The German Ministry of Finance has released a revised draft bill regarding the implementation of the Global Minimum Tax. This draft bill aligns with the Organisation for Economic Co-operation and Development (OECD) Administrative Guidance and includes accompanying measures to simplify existing German tax rules. Interested parties have until July 21, 2023, to provide comments on […]

The Costa Rica Tax Authority has recently announced a crucial deadline for financial entities subject to reporting. According to the Ministry of Finance website, these entities must report their financial accounts under the Common Reporting Standard (CRS) of the Organisation for Economic Co-operation and Development, as well as the United States Foreign Account Tax Compliance […]

Panama has recently introduced a revised classification system for income tax returns filed by individuals and legal entities. The new system is designed to provide a more organized approach, based on both the general regime and specific economic activity sectors. This initiative has been implemented by the Tax Authority, which has introduced new tax forms […]

Costa Rica has recently introduced Resolution No. MH-DGT-RES-0010—2023, which outlines the fundamental conditions governing the utilization of the Tax Authority Platform (TRAVI). This resolution, published in the Official Gazette on July 3, 2023, not only sets forth the general guidelines for taxpayers regarding the submission of requests through the platform but also establishes specific deadlines […]

In a recent update, the FAQ regarding Legal Professional Privilege (LPP) and notification obligations for intermediaries under DAC6 has introduced amendments and clarifications. The notification obligations for intermediaries protected by LPP are now subject to the CJEU case C-694/20, which ruled against imposing notification obligations on lawyers towards non-client individuals. However, the practical implications of […]

Singapore’s Companies, Business Trusts, and Other Bodies (Miscellaneous Amendments) Act 2023 (the 2023 Act) took effect on July 1, 2023, bringing about significant changes to the Companies Act 1967 (the 1967 Act). The amendments introduced by the 2023 Act encompass four main areas of modification. Firstly, alterations have been made to the compulsory share acquisition […]

Mandatory use of e-invoicing for business-to-business transactions is set to bring about a significant transformation in Spain. The Spanish Government has recently released a draft implementing regulation outlining the key features and technical requirements of the new Spanish e-invoicing system for B2B transactions. While the regulation is still provisional until approved, it is essential for […]

South Africa continues its pursuit of transparency and fairness in its tax system. In this regard, the South African Revenue Service has recently published a guideline focused on the Place of Effective Management (PEM) criterion. This guideline is based on the approaches of the Organization for Economic Cooperation and Development (OECD) and the best practices […]

Italy has implemented new tax measures affecting subsidiary companies benefiting from a special tax regime. The Ministry of Economy and Finance issued a directive on June 26, 2023, regarding the introduction of a replacement tax on undistributed profits. This new tax was introduced in accordance with Law No. 197 of December 29, 2022, which is […]

A bill proposing an increase in profit taxes has been presented to the Parliament of Turkey, sparking a wide-ranging discussion among business representatives and experts. According to the proposed changes, the profit tax rate will be raised from 20% to 25% for most companies, while banks, insurance organizations, and certain other businesses will see their […]