Denmark proposes to reduce the TPD obligation for purely Danish transactions
On 23 June 2021, the Ministry of Finance submitted a draft bill for consultation. The bill proposed an amendment to the Danish Tax Control Act in order to relax the documentation requirements for transfer pricing for purely Danish transactions. It
See MoreLuxembourg updates electronic exchange and frequently asked questions of CbC report
On 20 August 2021, Luxembourg has announced that the section "Electronic exchange - country by country (CbC) reporting" as well as the frequently asked questions relating to the CbC declaration have been updated. Please note that the frequently
See MoreLuxembourg: Tax Authorities issues circular on updated loss carry-forward rules
On 10 August 2021, the Luxembourg Tax Authorities has published Circular No. 31, which clarifies the application of the loss carry-forward under the municipal business tax. Losses incurred with effect from 1 January 2017 are available for
See MoreDenmark: Government publishes a Bill to amend Tax Control and Assessment Act
On 23 June 2021, the Ministry of Taxation proposed a draft Bill to amend the Tax Control Act and the Tax Assessment Act (Competence for approval of the information form, etc., adjustment of the disclosure deadline for legal entities, accounting in
See MorePoland: Government announces draft legislation on tax reforms
On 26 July 2021, the Government of Poland has announced a draft legislation concerning following tax reform related to corporate taxation. New definition of the place of effective business management aimed at limiting situations in which Polish
See MorePoland: Draft bill on DST presents in Parliament
On 7 July 2021, a draft bill on digital services tax (DST) was submitted to Poland's lower chamber of parliament (the Sejm). The bill includes a proposal of 7% tax on digital sector enterprises, regardless of their place of establishment, with a
See MoreLuxembourg issues circular on administrative fines and penalties
On 28 July 2021, the Luxembourg Tax Authorities has issued Circular No. 67 to set administrative fines and penalties in cases of tax fraud, criminal fraud, and the cooperation between the tax administration and the judicial authorities. The
See MoreCyprus extends the final payment due date for companies
On 30 July 2021, Cyprus' Ministry of Finance issued various decrees providing an extension for the payment the final tax due (as per the relevant income tax return) for tax year 2020 for companies with turnover that exceeds EUR 70,000 and with an
See MorePoland: Tax bill clarifies the definition of place of management
On 28 June 2021, the Poland’s Ministry of Finance has opened a public consultation for a new tax bill called the “Polish Deal.” With other amendments, the bill provides the clarification of definition of place of management for corporate
See MoreGermany: MoF publishes new administrative principles on TP
On 14 July 2021, the Ministry of Finance (MoF) has issued new administrative principles on transfer pricing. The administrative principles include extensive references to the OECD Transfer Pricing Guidelines and provide further details clarifying
See MoreLuxembourg issues updated guidance on interest deduction limitation
On 28 July 2021, the Luxembourg Tax Authorities has published Circular L.I.R. n° 168bis/1 (French), which clarifies certain aspects of the interest expense deduction limitation rules included in the article 168bis of the Luxembourg Income Tax
See MoreCyprus: Tax Department issues update XML Schema for DAC6/MDR submissions
On 29 July 2021, the Cypriot Tax Department published an announcement regarding a new XML Schema that entered into force on 5 August 2021. The XML should be used by Intermediaries and Taxpayers to submit the information for the purposes of the
See MorePoland releases draft legislation on corporate tax for public consultation
On 26 July 2021, the Polish Ministry of Finance has released a draft bill regarding the corporate income tax for public consultation. The bill includes the following proposals: Proposal to change the method of depreciation of assets acquired
See MoreCyprus publishes a decree on relief from interest and penalties on overdue taxes
On 23 July 2021, the Cyprus official gazette published a decree containing details of the extension to the scheme of settlement for overdue taxes providing partial relief from interest and penalties to the tax years 2016 through 2019. The
See MoreItaly extends tax payment deadlines
Italy has published Law No. 106 with certain amendments, including an extension to 15 September 2021 of the deadlines for tax payments of income tax returns, regional tax on productive activities (IRAP) returns, and VAT returns that otherwise
See MoreGermany issues guidance regarding the obligation to file tax returns for IP
On 14 July 2021, the Federal Ministry of Finance has issued a guidance letter extending the simplified procedure provided in a prior guidance letter dated 11 February 2021 for filing the tax returns in relation to intellectual property
See MoreFrance: Government publishes a Law on amending Finance Act 2021
On 20 July 2021, the Government Officially published Law 2021-953 on amending Finance Law for 2021, which includes measures for loss carryback relief, new rules for withholding and capital gains from the disposal of shares, and the extension of
See MoreIreland: Revenue issues an eBrief to announce the reopening of DAC6 reporting portal
On 20 July 2021, the Revenue published an eBrief 142/21 and a tax and duty manual, which amend filing guidelines for DAC6 at Section 7.4 to include a revised date for the re-opening of the portal of 17 August 2021. This portal will be temporarily
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