Oman introduces economic stimulus plan

March 18, 2021

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

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Australia: ATO publishes guidance on claiming loss carry back

February 27, 2021

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

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South Korea enacts tax revision bill for 2021

January 25, 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.

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Finland: Tax Authority publishes overview of tax changes for 2021

December 30, 2020

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

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Japan: Government plans to include loss carryforward relief

December 30, 2020

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

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Australia: ATO issues guidance on loss carry back tax offset

December 16, 2020

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

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Papua New Guinea: Department of Treasury publishes taxation bills for 2021

November 24, 2020

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

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Czech Republic: Finance Ministry declares the extension of COVID-19 tax relief

October 16, 2020

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

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Belgium publishes a new guidance on loss carryback

October 15, 2020

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

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Australia: Parliament approves Federal Budget for 2020-21

October 13, 2020

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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North Macedonia declares Fourth round of tax relief measures amid Covid-19 outbreak

October 09, 2020

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

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Ukraine introduces loss carry-back provisions

September 28, 2020

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

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Ireland: Revenue publishes guidance regarding loss relief for COVID-19 affected companies

August 20, 2020

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

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France: Government publishes third amending Finance Law for 2020

August 12, 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

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Portugal publishes Supplementary 2020 Budget

August 11, 2020

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

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Korea: MOEF proposes Tax Revision Bill 2020 amid COVID-19

July 28, 2020

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

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Vietnam: Government issues Decree increasing cap on deductible interest expenses

July 23, 2020

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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Ireland: Revenue issues an eBrief regarding treatment of losses

July 13, 2020

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

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