Public Country-by-Country Reporting – To what extent do large companies contribute to public prosperity through their taxes? Public Country-by-Country Reporting (CbCR) is a regulatory requirement for corporations to disclose detailed financial and operational information on a country-by-country basis.
Inside this issue, Mandy Liu at AGN Member Firm Acclime in China provides insight into Individual Income Tax (IIT). Vimala Devi at AGN Member Firm BSL in Singapore provides insight into new legislations, effective as of 1 Jan 2024, relating to the gains from the sale or disposal of a foreign asset.
A summary of each article follows. Download the publication for a comprehensive read.
News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)
ESRS G1 Business Conduct emphasizes ethical behavior, integrity, and compliance with laws and regulations in all business interactions and operations. But, how important is ESRS G1 Business Conduct in relation to other European Sustainability Reporting Standards (ESRS)?
Permanent Establishment and Fixed Business Facility for Service Providers in Germany: A foreign company operating in Germany must be assessed from a tax perspective to decide whether the establishment is a ‘permanent establishment’ or not. The existence of a permanent establishment has various consequences, especially Germany’s right to tax the income attributable to the permanent establishment in Germany.
News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)
EU Directive 2018/822 (known as ‘DAC 6’) amended and significantly expanded the existing Directive on administrative cooperation in the field of taxation (2011/16) by introducing a reporting regime for professional advisers where they are involved in tax planning which meets certain hallmarks.
Inside this issue, Richard Ashby at AGN Member Firm Gilligan Sheppard in New Zealand provides insight into the new Government and what impact this will have on taxes. Muhammad Kamil Gohar at AGN Member Firm RASG in India provides insight into taxes related to the digital economy.
A summary of each article follows. Download the publication for a comprehensive read.
News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)
After the European Financial Reporting Advisory Group (EFRAG) “expert group” submitted its drafts on Set 1 of the European Sustainability Reporting Standards (hereinafter EFRAG-ESRS) to the EU Commission in November 2022, the Commission published its revised versions on June 9, 2023 (hereinafter EU-Com.-ESRS) and put them out for public consultation.
On October 12, 2023, the European Foreign Subsidies Regulation (FSR) will take effect, impacting Swiss companies and foreign entities operating in Switzerland.
The FSR introduces notification requirements for large business transactions and public procurement, containing a broad definition of subsidies, including tax benefits, grants, loans, and guarantees. As the deadline approaches, Swiss businesses must prepare for compliance.
News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)