Philippines: BIR issues guidance on TP reporting and documentation requirements
On 18 December 2020, the Bureau of Internal Revenue (BIR) published a Revenue Regulations (RR) No. 34-2020, which replaces the previous Revenue Regulations (RR) No. 19-2020, its clarifying Revenue Memorandum Circular No. 76-2020, and other relevant
See MoreFrance: Government publishes Finance Law for 2021
On 30 December 2020, the Government Officially published Finance Law for the year 2021. On 17 December 2020, the French Parliament approved the Finance Bill for 2021. The Act includes: Corporate Income Tax In the context of the Covid-19
See MoreIndia: Direct Tax highlights for 2020
By Sachin Garg, Partner- Direct Taxation, Nangia Andersen LLP Sachin.garg@nangia-andersen.com+91 93502 93097 The year 2020 has already become an unforgettable year to the unprecedented global pandemic across the world, nation-wide
See MoreMorocco: Finance Law 2021
On 18 December 2020, Morocco's Ministry of Finance has published the Finance Law for 2021 in the Official Gazette. The measures of the Finance Law generally apply from 1 January 2021. Key measures are summarized as follows: Social
See MorePoland launches public consultation on draft guidance regarding the application of TP Method
On 18 December 2020, Poland’s Ministry of Finance has launched a public consultation on draft tax guidance regarding clarifications on transfer pricing regarding the comparable uncontrolled price method. The transfer pricing provisions
See MoreFrance: Tax Authority announces a webpage regarding DAC6 reporting
Recently, the Tax Authority has announced a webpage entitled “Déclaration des dispositifs transfrontières”, which contains french specifications for the reporting of cross-border schemes under DAC6 and the Mandatory Disclosure Rules (MDR).
See MoreUkraine: Parliament accepts changes to recently implemented BEPS legislation
On 17 December 2020, the Ukrainian Parliament has accepted a tax reform bill, which contains important changes to recently implemented BEPS legislation. The following important changes were introduced related to recently implemented BEPS and other
See MoreTurkey extends CbC report filing deadline to 26 February 2021
On 17 December 2020, the Turkish Revenue Administration has issued Circular No. TF-2 / 2020-1 on its website, by which Turkey extends country-by-country (CbC) report filing deadline to 26 February 2021. The extension of the period for sending
See MoreOECD publishes public comments on proposals on taxation of the digital economy
On 16 December 2020 the OECD published comments received on the Blueprints outlining the remaining issues involved in finalising the work on Pillar One and Pillar Two of the proposals on tax challenges arising from the digitalisation of the
See MoreRussia declares country names for exchange of CbC Report
On 10 December 2020, Russia has published an order of the Federal Tax Service amending the list of Territories and States with which Russia will automatically exchange Country-by-Country (CbC) reports. The Order entered into force on 21
See MoreItaly: New regulations for mutual agreement procedure
On 16 December 2020, the Italian tax authority published regulations to implement new tax dispute resolution mechanisms and mutual agreement procedure (MAP). The Measures to allow taxpayers to contact the tax authorities in Italy to discuss the
See MoreEgypt makes some changes to the Unified Tax Procedure Law
On 3 December 2020, Egypt has published Law No. 211 in the official gazette. The Law makes some important changes to the recently published Unified Tax Procedure Law (Law no. 206 of 2020). The new Law mainly changes transfer pricing non-compliance
See MoreNetherlands updates tax rates for 2021
The Dutch Ministry of Finance has issued an overview of the main tax changes for 2021, which were approved by the Senate on 15 December 2020. The main tax changes are as following: The lower corporate income tax (CIT) rate is reduced from
See MoreSweden: Parliament approved Budget for 2021
On 17 December 2020, the Swedish Parliament (Riksdag) has approved Budget for fiscal year 2021. The Budget includes the following key tax measures: Temporary tax reduction of 3.9% of the acquisition value of machinery and equipment
See MoreKenya publishes final regulations to implement the digital services tax
On 16 December 2020, the Kenya Revenue Authority (KRA) published the final Income Tax (Digital Service Tax) Regulations, 2020 to implement the digital services tax. The DST rate is 1.5% of the gross transaction value and will be payable at the time
See MoreNigeria: Tax Appeal Tribunal rules on tax assessments
On 8 October 2020, the Tax Appeal Tribunal delivered a ruling in the case of Citibank Nigeria Limited v. Rivers State Board of Internal Revenue (RBIR). The Tribunal held that the tax authorities must prove that there was fraud, willful default or
See MorePeru: SUNAT publishes frequently asked question on CbC Report
On 16 December 2020, the Peruvian tax authorities (SUNAT) has released frequently asked questions (FAQ) in Spanish providing an elaborate description of country-by-country (CbC) reporting, including the format of CbC report, local filing
See MoreCzech Republic: Tax Authority publishes Q&A regarding DAC6 obligations
On 9 December 2020, the General Financial Directorate published a document containing most frequently asked questions and answers in relation to the mandatory disclosure of reportable cross-border arrangements (DAC6). According to the document, the
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