Argentina: AFIP further extends the deadline for beneficial ownership declaration

08 January, 2021

On 31 December 2020, the Federal Administration of Public Revenue (AFIP) Officially published General Resolution 4897/2020 of 29 December 2020, which extends the initial reporting deadline of beneficial ownership declaration for 2019 and, with

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Germany: Ministry of Finance extends tax payment relief measures for COVID-19

07 January, 2021

Germany’s Ministry of Finance (MOF) released decrees on 21 and 22 December 2020 that extend various tax measures in response to the coronavirus (COVID-19), including administrative measures relating to corporate income tax payments and extension

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Luxembourg intends to extend the tax return filing deadline for 2019 and 2020

06 January, 2021

On 21 December 2020, Luxembourg's Ministry of Finance has issued a press release regarding the extension of filing deadlines for tax returns due to the ongoing COVID-19 pandemic. The deadline for filing individual and corporate income tax (CIT)

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Oman extends CbC notification deadline

31 December, 2020

In reference to the Decision No. 79/2020 on Rules for Country-By-Country Reporting that specified designated persons (MNEs), information to be provided, retention periods, and the procedures to be followed in this regard; and after considering that

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Sri Lanka: IRD further extends due date of PAYE and WHT return

31 December, 2020

According to the notice of 23 December 2020, in response to the Covid-19 pandemic, Inland Revenue Department (IRD) extended the due date for submission of Annual Statement of Employer (PAYE) and Annual Statement of Withholding Tax (WHT) to 31

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Philippines: BIR issues guidance on TP reporting and documentation requirements

31 December, 2020

On 18 December 2020, the Bureau of Internal Revenue (BIR) published a Revenue Regulations (RR) No. 34-2020, which replaces the previous Revenue Regulations (RR) No. 19-2020, its clarifying Revenue Memorandum Circular No. 76-2020, and other relevant

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France: Government publishes Finance Law for 2021

31 December, 2020

On 30 December 2020, the Government Officially published Finance Law for the year 2021. On 17 December 2020, the French Parliament approved the Finance Bill for 2021. The Act includes: Corporate Income Tax In the context of the Covid-19

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Argentina: AFIP again extends the deadline for beneficial ownership declaration

21 December, 2020

On 12 December 2020, the Federal Administration of Public Revenue (AFIP) Officially published General Resolution 4878/2020 of 12 December 2020, which provides new definitions and rules for beneficial ownership disclosures. According to the new

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Argentina: Government publishes Budget Law for 2021

21 December, 2020

On 14 December 2020, the Government Officially published Law 27591 of 14 December 2020, including budget measures for 2021 to Congress amid continuing pandemic and political uncertainties. The measures are given below: The VAT and customs duties

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Austria: Parliament approves winter package due to COVID-19 pandemic

21 December, 2020

On 17 December 2020, the Parliament approved the COVID-19 Tax Measures Act. Recently, the Ministry of Finance has announced the draft winter package on tax measures for the coronavirus outbreak. The package includes the measures to introduce the

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Kenya publishes the law reversing the tax rates provided due to COVID 19

15 December, 2020

On 27 November 2020, the National Treasury has published the Tax Laws (Amendment) (No.2) Bill, 2020 (“the Bill”) in the Kenya Gazette Supplement No.216 (National Assembly Bills No.48). The law seeks to reverse the major tax concessions

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Sri Lanka: IRD postpones Master file and CbC reporting requirements

08 December, 2020

According to the notice of 23 November 2020, considering the prevailing Covid-19 pandemic and the multiple requests made by the stakeholders to the Ministry of Finance, the requirements to submit the TP documentations of Master Files and Country by

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Ecuador: SRI issues provisions on automatic application of tax benefits

07 December, 2020

On 12 November 2020, the Internal Revenue Service (SRI) Officially published Resolution No. NAC-DGERCGC20-00000067 of 12 November 2020, amending the Resolution No. NAC-DGERCGC18-00000433 that establishes the maximum amounts and requirements for the

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Canada: Finance Department introduces new GST/HST requirement for new DST

07 December, 2020

On 30 November 2020, the Finance Department published the Fall Economic Statement 2020 - Supporting Canadians and Fighting COVID-19, including prudent fiscal plan with proposed measures for a tax system for the digital economy. Under current rules,

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Argentina: AFIP extends suspension on inspections, assessments, appeals

04 December, 2020

In response to corona virus pandemic, on 27 November 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4868/2020 of 27 November 2020, providing an extension of suspension up to 31 December 2020 regarding

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France: Tax authorities update guidelines regarding DAC6 reporting obligations

30 November, 2020

On 25 November 2020, the tax authorities published updated guidance regarding reporting rules applicable to intermediaries as regards cross-border arrangements under the provisions of Council Directive (EU) 2018/822 (DAC6) and it provides

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US: IRS publishes guidance on forgiven PPP loans

29 November, 2020

On 18 November 2020, the Internal Revenue Service (IRS) has published an advance version of Rev. Proc. 2020-51 that provides a safe harbor allowing a taxpayer to claim a deduction in the taxpayer’s tax year beginning or ending in 2020 (the 2020

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Singapore extends deadline for TP documentation

28 November, 2020

In response to the Covid-19 pandemic, for this group of companies which faced genuine difficulties in preparing and e-Filing the YA 2020 Corporate Income Tax (CIT) Returns due to the COVID-19 situation, the IRAS would grant them a 1-month extension

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