Bulgaria: Parliament passed the Budget Act 2021
On 26 November 2020, the Parliament passed conclusively the 2021 Budget Act, which will enter into force on 1 January 2021. In the transitional and final provisions, Parliament today voted on child benefits and on tax breaks for childcare. The
See MoreOECD: Tax relief for philanthropic entities
A report published by the OECD entitled Taxation and Philanthropy contains a detailed review of the taxation of philanthropic entities and donors in 40 countries, setting out potential policy options for countries. Reasons for giving tax
See MoreUK: Changes to the Research and Development Tax Credit for SMEs
On 12 November 2020 the UK government published draft legislation aiming to prevent the abuse of research and development (R&D) tax relief by small and medium companies (SMEs). This follows extensive consultation on the issue. The SME
See MoreUK: Further draft legislation published for Finance Bill 2021
On 12 November 2020 the UK government published for consultation further draft legislation in relation to the Finance Bill 2021. Comments are invited by 7 January 2020. This follows the publication of draft legislation on 21 July 2020 in
See MoreWTO: Recommendations to assist small business
At a meeting on 5 November 2020 the Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs) completed a package of six recommendations and declarations to assist the participation of MSMEs in international trade. The
See MoreCroatia: Prime Minister extends Wage Subsidy Scheme amid COVID-19 pandemic
On 20 October 2020, the Prime Minister and Minister of Labor, Pension System, Family and Social Policy presented the continuation of tax relief measures to preserve jobs due to the crisis caused by the coronavirus pandemic. The main objective of
See MoreNigeria: President presents 2021 Budget proposals
On 8 October 2020, the President, Muhammadu Buhari, presented the Federal Budget proposals for the year 2021 at the Joint Session of the National Assembly. The recent developments in this draft Budget includes: The draft 2021 Budget, themed
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2020 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. By monitoring tax relief schemes HMRC can examine the level of use of the schemes and gain some insight into the
See MoreIMF: Securing China’s Post-Pandemic Recovery
On 24 September 2020 a blog post by the IMF’s First Deputy Managing Director Forum on National Affairs looked at reforms needed to ensure China’s recovery from the economic problems caused by the pandemic. Global Economic Outlook The blog
See MoreEU: Sectoral Policies for Climate Change Mitigation
On 16 September 2016 the EU published a departmental paper entitled Sectoral Policies for Climate Change Mitigation in the EU. The paper examines climate mitigation policy in five sectors that in aggregate account for 95% of greenhouse gas
See MoreIMF: Effect of the COVID-19 Crisis on Lower Income Developed Countries
An IMF blog post, dated 27 August 2020, notes that the low income developing countries (LIDCs) are in a difficult position to combat the COVID-19 crisis. They have already been hard hit by external shocks and the lockdown measures are causing their
See MoreIMF: Aging Economies May Benefit Less from Fiscal Stimulus
An IMF blog posted to its website on 7 August 2020 suggests that economies with a higher proportion of older people may gain less momentum from a fiscal stimulus compared to countries with a younger demographic. The blog is based on research from
See MoreColombia issues decree on taxation of investment funds and PEs
On 19 July 2020, the Colombia Ministry of Finance and Public Credit has issued Decree 1054 of 2020, which determines the scope in tax matters of the concepts taxation of investment funds and (permanent establishments) PEs. The Decree was issued
See MoreSaudi Arabia exempts from income tax for oil and hydrocarbon production
On 26 June 2020, the Saudi Arabian government issued Royal Decree No. M/153 providing an exemption of income taxes for oil and hydrocarbon production non-Saudi companies listed in the Saudi financial market. The Decree has explained that this
See MoreTanzania: Finance Minister presents Budget for 2020/21 to the Parliament
On 11 June 2020, the Finance Minister presents the Budget for 2020/21 to the National Assembly. The Minister indicated that the economic impact of the COVID-19 pandemic in Tanzania is not as severe as compared to other countries. This budget
See MoreCanada: CRA announces some tax relief measures during COVID-19 pandemic
The Canada Revenue Agency (CRA) has recently announced few tax relief measures. These includes: On 21 April 2020, the CRA launched general guidance concerning the Canada Emergency Wage Subsidy (CEWS) and a calculator for determining the subsidy
See MoreDenmark: Government announces a package of tax measures due to COVID-19 impact
On 10 March 2020, the Government announced some tax measures to assist companies in situation of Coronavirus impact. These are given below: Companies with supplies more DKK 50 million are subject to monthly VAT payment. But the
See MoreIMF Report Discusses Australia’s Economic Situation
On 4 March 2020 the IMF published a report following the conclusion of discussions with Australia under Article IV of the IMF’s articles of agreement. Economic growth recovered gradually in 2019 with a contribution from net exports. Growth is
See More