UK Treasury revises reporting rules for digital platforms
The UK Treasury has updated its regulations for digital platform operators on 31 October 2024. The UK Treasury introduced “The Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations SI 2024/1082 (Regulations SI
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OECD: Update of Estimated Revenue Gains from Pillar Two
On 9 January 2024 the OECD held a webinar to introduce the updated assessment of the projected economic impact of the global minimum tax under Pillar Two of the two pillar solution to international tax. The OECD has used improved methodology and
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Colombia implements comprehensive regulatory framework for taxation of SEP rule
On 27 November 2023, the Colombian Ministry of Finance issued Decree No. 2039, through which Colombia implements comprehensive regulatory framework for taxation of significant economic presence (SEP) rule as a part of Law 2277 of 2022 (tax reform
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UN Tax Committee considers transfer pricing and treaty issues
The 27th session of the UN Committee of Experts on International Cooperation in Tax Matters took place from 17 to 20 October 2023. Subcommittees dealing with various areas of taxation presented updates to the Tax Committee on their
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OECD: Report to the Meeting of G20 Finance Ministers and Central Bank Governors
The OECD Secretary General’s report to the meeting of G20 Finance Ministers and Central Bank Governors covered the following issues: Two-Pillar International Tax Package The Inclusive Framework has now released the text of the Multilateral
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OECD: Multilateral Convention in Relation to Amount A of Pillar One
On 11 October 2023 the OECD’s Inclusive Framework released the finalised text of a multilateral convention in relation to Amount A of Pillar One, to co-ordinate the implementation of the reallocation of taxing rights to market jurisdictions,
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OECD: Responses to Consultation on Amount B of Pillar One
On 20 September 2023 the OECD published the responses to the consultation on Amount B of Pillar One of the two-pillar approach to taxation of the digital economy. Amount B applies to baseline marketing and distribution activities, simplifying the
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New Zealand introduces the digital services tax bill into the Parliament
On 31 August 2023, the New Zealand Government introduced the Digital Services Tax (DST) Bill into the Parliament. The Bill would allow the Government to impose, at an appropriate time, a tax on gross revenues of large multinational entities with
See MoreG20 Leaders’ Declaration
The Declaration issued by the G20 leaders at their meeting on 9 and 10 September 2023 included the following points: Global Economic Situation The Declaration noted the recent global crises that have posed challenges to long-term growth and
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OECD: Report to the G20 leaders meeting of September 2023
The tax report by the OECD Secretary General to the meeting of G20 leaders on 9 to 10 September 2023 outlines the latest international tax developments in international tax reform, including the work on the two-pillar international tax plan;
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OECD: Outcome Statement on the Two Pillar Solution
On 11 July 2023 an Outcome Statement on the two-pillar international tax solution was approved by 138 member jurisdictions of the Inclusive Framework on base erosion and profit shifting. The Outcome Statement summarises the package of deliverables
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OECD: Consultation on Amount B of Pillar One
On 17 July 2023 the Inclusive Framework issued a consultation document asking for stakeholder input on Amount B under Pillar One. Comments are invited by 1 September 2023. Amount B applies to baseline marketing and distribution activities, which
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OECD Tax Talk Outlines Progress on Two Pillar Proposals
An OECD Tax Talk held on 19 July 2023 summarised recent developments on the two-pillar international tax proposals. Pillar One – MLC The implementation of Pillar One will require a multilateral convention (MLC) to ensure that the
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OECD: Public comments received on the design elements of Amount B under Pillar One
On 30 January 2023 the OECD published the comments received on the design elements of Amount B under Pillar One relating to the simplification of transfer pricing rules. Comments were received from more than sixty businesses, institutes, NGOs and
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OECD: Consultation on GloBE Information Return
On 20 December 2022 the OECD’s Inclusive Framework issued the consultation document Pillar Two – GloBE Information Return, setting out proposals on the information return to be completed by multinationals in relation to the global minimum tax.
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OECD: Draft Multilateral Convention Provisions on Digital Services Taxes under Amount A
On 20 December 2022 the OECD issued for public consultation draft provisions on digital services taxes that would be included in a multilateral convention (MLC) in relation to Pillar One of the two-pillar approach to international taxation. The
See MoreHong Kong issues a revised DIPN 39 on taxation of e-commerce transactions and digital assets
On 27 March 2020, the Hong Kong Inland Revenue Department (IRD) published a revised version of Departmental Interpretation and Practice Notes No.39 (Profits Tax Digital Economy, Electronic Commerce and Digital Assets-revised DIPN 39). The revised
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