IMF: World Economic Outlook for April 2021
The IMF publication World Economic Outlook for April 2021 notes that the global economic outlook is still uncertain, with potential downside effects from new virus mutations balanced by optimism owing to the vaccines. Global growth is projected to
See MoreAustralia publishes guidelines on claiming temporary full expensing and loss carry back
The Australian Taxation Office (ATO) has published guidance on how to claim temporary full expensing and loss carry back in the 2020-21 tax return to boost-up businesses and recover from the impact of the Covid-19 pandemic. Temporary full
See MoreJapan: National Diet passes tax reform measures for 2021
On 26 March 2021, the National Diet (Parliament) passed the bill tax reform proposals for 2021 providing the following tax measures. A digital transformation-related investment under a certified business adaptation plan made by 31 March 2023 up
See MoreOman introduces economic stimulus plan
On 9 March 2021, the government of Oman declared an economic stimulus plan in response to the Covid-19 pandemic. The stimulus plan contains several tax incentives as follows: A 5-year income tax exemption for new businesses having main
See MoreAustralia: ATO publishes guidance on claiming loss carry back
The Australian Taxation Office (ATO) has published guidance on claiming loss carry back for early balancers and claims for partial years. Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who
See MoreSingapore: Summary of tax changes in Budget 2021
On 16 February 2021, the following tax changes were announced by Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat, in his Budget Statement for the Financial Year 2021. Tax measures in the budget 2021 concern: Investment
See MoreSingapore: IRAS issues updated tax guide on R&D tax measures
On 29 January 2021, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (6th Edition). The Guide sets out the relevant R&D tax measures as announced in Budgets
See MoreSouth Korea enacts tax revision bill for 2021
At the end of December 2020, South Korea has enacted a tax revision bill for 2021, which was passed by Korea’s National Assembly on 2 December 2020. The tax revision bill generally effective from fiscal years beginning on or after 1 January 2021.
See MoreSri Lanka: Budget for 2021
The Inland Revenue Department (IRD) of Sri Lanka has issued a notice to taxpayers announcing the tax proposals in the 2021 Budget recently presented in parliament. As per the National budget of 2021 presented in Parliament, following new
See MoreFinland: Tax Authority publishes overview of tax changes for 2021
On 16 December 2020, the tax authority of Finland has released an overview of tax changes for 2021. The changes related to corporate tax matters are summarized below: The final losses of a subsidiary located in another EEA state be taken into
See MoreJapan: Government plans to include loss carryforward relief
In order to offset the negative impact of the COVID-19 pandemic, the government is planning to include loss carryforward relief. Previously, the government introduced loss carryback relief for companies with common capital of up to JPY1 billion
See MoreAustralia: ATO issues guidance on loss carry back tax offset
The Australian Taxation Office (ATO) published guidance on the loss carry back offset relief introduced as part of measures for the 2020-21 Budget. Loss carry back provides a refundable tax offset that eligible corporate entities can
See MoreSingapore publishes income tax amendment Act 2020
On 7 December 2020, Singapore published the Income Tax (Amendment) Act 2020 and the Goods and Services Tax (Amendment) Act 2020 in the Official Gazette. The two Acts were approved in parliament on 3 November and assented to by the President on 25
See MorePapua 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
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