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 MoreIsrael introduces depreciation relief
On 9 November 2020, the Finance Committee of the parliament approved regulations regarding depreciation relief in response to the Covid-19 pandemic. The regulations include the straight-line depreciation rates for assets that purchased from 1
See MoreCzech Republic: Finance Ministry declares the extension of COVID-19 tax relief
On 14 October 2020, the Finance Ministry announced that a large liberation packages are extended in response to coronavirus pandemic. The package includes delay of tax payments by companies whose primary activity falls into an area targeted by the
See MoreBelgium publishes a new guidance on loss carryback
Belgium has published Circular 2020/C/122 regarding guidance on the application of the loss carryback provisions for companies and individual entrepreneurs due to the Covid-19 outbreak. To claim the relief, companies are required to comply with
See MoreAustralia: Parliament approves Federal Budget for 2020-21
On 9 October 2020, Mr. Scott John Morrison, the Prime Minister of Australia has issued a release announcing the approval of the Budget 2020-21 measures. On 6 October 2020, the Budget measures were included as part of the Treasury Laws Amendment
See MoreEgypt cancels exemptions for interest, capital gains on treasury bills, bonds
On 5 September 2020, the Egyptian Ministry of Finance has issued Law No. 182 of 2020 abolishing the exemption on the proceeds of treasury bills and bonds or capital gains resulting from dealing in these bills and bonds from tax on income. The
See MoreNorth Macedonia declares Fourth round of tax relief measures amid Covid-19 outbreak
On 24 September 2020, the Ministry of Finance has issued a release announcing the adoption of the fourth round of relief measures in response to the Covid-19 pandemic. The key tax measures are following: The reduction of interest rate
See MoreUkraine introduces loss carry-back provisions
On 15 September 2020, The Ukrainian Parliament has accepted for consideration Draft Bill No. 4101, which introduces loss carry-back provisions. The loss carry-back provisions would allow taxpayers to carry back losses up to 5 years. The Bill
See MoreThailand: Special tax relief measures for SME sector
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
See MoreIreland: Revenue publishes guidance regarding loss relief for COVID-19 affected companies
On 6 August 2020, the Revenue published an eBrief 150/20 regarding loss relief for COVID-19 affected companies. A new Tax and Duty Manual has been published to provide guidance on the operation of section 396D TCA, as well as to provide information
See MoreThailand declares additional 150% deduction amid Covid-19 pandemic
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
See MoreFrance: Government publishes third amending Finance Law for 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
See MorePortugal publishes Supplementary 2020 Budget
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
See MoreUK: Further Extension of Making Tax Digital
On 21 July 2020 the UK government outlined its plans for extending the digitalisation of tax returns, known as Making Tax Digital (MTD). The plans cover value added tax (VAT), income tax and corporation tax. The government considers that digital
See MoreUK: Strategy Document Outlines Future Development of Tax Administration
On 21 July 2020 the UK government issued a strategy document entitled Building a trusted, modern tax administration system in which it set out a ten-year strategy for a tax administration system that can offer support to taxpayers, increase
See MoreKorea: MOEF proposes Tax Revision Bill 2020 amid COVID-19
On 22 July 2020, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2020 to overcome the economic crisis and enhancing economic vitality due to COVID-19 pandemic. The three main focuses
See MoreCyprus amends treatment of intangible assets
On 17 July 2020, the House of Representatives of Cyprus approved a bill amending Section 9(1)(l) of the Income Tax Law (ITL) which introduced a number of changes with respect to the tax treatment of intangible assets. As per section 9(1)(l)
See MoreVietnam: Government issues Decree increasing cap on deductible interest expenses
On 24 June 2020, the Vietnamese Government has issued Decree No. 68/2020/ND-CP amending and supplementing Clause 3, Article 8 of Decree 20/2017/ND-CP (Decree 68). On 14 July 2020, the Vietnam Ministry of Finance (MOF) has also issued Official
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