CbC reporting suspension is applicable
See MoreOman suspends Local filing requirements
On 7 July 2021, the tax authority of Oman published an announcement suspending the country-by-country local filing requirement until further notice. All relevant entities operating in Oman are required to continue to comply with all other
See MoreAustralia extends Local file Part A lodgment
The Australian Taxation Office (ATO) has provided 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they are taking up the local file
See MoreAustralia: ATO publishes Local File instructions for 2021
The Australian Taxation Office (ATO) has published the Local file instructions for 2021. These instructions apply to the local file for 2021. This relates to reporting periods starting on or after 1 January 2020. Updates to the instructions
See MoreGermany: 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
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