Belgium 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 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 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 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 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 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 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 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 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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