Portugal 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
See MoreIreland: Revenue issues an eBrief regarding treatment of losses
On 25 June 2020, the Irish Revenue published an eBrief No. 124/20 on a Tax and Duty Manual part 19-02-05 related to treatment of capital losses. This manual describes the principles of allowable losses, and clarifies that where an allowable loss
See MoreCOVID-19: German parliament passes additional stimulus package
On 29 June 2020, the German parliament has approved the second economic stimulus package in response to COVID-19. The package includes the following tax measures. A reduction in the standard rate of value-added tax from 19 to 16 percent for the
See MoreUS: Treasury Department and IRS issue guidance for group’s net operating losses
On 2 July 2020, the Department of the Treasury and the Internal Revenue Service issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). The Tax Cuts and Jobs
See MoreBangladesh: National Parliament passes budget for 2020-21 FY
On 30 June 2020, national budget of Tk. 5680 billion for the fiscal year 2020-2021 has been passed in national Parliament and the National Board of Revenue (NBR) has published the Finance Act 2020 with effect from 1 July 2020. The Key tax
See MoreBelgium: Parliament adopts business loss carry-back relief
On 18 June 2020, the parliament of Belgium adopted a bill providing provision for loss carry back applicable for companies in response to Covid-19 pandemic. The loss carry back is provided by allowing for the creation of a tax-exempt reserve
See MoreCOVID-19: German cabinet approves economic relief plans
On 12 June 2020, the Germany Federal Cabinet has approved a EUR130bn (USD148bn) fiscal stimulus package with numerous tax measures, intended to help revive the German economy following the COVID-19 pandemic. The package increases loss carryback
See MoreAustria: Government announces additional measures in response to COVID-19 outbreak
On 12 June 2020, the Government announced some additional measures in response to COVID-19 outbreak: VAT The Government is planning to finalize a reduced value-added tax (VAT) rate of 5% for the restaurant and culture sector due to the corona
See MoreCzech Republic: The Chamber of Deputies passes anti-crisis tax package for second time
On 16 June 2020, the Chamber of Deputies passed the anti-crisis tax package for the second time aimed at mitigating the adverse economic effects of the pandemic on entrepreneurs and companies. The package is set to be signed by the president and
See MoreTaiwan: NTBNA clarifies about various tax acts and penalties income tax returns
On 15 June 2020, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance of Taiwan has issued a press release that clarifies about various tax acts and penalties as provided in various regulations shall not be allowed to be
See MorePuerto Rico: Governor signs additional economic relief package for COVID-19
On 14 June 2020, the Puerto Rican Office of the Governor has signed Law 57-2020 "Complementary Law to Address the Effects of the Puerto Rican Economy Caused by the COVID-19 Emergency". The new legislation includes the following main tax
See MoreBelgium: Investment allowance rates for AY 2021
On 22 May 2020, Belgium has published notice in the Official Gazette that contains investment allowance rates for the assessment year (AY) 2021. The following table summarizes the applicable allowance rates for specific investment types made by
See MoreEthiopia: Council of Ministers adopts economic measures due to COVID-19 pandemic
On 26 April 2020, the Council of Ministers of Ethiopia has adopted a number of economic measures in response to coronavirus outbreak. Following the decision of the Council of Ministers, the Ministry of Finance has issued Directive No.64/2020
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