Papua New Guinea: Department of Treasury publishes taxation bills for 2021
With a theme of “Consolidation for Growth”, on 17 November 2020, the government of Papua New Guinea has presented Budget 2021 that focuses on fiscal consolidation and stimulating economic growth with the aim of rebuilding the living standards
See MoreMalta issues Regulations on Research & Development (R&D)
On 17 November 2020, the Maltese Parliament has issued Research & Development Regulations 2020 (Legal Notice No. 346 of 2020), and these regulations shall be read and construed as one with the Research and Development, Regulations, hereinafter
See MoreUS: Tax court issues its opinion in case of Coca-Cola Co. v. Commissioner
On 18 November 2020, the U.S. tax court issued its opinion in a case of Coca-Cola Co. v. Commissioner, 155 T.C. No. 10. The tax court decision upheld two IRS adjustments that had contributed to increasing Coca-Cola’s taxable income by more than
See MoreItaly publishes draft Budget for 2021
On 20 November 2020, the Italian Government published an updated version of the draft budget law for the year 2021, which is currently under discussion within the Italian Parliament. Following tax measures contained in the Draft Budget relate
See MoreMalaysia: IRBM issues updated tax audit framework for finance and insurance
The Inland Revenue Board of Malaysia (“IRBM”) has published an updated Tax Audit Framework for Finance and Insurance (“the Framework”) which revokes Tax Audit Framework - Finance and Insurance dated 1 Jun 2015. The Framework comes into
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US and Mexico renew competent authority agreement on Maquiladoras
On 16 November 2020, the Internal Revenue Service (IRS) announced that IRS and Mexico’s Servicio de Administración Tributaria (“SAT”) have agreed to renew the Qualified Maquiladora Approach Agreement (“QMA”), a coordination
See MoreUS: IRS and Treasury issue final regulations on foreign tax credits
On 12 November 2020, the Internal Revenue Service and Treasury published in the Federal Register providing guidance related to the allocation and apportionment of deductions and foreign taxes, foreign tax re-determinations, foreign tax credit
See MoreOECD: Consultation on review of the minimum standard under BEPS Action 14
A consultation document issued by the OECD on 18 November 2020 invites input from interested parties on proposals for the 2020 review of the Action 14 minimum standard on making dispute resolution mechanisms more effective. A number of possible
See MoreSri Lanka: Budget for 2021
On 17 November 2020, Mr. Mangala Samaraweera, the Finance Minister of Sri Lanka presented Budget for 2021. Finance Minister stated that tax law will be amended where it will be mandatory for all Companies to file their taxes only on an
See MoreIreland: Revenue extends refund of excess R&D tax credits due in 2020
On 11 November 2020, the Tax Revenue published a Guidance in eBrief 202/2020, which includes a new paragraph 2.1 in relation to 2020 refunds. Due to COVID-19 pandemic, the Revenue announced the extension of the quick cash refund of R&D tax
See MoreThailand publishes new transfer pricing regulation
On 6 November 2020, Mr. Apisak Tantivorawong, the Minister of Finance issued Ministerial Regulation No. 369, published in the official bulletin 2556. The regulation sets basic rules to be followed by the tax authority when evaluating transactions
See MoreSouth Africa: SARS publishes discussion paper regarding APAs
Recently, the South African Revenue Service (SARS) published a Discussion paper on Advance Pricing Agreements (APAs). Discussion Papers are published by National Treasury or SARS to obtain public comment on specific tax policy matters before draft
See MoreMalta further extends electronic filing deadline of CIT returns amid COVID-19
On 16 November 2020, Malta’s Commissioner for Revenue has notified that the electronic filing deadline for year of assessment 2020 tax returns in respect of companies having a 31 December 2019 accounting year-end is being further extended to 16
See MoreGreece: The AADE extends customs and VAT exemption regarding imported goods
On 2 November 2020, the Greek Public Revenue Authority (AADE) published Circular E. 2179 of 2 November 2020 regarding the customs duty and VAT exemption on the import of personal protective equipment, respirators, disinfectants, and other medical
See MoreIMF: Report Analyses the Economic Situation in Georgia
On 10 November 2020 the IMF and Georgia completed a staff-level agreement for the completion of the Seventh Review under the Extended Fund Facility. The IMF team expects GDP growth to rebound to 4.3% in 2021 as the effects of the pandemic
See MoreAustralia: ATO declares lodgment deferral for Local File, Master File, and CbC Report for FY 2019
The Australian Taxation Office (ATO) has issued a notice declaring a lodgment deferral for the Local file, Master file, and Country-by-Country (CbC) report for the year ended 31st December 2019. Significant Global Entities (SGEs) that have
See MoreSouth Africa: SARS extends the CbC filing deadline
On 12 November 2020, the South African Revenue Service (SARS) published a notice, which stated that the due date for submitting country-by-country (CbC) report is extended on the basis of some specified person. According to the notice, the
See MoreMalta: CFR publishes dispute resolution mechanisms
On 9 November 2020, the Maltese Commissioner for Revenue (CFR) has published new guidance regarding tax dispute resolution mechanisms. The guidance note provides a general overview of the European Union Dispute Resolution Mechanisms (Directive
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