Malta issues Regulations on temporary support measures amid COVID-19

03 September, 2020

On 25 August 2020, Malta has issued Legal Notice No. 345, which clarifies Regulations on research and development (R&D) tax credits for corporate income and individual income tax in response to the COVID-19 pandemic. The Legal Notice includes

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South Korea: National Tax Service investigates MNEs tax evasion

03 September, 2020

On 27 August 2020, the South Korean National Tax Service has announced that it has initiated a tax audit on 21 multinational enterprises (MNEs) suspected of cross-border and committing tax evasion and 22 offshore tax evasion suspects, including

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Denmark: Ministry of Taxation publishes a Bill regarding deduction for R&D expenses

31 August, 2020

The Ministry of Taxation has recently published a draft Bill, which provides an increase in the allowed deduction of R&D expenses up to 130% for the 2020 and 2021 tax years to give support to companies and investment during COVID-19 pandemic.

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New Zealand: Inland Revenue releases guidance on transfer pricing amid COVID-19

31 August, 2020

Recently, New Zealand’s Inland (IR) Revenue has released guidance regarding practice issues for transfer pricing due to the COVID-19 pandemic. The COVID-19 pandemic has created an impact on specific sectors and businesses substantially. The

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Thailand: Special tax relief measures for SME sector

30 August, 2020

The Thai Ministry of Finance has released the Royal Decree No. 707 and 708 regarding tax relief measures for SMEs in response to the Covid-19 pandemic, with effect from 13 July 2020. The Royal Decree No. 707 permits eligible SMEs that affected

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Saudi Arabia: GAZT extends tax initiatives up to 30 September

27 August, 2020

On 17 August 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines initiative and exemption from financial sanctions for taxpayers until 30 September 2020 in

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France: Tax administration postpones deadline of annual transfer pricing return

21 August, 2020

On 14 August 2020, the tax administration announced that the deadline of annual transfer pricing return is extended until 31 January 2021 with financial year ended on 31 March 2020. Previously, On 10 June 2020, the tax authority announced to extend

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Thailand declares additional 150% deduction amid Covid-19 pandemic

20 August, 2020

The Thai Royal Decrees No. 695 and 698 announced a tax relief measure in response to the Covid-19 pandemic. The Decrees permitted an additional 150% deduction to companies and juristic partnerships for certain investments made in new machinery and

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Panama considering tax cuts for SME sector amid Covid-19 pandemic

15 August, 2020

On 27 July 2020, Panama's National Assembly submitted two draft bills that contain measures in response to the Covid-19 pandemic. The bill No. 358 provides reduced income tax rates for companies and individuals qualifying as SMEs that would

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Turkey reduces VAT rate for certain services until 31 December 2020

14 August, 2020

On 31 July 2020, the Turkish Revenue Administration has published Presidential Decree No. 2812, through which the value added tax (VAT) rate is reduced for certain services applicable from 31 July 2020 due to COVID-19 pandemic. Temporarily

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France: Government publishes third amending Finance Law for 2020

12 August, 2020

On 31 July 2020, the Government Officially published Law No. 2020-935, which was basically third amending Finance (Budget) Law for 2020. The Law includes the following changes: Deferral of DAC6 reporting obligations According to the Law, the

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Portugal publishes Supplementary 2020 Budget

11 August, 2020

On 24 July 2020, Portugal published Law No. 27-A/2020 in the Official Gazette and entered into force on 25 July 2020. The law provides for the Supplementary 2020 Budget and an economic and social stabilization program in response to the

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Taiwan: MOF exempts from provisional income tax payment

09 August, 2020

On 31 July 2020, Taiwan’s Ministry of Finance (MOF) has issued a ruling prescribing that certain profit-seeking enterprises may apply for the exemption from their provisional income tax payment during the period from 15 January 2020 until 30 June

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Malta issues legal notice regarding deferral of DAC6

07 August, 2020

On 31 July 2020, Malta’s Commissioner for Revenue has issued Legal Notice 315 of 2020, which enacts the deferral of reporting on EU cross-border arrangements (DAC6) due to COVID-19 pandemic. All reporting and data exchange deadlines in 2020, the

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Slovenia extends individual tax return deadline for 2019

05 August, 2020

On 31 July 2020, Slovenia has extended the individual income tax returns deadline from 15 July 2020 to 31 August 2020. The extension has been announced due to the ongoing COVID-19

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COVID-19: Indonesia issues regulations expanding tax incentives

03 August, 2020

On 16 July 2020, the Ministry of Finance (MoF) issued Regulation No.86/PMK.03/2020 (PMK-86) providing the expansion of tax incentives in response to COVID-19. The regulation revokes and replaces MOF Regulation 44/PMK.03/2020. Tax incentives for

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COVID-19: Japan introduces special grace period for tax payments

31 July, 2020

On 29 July 2020, the National Tax Agency published the updated tax relief measures for taxpayers who face difficulty paying their national tax due to the influence of the novel coronavirus disease (COVID-19). Under this, a special grace period of

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France: Parliament approves the postponement of DAC6 reporting deadlines

30 July, 2020

Due to coronavirus outbreak, the European Commission has recently agreed to delay the entry into force of certain European Union (EU) taxation measures. Among these is the delay of Council Directive 2018/822, commonly known as the Directive on

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