Oman: BEPS MLI in force
The Multilateral Convention to execute tax agreement related measures to prevent base erosion and profit shifting (MLI) entered into force for Oman on 1 November 2020. As regards the double taxation agreement (DTA) between Oman and the other
See MorePeru: SUNAT will be able to access and review the international tax and financial information
On 19 October 2020, the Peruvian Tax Administration (SUNAT) has issued Press release No. 101, where it was stated that SUNAT will be able to access and review the international tax and financial information of more than 16,000 companies and 33,000
See MoreIndia: CBDT releases Equalisation levy (Amendment) Rules,2020
On 28 October 2020, the Central Board of Direct Taxes (CBDT) has published the Notification No.87/2020 Equalisation levy (Amendment) Rules, 2020 to further amend the Equalisation levy Rules, 2016. The rules amend the Equalisation levy Rules, 2016
See MoreLithuania publishes new transfer pricing requirements
On 19 October 2020, the Ministry of Finance in Lithuania published new transfer pricing documentation requirements. The new requirements for transfer pricing documentation correspond to the recommendations of OECD base erosion and profit shifting
See MoreUS: IRS updates parameters for APA and MAP
On 28 October 2020, the US Internal Revenue Service (IRS) published that it is updating parameters that the Advance Pricing and Mutual Agreement program (APMA), a representative office of the U.S. competent authority, will follow in implementing
See MoreItaly updates filing instructions for CbC Report
The Italian tax authorities updated the technical rules and filing instructions to submit country-by-country (CbC) reports in accordance with the OECD’s CbC XML schema adopted in June 2019. The updated technical rules and filing instructions will
See MoreEgypt: President approves unified tax procedures law
On 19 October 2020, Egyptian President Abdel Fattah El Sisi has approved a unified tax procedures law (Law no. 206 of 2020). The Law was published in the Official Gazette. The law will be applied to tax on income, added value tax, stamp duty, fees
See MoreEgypt deposits ratification instrument for MLI
On 30 September 2020, Egypt deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The MLI will enter into force for Egypt on 1 January
See MoreSri Lanka publishes TP disclosure form for AY 2019-20
The Inland Revenue Department (IRD) has published the transfer pricing (TP) disclosure form and guide for the assessment year (AY) 2019/2020. Taxpayers are required to file the TP disclosure form with their corporate income tax return if they have
See MoreExtension of tax compliance due dates amid COVID-19 pandemic
CountryCompliance IssueDue dateExtended Related NewsArgentinaTransfer pricing return24-Apr-2014-Oct-20See MoreBelgiumCIT Return24-Sep-2029-Oct-20See MoreCanadaCIT Return31-May-20to Aug-201-Sep-20See MoreDenmarkCIT & Transfer pricing
See MoreBulgaria: Cabinet approves draft Budget Bill 2021
On 28 October 2020, the Bulgarian Cabinet approved the 2021 Budget bill drafted by the Finance Ministry at a Cabinet meeting. The President made clear that this is not an electoral Budget. This is a Budget for after the elections, so that there are
See MoreCzech Republic: Government decides to introduce a domestic DST
The Government has recently decided to introduce a domestic DST following the delay in a unified approach at both the global (OECD) and regional level (European Union). The Czech DST is expected to apply temporarily, until an international approach
See MoreIndia further extends the due date of furnishing of ITR and audit reports
On 24 October 2020, the Indian Finance Ministry published a notice regarding further extension of due date of furnishing of income tax returns and audit reports as a result of the challenges faced by taxpayers due to the COVID-19 outbreak. In
See MoreArgentina: AFIP extends the deadline for beneficial ownership declaration
On 22 October 2020, the Tax Administration (AFIP) published General Resolution 4839/2020 of 22 October 2020 providing further relief from the beneficial ownership declaration for 2019 and disclosures on financial and non-financial trusts introduced
See MoreECJ: Ruling on Transfer Pricing Treatment of Bank Transfers Between Branch and Parent
On 8 October 2020 the European Court of Justice (ECJ) ruled on Romania’s transfer pricing rules in relation to bank transfers from a branch to a head office that is located in another EU Member State. Impresa Pizzarotti concluded two loan
See MoreCzech Republic: Deputies agrees with the postponement of the electronic registration
On 16 October 2020, the deputies approved the proposal of the Ministry of Finance to postpone all four phases of the electronic registration of sales until 1 January 2023. The amendment to the Act on the Registration of Sales is now heading to the
See MoreSouth Korea: NTS releases updated MAP guidance
On 20 October 2020, South Korea's National Tax Service (NTS) has released updated Mutual Agreement Procedure (MAP) guidance on the official website. The guidance prescribes the following key areas: Overview of a Mutual Agreement Procedure
See MorePeru announces agreement for the exchange of financial account information
On 21 October 2020, the Peruvian tax authorities has announced that they will start the CRS Multilateral Competent Authority Agreement (CRS MCAA), the agreement for implementing the automatic exchange of financial account information under the
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