OECD: 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
See MoreUN: Draft MAP Chapter for Handbook on Dispute Avoidance and Resolution
On 3 April 2019 an updated draft was released of the chapter on the mutual agreement procedure for the proposed UN Handbook on Dispute Avoidance and Resolution. The draft chapter will be put forward for discussion and approval at the meeting of the
See MoreUN: Draft Chapters for Handbook on Carbon Taxation
On 3 April 2019 the UN Subcommittee on Environmental Tax Issues released two draft chapters that when finalised are intended to form part of a handbook on carbon taxation. The chapters are to be considered by the UN Committee of Experts on
See MoreUN: Draft updates to Practical Manual on Transfer Pricing
On 8 April 2019 the UN released draft updates to the United Nations Practical Manual on Transfer Pricing for Developing Countries. The updates include an important chapter relating to financial transactions. This release occurred in advance
See MoreSlovak Republic: New guidelines for TP documentation requirements
The Ministry of Finance of the Slovak Republic issued new guidelines no. MF/019153/2018-724 (MF SR Guidelines 2018) on content of the transfer pricing (TP) documentation was issued in December 2018 replacing the Guidelines no. MF/014283/2016-724 (MF
See MoreColombia: DIAN publishes transfer pricing return and other forms for 2019
On 15 January 2019, Directorate of Taxes and National Customs (DIAN) of Colombia published Administrative Regulation 000004 of 2019 to provide the following form for filing a 2019 tax return: Informative transfer pricing return (Form 120);
See MoreSaudi Arabia: General Authority of Zakat and Tax (GAZT) publishes draft transfer pricing law
On 10 December 2018, General Authority of Zakat and Tax (GAZT) released draft transfer pricing regulations (TPBy-laws) for public consultation. The regulations broadly follow international standards, including the arm’s-length principle and
See MoreOECD: Revenue Statistics 2018 published
OECD: Revenue Statistics 2018 published The OECD’s annual publication on Revenue Statistics 2018 was published on 5 December 2018. The statistics show that tax revenues have increased in advanced economies. The report notes that taxes on
See MoreHong Kong: Government publishes first batch of amendments to BEPS bill
On 24 April 2018, the government published the first edition of Inland Revenue bill no.6 2017 to the BEPS Bill, which was adopted on 29 December 2017. The first set of amendments dealt with some of the key issues proposed by the business community,
See MoreKorea, Republic Of: Redesigning of graphical warnings on cigarette packs
As stated by the Health Minister of the country, South Korea will bring in changes on graphical warnings on cigarette packs commencing from December, South Korea has already been mentioning about graphical warnings to Tobacco companies since 2016.
See MoreAzerbaijan: New system of custom duties
The transformation to a new system of custom duties kick-started from 1st January 2018, where there has been a pretty hefty amount of changes brought in by Azerbaijan. Especially in the custom rates where – previously since 2001 custom rates such
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