Australia Restriction on interest deduction: On 16 March 2023, the Australian Treasury issued the Exposure Draft on the earnings before interest, taxes, depreciation, and amortization interest limitation rules (EBITDA). Consultation closes on 13 April 2023.
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Azerbaijan Compliance with BEPS standards: On 17 March 2023, the Ministry of Taxes of Azerbaijan released a statement regarding the implementation of obligations under BEPS activities. According to the statement, Azerbaijan plans to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).
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Brazil Scope of transfer pricing rules: On 24 February 2023, the Brazilian Federal Revenue Office published the Normative Instruction No. 2.132 which establishes the regulation of the taxpayer’s choice to apply the new transfer pricing rules according to Provisional Measure (PM) No. 1.152/2022 to the controlled transactions in 2023.
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Costa Rica Filing deadlines: On 29 March 2023, Costa Rica issued Resolution No. MH-DGT-RES-007-2023 providing an extension of filing annual informative return for inactive entities.
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Croatia Digital economy transactions-General: On 8 March 2023, the Croatian Official Gazette published Regulation No. 448, which implements the EU directive on the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7).
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Cyprus Financial transactions-General: On 14 March 2023, the Tax Department of Cyprus has issued three additional questions to its Frequently Asked Questions (FAQs) section, with respect to transfer pricing.
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Germany Information exchange-Multilateral: On 15 March 2023, the Official Gazette of Germany published the Law regarding the ratification of the agreement with the United States for exchanging Country-by-Country (CbC) Reports.
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Greece CbC reporting requirement-General rule: On 24 February 2023, the Public Revenue Authority released frequently asked question (FAQ) document in English providing the elaborate description of country-by-country (CbC) reporting.
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Hong Kong Compliance with BEPS standards: On 21 February 2023, Hong Kong has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention).
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Malta Scope of transfer pricing rules: On 8 March 2023, the Maltese Commissioner for Revenue (CFR) provides guidelines in relation to the waiver from filing information in respect of a reportable cross-border arrangement (DAC6).
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Mexico Compliance with BEPS standards: On 15 March 2023, Mexico deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent BEPS (MLI). The Convention will enter into force in relation to Mexico on 1 July 2023.
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Serbia Simplified interest rates: On 29 March 2023, the Serbian Ministry of Finance has approved the rulebook on arm’s length interest rates for 2023. The rulebook will be effective from 6 April 2023.
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Singapore Information exchange-Multilateral: On 24 March 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of countries involved in the automatic exchange of CbC reports under MCAA. Accordingly, Israel is included in the list of jurisdictions.
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Sweden Digital economy transactions-General: The Swedish Tax Agency has made an announcement that a newly launched e-service portal is now accessible for the registration process of platform operators.
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UK Scope of transfer pricing rules: The OECD Model Mandatory Disclosure Rules (MDR), which require the disclosure of cross-border tax avoidance arrangements, enacted in the UK on 28 March 2023. A new portal will be launched by HMRC to provide assistance for MDR.
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