UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
See MoreConversation with Michael Lennard: Tax Notes International’s Person of the Year
We are pleased to invite you to join a conversation with Michael Lennard, Chief of International Tax Cooperation in the U.N.’s Financing for Sustainable Development Office, and Tax Notes International’s 2023 Person of the Year for his work on
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US: IRS evaluating group membership to fix arm’s length interest rate
On 29 December 2023, the Office of Chief Counsel Memorandum announced that the IRS is considering group membership to determine the arm's length interest rate chargeable for intragroup loans and make a section 482 adjustment. The memorandum provides
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Netherlands updates low-tax and non-cooperative jurisdictions list for 2024
On 29 December 2023, the Dutch State Secretary of Finance published an end-of-year regulation in the Official Gazette. The regulation has been updated to revise the lists of low-tax and non-cooperative jurisdictions for tax purposes. Effective
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Hong Kong: IRD issues circular letter extending due date for M code returns
On 25 October 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “M” code profit tax returns. The extension is granted for recognizing the genuine difficulties being experienced by
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Kenya: President signs the finance bill 2023
On 26 June 2023, the Kenyan president signed the finance bill 2023. The bill was published on 28th April 2023 and tabled in Parliament for the first reading on 4 th May 2023. The Parliament passed the bill on 14 June 2023. Tax proposals under the
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Venezuela increases tax unit value for 2023
On 8 May 2023, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2023/000031 in the Official Gazette, which increases the value of tax units from VES 0.40 to VES 9.00 for the
See MoreOECD: Consultation on Pillar Two of Measures on Tax Challenges of Digital Economy
On 8 November 2019 the OECD issued a consultation document in relation to the tax challenges of digitalisation of the economy entitled Global Anti-Base Erosion (GloBE) – Pillar Two. The GloBE proposal aims to develop a co-ordinated set of
See MoreOECD: Taxing Energy Use 2019
Taxing Energy Use 2019 was released by the OECD on 15 October 2019. The publication gives a picture of the activity by governments in introducing energy and carbon taxes, looking at the progress made and reaching conclusions on how governments
See MoreOECD: Tax Talk Summarises Developments on Taxing the Digital Economy
A Tax Talk held by the OECD on 9 October 2019 summarised developments on dealing with the tax challenges of the digital economy. Pillar One On 9 October 2019 the OECD Secretariat published a Secretariat Proposal for a “Unified Approach”
See MoreOECD: Unified Approach on Taxing the Digital Economy
On 9 October 2019 the OECD Secretariat published a Secretariat Proposal for a “Unified Approach” under Pillar One of the approach to taxing certain digital activities. Comments on the paper are invite by 12 November 2019 and a public
See MoreOECD: Tax Policy Reforms 2019
The 2019 edition of Tax Policy Reforms: OECD and Selected Partner Economies examines tax reforms in OECD and some partner countries. This is the fourth edition of the report which puts together comparative information in relation to tax reforms in
See MoreHong Kong: IRD designs a webpage explaining the requirements of master file and local file
On 28 August 2019, the Hong Kong Inland Revenue Department published a webpage explaining the requirements in relation to master file and local file, and the Department’s approach to ensure compliance with the requirements. The webpage
See MoreWTO: World Trade Statistical Review 2019
The WTO’s World Trade Statistical Review 2019 was published on 29 July 2019. The publication considers the trends in global trade, with analysis of trade in goods and services and the participation of developing economies in world trade.
See MoreHong Kong: IRD publishes departmental interpretation and practice notes on TP documentation
On 19 July 2019, the Hong Kong Inland Revenue Department (IRD) published the three “Departmental Interpretation and Practice Notes” (DIPNs) Nos. 58, 59 and 60. The notes have been issued to set out the Department’s interpretation and practice
See MoreOECD: Work plan on taxation of digital economy
The OECD reported on 31 May 2019 that a program of work has been agreed for work to reach agreement on the tax challenges arising from the digitalisation of the economy. A document has been issued outlining a plan for continuing discussion around
See MoreBelgium updates TP notification requirement
The annual Country-by-Country (CbC) notification requirement has been amended by the law of 2 May 2019 that was published in the Belgian Official Gazette on 15 May 2019. This new law amended Belgian Transfer Pricing (TP) reporting
See MoreBulgaria: Council of Ministers approves the proposals of new mandatory documentation rule for transfer pricing
On 15 May 2019, the Council of Ministers approved the proposals of the Ministry of Finance to amend the Rules of Procedure on taxes and social security. The amendments concern the introduction of compulsory transfer pricing documentation and the
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