Luxembourg: Circular provides updated guidance on interest deduction limitation
On 2 June 2021, the Luxembourg Tax Authorities has published Circular L.I.R. n° 168bis , which clarifies certain aspects of the interest expense deduction limitation rules included in article 168bis of the Luxembourg Income Tax Law (ITL). The
See MoreSingapore updates GST Guide on Transfer Pricing Adjustments
On 1 June 2021, the Inland Revenue Authority of Singapore (IRAS) has published second edition of e-Tax Guide GST: Transfer Pricing Adjustments. The e-Tax guide explains the GST treatment for adjustments on the transfer prices of transactions
See MoreBangladesh: Budget proposal for FY 2021-2022
On 3 June 2021, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2021-2022 in the parliament. The budget set the target for total revenue collection in the FY 2021-2022 at Tk. 389,000
See MoreTurkey ensures effective date of MCAA of CRS and CbC Reports
On 31 May 2021, Turkey has published Decision No. 4025, and Decision No. 4026, which set the effective date of the Multilateral Competent Authority Agreement (MCAA) of Common Reporting Standard (CRS) and Country-by-Country (CbC)
See MoreOECD: Tax Transparency in Africa 2021
On 26 May 2021 the OECD published Tax Transparency in Africa 2021. The 2021 edition indicates that there has been progress in African countries on development of capacities in tax transparency and exchange of information (EOI); and progress in
See MoreNigeria: FIRS issues a notice to suspend CbC reporting obligations for MNE branches
The Federal Inland Revenue service (FIRS) issued a public notice to suspend Regulation 4 of the “Income Tax (CbC Regulations) Regulations, 2018”. This public notice notifies branches and subsidiaries of Multinational Enterprises (MNEs)
See MoreArgentina: Chamber of duties approves a bill regarding progressive CIT rates
On 20 May 2021, the Chamber of Duties approved a revised draft bill, which introduces new progressive corporate income tax rates starting from 1 January 2021. The bill has been sent to the Chamber of Senators for final approval. According to the
See MoreMalta introduce penalties for non-compliance with the CbC reporting rules
On 18 May 2021, Malta has issued Regulations (L.N. 213 of 2021) named ‘Cooperation with Other Jurisdictions on Tax Matters’. The Regulation has introduced penalties for non-compliance with Maltese country-by-country reporting (CbCr) reporting
See MoreOECD: Peer review reports on making tax dispute resolution more effective
On 25 May 2021 the OECD released a further batch of eight Stage Two peer review reports in relation to making dispute resolution mechanisms more effective under BEPS Action 14. The minimum standard under BEPS action 14 is concerned with
See MoreQatar releases FAQs on TP documentation requirements
Qatar’s General Tax Authority (GTA) has issued frequently asked questions (FAQs) regarding Transfer Pricing Declaration, Master File, and Local File on the Dhareeba tax portal. The FAQs provide clarification on several tax issues relating to
See MoreArgentina: AFIP extends corporate return deadline
On 14 May 2021, the Federal Administration of Public Revenue (AFIP) Officially published a General Resolution 4988/2021, which extends the due date of submitting corporate tax return and the affidavit of tax on the earnings and the payment of the
See MorePeru: SUNAT clarifies interest deduction for thin capitalization rules
On 12 May 2021, the Peruvian Tax Administration (SUNAT) has issued Report No. 015-2021-SUNAT / 7T000 (the Guideline)regarding various queries related to the application of the limit for the deduction of interest expenses are answered, referred to
See MoreKenya publishes Finance Bill 2021
On 5 May 2021, the Parliament of Kenya has published the finance bill 2021 providing the following tax measures: Reintroduce the definition of the term ‘‘Control” The definition of the term “control” was deleted with the
See MoreIndia: CBDT issues thresholds for triggering “significant economic presence” in India
On 3 May 2021, the Central Board of Direct Taxes (CBDT) issued a Notification No.40/2021 which sets the revenue and user thresholds for the application of a new nexus rule for nonresidents in the form of “significant economic presence” (SEP) in
See MoreAfrican Tax Administration Forum Releases New Pillar One Proposals
The African Tax Administration Forum (ATAF) has issued a revised set of Pillar One Proposals in response to the OECD's blueprint reports released late last year and the recent proposals put forth by the United States. The proposals suggest
See MoreGreece: AADE publishes a Circular regarding MCAA
On 22 April 2021, the Public Revenue Authority (AADE) published Circular A.1092 of 22 April 2021, which determines the lists of jurisdictions with which Greece wants implement the Multilateral Competent Authority Agreement on the exchange of
See MoreArgentina: AFIP extends deadline of transfer pricing return submission
On 30 April 2021, the Federal Administration of Public Revenue (AFIP) made an announcement that it will exceptionally extend the expiration of the presentation of the obligations provided for in the Transfer Pricing Regime established by General
See MoreTransfer Pricing Brief: May 2021
AlgeriaFiling deadlines: The Directorate General of Taxes has recently issued a communiqué, which provides extension of filing deadline of annual tax returns (including balance sheet and appendices) 2020 until 30 June 2021 for all companies.See
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