OECD: Tax Treatment of Overseas Development Assistance
On 20 January 2022 the OECD announced the launch of a digital hub to bring increased transparency to the taxation of development aid. The Tax Treatment of Official Development Assistance Hub sets out the approaches taken by participating donor
See MoreWTO: Five Aims for the WTO Member Countries in 2022
A blog post on 10 January 2022 from the WTO Deputy Director General Ms Gonzalez looked at five important tasks for the WTO in 2022. Response to the pandemic The WTO members need to deliver a trade and health response to the pandemic, in view
See MoreUN: Tax Committee Discusses Interaction of Investment Agreements and Tax
In its meetings from 19 to 28 October 2021 the UN Committee has covered, among other issues, the interaction of tax, trade and investment agreements. A Note on the Interaction of Tax Trade and Investment Agreements was prepared by the UNDESA
See MoreUkraine: STS clarifies the controlled transactions criteria for TP purposes
Recently, the State Tax Service (STS) has clarified the criteria for classifying transactions between related parties (Ukrainian residents and non-residents) as controlled for transfer pricing (TP) purposes. Under Ukrainian transfer pricing
See MoreUNCTAD report on illicit financial flows
The UNCTAD publication Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa was published in July 2021. The UNCTAD report argues that tackling illicit financial flows is an important
See MoreEU: Proposed carbon border tax criticised by BRICS countries
On 27 August 2021 a virtual BRICS ministerial meeting on the environment stated its joint opposition to the EU’s proposed carbon border adjustment mechanism and referred to it as discriminatory. The BRICS countries – Brazil, Russia, India,
See MoreWTO: World Trade Statistical Review 2021
On 30 July 2021 the WTO released the World Trade Statistical Review for 2021, setting out the statistics that clarify trends in world trade. Goods The effect of the pandemic led to a fall of 8% in the value of world merchandise exports in
See MoreWTO: Goods Trade Barometer Shows Strong Expansion
On 18 August 2021, the WTO published the latest reading of the WTO Goods Trade Barometer. The Barometer provides real time information on trends in trade in merchandise relative to the recent trajectory. It is therefore an indicator that runs ahead
See MoreOECD: Communique Issued by the Meeting of G20 Finance Ministers
Following the meeting of the G20 finance ministers and central bank governors on 9 and 10 July 2021 a communiqué was issued summarising the issues discussed. The communiqué noted that the global outlook has further improved since the previous
See MoreWTO: Trade Monitoring Report
On 28 June 2021 the World Trade Organisation (WTO) issued the 25th WTO Trade Monitoring Report on G20 trade measures. The report covers the period from mid-October 2020 to mid-May 2021. The review notes that the period saw an increase in
See MoreUN: Tax treatment of government-to-government projects
On 28 April 2021 the UN Committee of Experts on International Cooperation in Tax Matters released the UN Guidelines on the Tax Treatment of Government-to-Government Aid Projects. Developing countries frequently grant tax exemptions in relation
See MoreEU: BASIC countries express concern at the proposed Carbon Border Adjustment Mechanism
A Joint Statement issued on 8 April 2021 at the conclusion of the 30th BASIC Ministerial Meeting on Climate Change has expressed concern about the insufficiency and inadequacy of the support provided by developed countries; and is concerned that
See MoreUK: SME Brexit Support Fund open for applications
From 15 March 2021 a Brexit Support Fund for small and medium enterprises (SMEs) is accepting applications for grants of up to GDP 2,000 to assist with adaptation to new customs and tax rules that now apply when trading with the European Union
See MoreEU finalises Investment Agreement with China
On 30 December 2020 the EU and China confirmed that they have agreed in principle the provisions of an investment agreement. The agreement aims to resolve some of the difficulties that have been encountered by European companies trading in China.
See MoreEU and UK Sign the Trade and Cooperation Agreement
On 30 December 2020 the EU-UK Trade and Cooperation Agreement was signed by the EU leaders and by the UK Prime Minister. The deal was also approved by the UK Parliament which was recalled for the purpose of debating and voting on the agreement. The
See MoreEU and UK: Trade and Cooperation Agreement Approved by EU Ambassadors
On 28 December 2020 the EU ambassadors unanimously approved the Trade and Cooperation Agreement between the EU and the UK. The agreement is to be considered by the UK parliament on 28 December and if approved it will take effect provisionally from
See MoreMongolia: Parliament approves State Budget Law for 2021
The State Budget Bill for the fiscal year of 2021 was adopted at the State Great Khural’s plenary session of 13 November 2020 along with its appropriation bills. On 25 November 2020, the President of Mongolia, Battulga, refused 2021 State Budget
See MoreArgentina: Government publishes Budget Law for 2021
On 14 December 2020, the Government Officially published Law 27591 of 14 December 2020, including budget measures for 2021 to Congress amid continuing pandemic and political uncertainties. The measures are given below: The VAT and customs duties
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