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Inclusive Framework records almost 50,000 information exchange upto 2021, significant progress on Action 5

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OECD recognises jurisdictions for speedy dispute resolution; India MAP stats ‘middling’

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Major jurisdictions agree to share information on digital economy, offshore financial assets

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US Tax Court issues supplemental opinion, holds CUT not best method to determine ALP in Medtronic’s case

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US Court of Appeal points out IRS’s limited discretion in cancelling APAs; Provides penalty relief to Eaton Corporation

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UK Court allows HMRC’s appeal against First-tier Tribunal on TP issue in Blackrock's case

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ATO releases Consultation paper on thin capitalisation, royalty and intangibles deduction rules; Invites comments

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Netherlands introduces new TP decree, aligns it with OECD; New section on Cash Pooling introduced

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OECD releases fourth batch of TP country profiles for four new countries; Increases participation score to 73

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OECD invites comments on public consultation over tax certainty on 'Framework' and 'Issues Related' to Amount A

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G7 Finance Ministers commit timely, effective implementation of two-pillar solution; Welcome OECD report on Tax Co-operation for 21st century

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OECD announces public consultation on 'Regulated Financial Services Exclusion' under Pillar One; Invites comments by May 20

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Stakeholders seek simplification in definitions for extractive exclusion, clarity on dual test for LNG

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OECD conducts virtual consultation on implementation framework for global minimum tax; Panelists suggest common information reporting platform

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OECD releases third batch of updated TP country profiles; Updates include US, UK, Canada, China etc. & 6 new Inclusive Framework members

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OECD releases updated Transfer Pricing country profiles for 21 countries, includes 3 new first time participants

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EU adopts public Country-By-Country Reporting; Effective from Dec 21, 2021

Around the World International

OECD releases MAP Statistics for 2020; India resolves 48% of TP MAP cases via domestic remedy

Around the World International News

India & US agree on transitional approach on 2% EL; Terms to be finalised in Feb’22

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ATO updates intercompany interest rate thresholds for small taxpayers as part of simplified record-keeping options