Panama further extends tax return submission deadline for 2020 tax year
According to Decree No. 110 of 31 March 2021, Panama's Ministry of Economy and Finance has extended the deadline for the submission of income tax returns to 17 May 2021 for the 2020 tax year, which follows a previous extension to 3 May 2021. In
See MoreChile: Avery Dennison wins Chile transfer pricing dispute
On 31 March 2021, the Tax Tribunal issued its decision in one case of: Chile v Avery Dennison Chile S.A. , relating to the appropriateness of the inter-company loan interest rates of Avery Dennis and the price of the goods sold to the company by
See MoreJapan enacts tax reform bill 2021
On 26 March 2021, Japan’s 2021 tax reform bills were passed by the Japanese National Diet. The Bill generally follows the tax reform outline announced by Japan’s coalition leading parties in December 2020. The amendments generally apply to
See MoreTurkey intends increase in CIT rate for the tax year 2021 and 2022
On 2 April 2021, the Turkish Government submitted a Draft Law to the Turkish Parliament. Through the Draft Law, Turkey intends to increase the corporate income tax (CIT) rate for the tax years 2021 and 2022. The proposed tax rate is 25% for 2021
See MoreGermany: BEPS MLI enters into force
On 16 March 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 MoreIndonesia: DGT updates XML schema for CbC reporting
On 4 March 2021, the Indonesian Directorate General of Taxation (DGT) updated the XML schema (version 2.0) for country-by-country reports (CbCR). The update includes the new XSD schema; a procedure for creating XML files; and technical guidance
See MoreCyprus gazettes the law to implement mandatory disclosure rules
On 31 March 2021, the Cyprus official gazette published the law (Ν. 41(Ι)/2021, the Law) amending the Law on Administrative Cooperation in the field of Taxation (Law N. 205(I)/2012). The Law transposed the EU Council Directive 2011/16 referred to
See MoreTransfer Pricing Brief: April 2021
ChileCompliance with BEPS standards: On 1 March 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
See MoreExtension of tax compliance due dates amid COVID-19 pandemic
CountryCompliance IssueDue dateExtended Related NewsAustriaCIT payment31-Mar-2130-Jun-21See MoreBelgiumCIT Return30-Jun-2128-Oct-21See MoreBulgariaCIT Return31-Mar-2130-Jun-21See MoreCroatiaCIT Return30-Apr-2130-Jun-21See MoreJapanCIT
See MoreOECD: Request for input on proposed changes to commentary on Article 9 of OECD Model
On 29 March 2021 the OECD issued a public discussion draft on proposed changes to the commentary to Article 9 (associated enterprises) of the OECD Model Tax Convention. The amendments are to be included in the next update of the OECD
See MoreGreece deposits BEPS MLI ratification instrument
On 30 March 2021, the OECD announced that Greece has 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
See MoreIreland: Revenue publishes an eBrief to update guidance on anti-hybrid rules
On 29 March 2021, the Irish Revenue published an eBrief No. 068/21 to announce a manual to update the guidance on anti-hybrid rules. On the similar day, the Revenue also published a Tax and Duty Manual, which provides guidance on the anti-hybrid
See MoreUS: IRS releases announcement and report concerning APMAs program
On 23 March 2021, the US IRS released an advance version of Announcement 2021-6 regarding the Advance Pricing and Mutual Agreement (APMA) program’s annual report on advance pricing agreements (APAs) for 2020. This twenty-second report
See MoreCosta Rica: Ministry of Finance issues resolution on APA procedures
On 24 March 2021, the Costa Rican Ministry of Finance released a Resolution No. DGT-R-14-2021, providing new guidelines on advance pricing agreements (APAs). The resolution provides the details guidelines of APAs procedures including definitions
See MoreOECD: Profiles for Countries Applying Arbitration under the MLI
On 23 March 2021 the OECD published Arbitration Profiles for 30 jurisdictions that are applying the arbitration provisions in Part VI of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
See MoreMorocco declares maximum interest rate 1.63% on shareholder loans
On 18 March 2021, Morocco has published Ministerial Decree 423.21 in the Official Gazette regarding the reduction of maximum interest rate for loans granted by direct shareholders from 2.23% to 1.63% for FY 2021. Interest expense on loans will
See MoreUK adopts CbC reporting XML schema 2.0
The UK tax authority has updated the country-by-country (CbC) reporting schema to XML 2.0 for submissions to HM Revenue & Customs (HMRC). All CbC reports must use the new 2.0 XML format and submitted to HMRC on or after 1 January 2021. The
See MoreQatar: GTA extends tax filing deadlines for 2020
On 24 March 2021, the General Tax Authority (GTA) of Qatar published Circulars No. 1 and 2 of 2021 to extend the deadline for filing tax returns for the 2020 tax year in response to the Covid-19 pandemic. According to Circular 1 of 2021, the new
See More