Thailand announces tax incentive for Special Economic Zone
On 11 February 2020, the Thai Revenue Department made an announcement to launch a tax measure supporting investment in Special Economic Zone (SEZ). Corporate income tax rate for companies in the area will be reduced to 10% in order to
See MoreNetherlands: Tax measures in response to COVID-19 pandemic
On 12 March 2020, the Dutch government announced several measures to support the business community in response to the Coronavirus (COVID-19). These key measures include: Deferral of payment The Dutch government has declared that the tax
See MoreAustralia: Tax measures amid COVID-19 pandemic
On 12 March 2020, the Australian government announced a package of measures to assist the economy withstand and recover from the economic impact of COVID-19. The following measures will be administered by the Australian Taxation Office
See MoreCOVID-19: Norway announces tax relief measures due to coronavirus
On 13 March 2020, the government of Norway presented proposals to amend the income tax law in response to the coronavirus (COVID-19) epidemic. The proposal includes; (i) Allow the application of up to NOK 30 million of corporate losses in 2020
See MoreIMF Blog Outlines Fiscal Policy Responses to the Health Crisis
An IMF blog published on 5 March 2020 is concerned with fiscal policy responses to the outbreak of coronavirus. The blog emphasises that the priority for governments is health spending for prevention and cure, and to ensure that health services
See MoreSouth Africa: Finance Minister delivers draft Budget for 2020-2021
On 26 February 2020, the Finance Minister, Tito Mboweni, delivered National Budget for the year 2020-2021. Some provisions of budget 2020-2021 include: Corporate income tax The standard corporate income tax rate was proposed to remain
See MoreChina introduces additional tax relief measures to tackle Coronavirus epidemic
China has declared additional tax relief measures due to Coronavirus epidemic. These measures are following: An exemption from consumption tax, VAT and import duties on imported of goods and equipment donated for Coronavirus
See MorePeru: SUNAT explains carry forward loss rules for R&D incentives
On 23 January 2020, the Peruvian Tax Administration (SUNAT) has published Report No. 200-2019-SUNAT/7T0000 on its website regarding tax carry forward loss rules for research and development (R&D) incentives. SUNAT clarifies that the R&D
See MoreFrance publishes interest rate for shareholder loan for FY ends between December 2019 and March 2020
Recently, France has published interest rates for entities whose financial year (FY) ended between 31 December 2019 and 30 March 2020, which are used to determine the deductibility of interest payments to shareholders. The portion of
See MoreVietnam: MOF publishes draft Decree on deductible interest expenses
On 12 December 2019, the Vietnam Ministry of Finance (MOF) has published the draft Decree amending and supplementing Clause 3, Article 8 of Decree 20/2017/ND-CP to regulated approach on determining the deductibility for interest expense for
See MoreQatar publishes new regulations to amend income tax law
On 11 December 2019, Qatar published Executive regulations 39/2019 in the Official Gazette, introduced new Income Tax Law No. 24 of 2018. The new regulations are generally effective from 12 December 2019. Key features of the new regulations
See MoreIreland: Revenue publishes eBrief No. 202/19 regarding capital loss treatment
On 5th December 2019, the Irish Revenue Commissioners published eBrief No. 202/19 regarding guidance on the treatment of allowable losses for Capital Gains Tax (CGT) purposes. Under the eBrief No. 202/19, Tax and Duty Manual Part 19-02-05 has been
See MoreAustria: The upper house approves the tax on digital advertising
On 10 October 2019, the upper house of Austria's Parliament passed a digital advertising tax bill. The bill was approved by the Austrian lower house of Parliament on 19 September 2019. The Bill includes the following changes: Under the Digital
See MoreRussia proposes Tax Policy for 2020 to 2022
On 30 September 2019, the Russian Government submitted the Draft Law to the State Duma. The draft law includes the following measures: The bill aims to change the approach to taxing companies in the digital sector. The draft law recommend that
See MoreTaiwan: MOF issues tax ruling on Taiwan-sourced income of foreign entities
On 26 September 2019, Taiwan’s Ministry of Finance (MOF) released a tax ruling regarding the new method of calculating income source from Taiwan originating from foreign entities amending article 15-1 in accordance with Article 8 of the Income
See MoreSlovak Republic: President signs the law to update Income Tax Act
On 1 October 2019, Ms. Zuzana Čaputová, the President of Slovak Republic signed the law introducing updates to the Income Tax Act. On 29 May 2019, the Slovak government approved draft law to update the Income Tax Act. The draft law proposes the
See MoreSouth Africa: SARS publishes draft IN18 on rebate and deduction of foreign taxes on income
On 12 September 2019, the South African Revenue Service (SARS) published draft Interpretation Note 18 (Issue 4) (IN18) regarding the rebate and deduction of foreign taxes on income for public comment. This interpretation note describes the scope,
See MoreCosta Rica publishes a resolution on the list of non-cooperative jurisdictions for tax purposes
On 25 September 2019, the Costa Rican Ministry of Finance published a resolution No. DGT-R-55-2019 on the list of non-cooperative jurisdictions for tax purposes. The list includes Bosnia and Herzegovina, Cuba, Eritrea, French Polynesia, Guadeloupe,
See More