Argentina: AFIP announces suspension regarding tax audit, social security and customs duties
On 20 July 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4766 of 20 July 2020, which provides additional postponement of the terms for inspections, assessments, appeals, reimbursements, and other procedures
See MoreArgentina: AFIP extends the deadline of audited financial statements
On 26 June 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4743/2020 of 25 June 2020, which states that due to coronavirus pandemic, the submission deadline of audited financial statements or auditor's report
See MoreIsrael: New Tax Circular on burden of proof related to TP audits
On 2 June 2020, the Israeli Tax Authority (ITA) published tax circular 1/2020 addressing the situations in which a transfer pricing (TP) study that is filed by a taxpayer will be considered as meeting the Israeli TP standards in accordance with
See MoreCzech Republic: Finance Ministry announces liberation package III due to COVID-19 pandemic
On 9 June 2020, the Ministry of Finance announced on its website that the so-called next liberation package III has been approved to extend and extend certain tax exemptions, tax accessories and administrative fees due to an emergency caused by
See MoreItaly enacts Decree in response to COVID-19 outbreak
On 17 March 2020, the Decree No.18 was published in the Official Gazette and entered into force immediately. The Decree introduces several measures in response to COVID-19 outbreak. The key measures are following: Payments of taxes and
See MoreRussia announces tax measures amid COVID-19 pandemic
On 17 March 2020, the Ministry of Finance (MoF) of Russia announced several tax measures in response to the COVID-19 pandemic. The key tax measures are following: Extended tax payments deadline to 3 months for enterprises of tourism
See MoreRomania: Emergency tax measures amid COVID-19 outbreak
On 16 March 2020, the Ministry of Finance (MoF) of Romania declared several measures in response to the COVID-19 pandemic. The annual income tax return submission deadline is extended from 25 March 2020 to 25 April 2020 and there will be no
See MoreMalaysia gazettes Labuan Business Activity Tax (Amendment) Act 2020
On 10 February 2020, Malaysia has gazetted the Labuan Business Activity Tax (Amendment) Act 2020 (“the Amendment Act”) which comes into operation on 11 February 2020. The following tax measures are included in the act. A company in Labuan
See MoreColombia: DIAN issues new guidelines for GAAR
On 15 January 2020, Colombian tax authority (DIAN) has published Executive Order No. 4 of 7 January 2020 in the official gazette where DIAN clarifies the application of General Anti-Avoidance Rule (GAAR). The GAAR provisions are contained in
See MoreSouth Korea: National Assembly enacts tax reform bill for 2019
On 31 December 2019, South Korea’s National Assembly has enacted tax reform bill for 2019 with a number of new measures added to the existing proposals including changes in transfer pricing measures. The new and amended tax measures are
See MoreKazakhstan: State Revenue Committee clarifies statute of limitation for tax violations
Recently, the State Revenue Committee (SRC) described that the statute of limitations period in case of tax violations is 3 years instead of 5 years as from 1 January 2020. Before 1st January 2020, however, the statute of limitation period remains
See MoreMalaysia: IRB releases Transfer Pricing audit framework for 2019
On 15 December 2019, the Malaysian Inland Revenue Board (“MIRB”) published the TP audit framework (2019). The Transfer Pricing Audit Framework 2019 is effective from 15 December 2019 and replaces the Transfer Pricing Audit Framework 2013 which
See MoreUkraine: MOF amends taxpayer’s audit compliance with the arm’s length principle
On 6 September 2019, the Ukrainian Ministry of Finance (MOF) has published Order No. 307 of 16 July 2019 in the official gazette amending Order No. 399 of 30 March 2017. The amendment clarifies the procedures to audit compliance with the arm’s
See MorePhilippines: BIR issues guidelines for transfer pricing audits
The Bureau of Internal Revenue (BIR) has issued Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order (RAMO) No. 1-2019 on 20 August 2019, which provides standardized audit procedures and techniques in auditing taxpayers with
See MoreBulgaria approves new mandatory TP documentation requirements
On 31 July 2019, the National Assembly approved at second (final) reading amendments to the Tax and Social Security Procedure Code (TSSPC), which introduced the new transfer pricing (TP) documentation requirements. New rules for TP
See MoreEcuador introduces TP risk model
On 1 August 2019, the Inter-America Center of Tax Administration (CIAT) publishes a document on Ecuador Transfer Pricing (TP) Risk Model in its official website. The SRI of Ecuador, with the coordinated support of CIAT, the United Nations (UN), the
See MoreIndia presents Finance Bill for 2019/20
On 5 July 2019, the Finance Minister presented the Finance Bill of the newly formed government for financial year (FY) 2019-20. The bill proposed changes to the tax laws starting 1 April 2019. The proposed key amendments includes: The rate of
See MoreJapan: Parliament enacts tax reform plans for 2019
On 27 March 2019, Japan's parliament approved the legislation for the government's tax reform proposals for 2019. Some of the main measures are following: Tax incentive: As from 1 April 2019, the tax credit rates will be revised to enhance
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