Slovenia: MoF proposes several amendments to tax changes
On 16 April 2021, the Slovenian Ministry of Finance (MoF) has proposed several amendments to tax changes including the Bill on Amendments to the Value Added Tax (VAT) Act, the Bill on Amendments to the Corporate Income Tax Act, and the Bill on
See MoreChina declares 200% R&D deduction for manufacturing sectors
On 31 March 2021, the State Administration of Taxation of China has published Announcement No. 13 of 2021, regarding an increased R&D super deduction for manufacturing entities. The announcement include 200% deduction for R&D
See MoreRomania: New tax measures in response to Covid-19 pandemic
On 25 March 2021, Romanian Ministry of Finance has announced its decision to provide further support measures in response to the Covid-19 pandemic. Measures include: Deadline extension for submitting applications for budgetary
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 MoreDenmark: Government submits a draft Bill to amends various Acts
On 25 February 2021, the Government submitted a draft Bill, L 178, in the Parliament, which is a proposal for an Act amending the Depreciation Act, the Tax Assessment Act, the Pension Returns Taxation Act and the Sulfur Tax Act. The draft bill
See MoreTurkey amends R&D and technology development zone regulations
On 3 February 2021, Turkey has published Law No. 7263 in the Official Gazette on an amendment to the Law on Technology Development Zones and some other Laws. The Law is effective from the day of its publication. The main amendments of the Law are
See MoreHong Kong issues regulation on tax concessions for insurance-related businesses
On 15 January 2021, the Hong Kong’s Government gazetted subsidiary legislation to implement the new profits tax concessions for insurance-related businesses on March 19, 2021. Enacted in July 2020, the Inland Revenue (Amendment) (Profits Tax
See MorePeru issues Law on tax incentives for agribusiness
On 31 December 2020, Peru has issued Law No. 31110 in the official gazette modifying new regime and tax incentives for agribusiness. The new Law replaces previous Law No. 27360 and is effective from 1 January 2021. The Law aims to develop
See MoreJapan announces tax reform proposals for 2021
On 10 December 2020, the Liberal Democratic Party (LDP) and the New Komeito Party announced the tax proposals for the 2021 providing the following corporate tax measures. Either special depreciation of 30% or a tax credit of 3% or 5% tax
See MoreIndonesia expands tax incentives for special economic zones
On 30 December 2020, the Indonesian Ministry of Finance has issued a Regulation No. 237/PMK.010/2020 providing tax incentives for companies in special economic zones (SEZs). Accordingly, a 100% reduction in corporate income tax, which may
See MoreDenmark: Parliament temporarily increases R&D deduction
In the late December 2020, the Parliament published Legislation to temporarily increase the deduction for research and development (R&D) up to 130%. The legislation notifies the following issues: Company conducts R&D activities for
See MoreFrance: Government publishes Finance Law for 2021
On 30 December 2020, the Government Officially published Finance Law for the year 2021. On 17 December 2020, the French Parliament approved the Finance Bill for 2021. The Act includes: Corporate Income Tax In the context of the Covid-19
See MoreThailand declares incentives to increase investment and promote digital adoption
21 December 2020, the Thailand Board of Investment (BOI) approved a series of measures to accelerate investments, particularly in target industries and to encourage business to adopt digital technologies. "The package to promote large scale
See MorePakistan declares incentives for Special Technological Zones
On 2 December 2020, the Ministry of Law and Justice of Pakistan has issued a copy of the Special Technology Zones Authority Ordinance 2020, Gazette on 3 December 2020 and applies with immediate effect. The Ordinance introduces supporting
See MoreSweden: Parliament approved Budget for 2021
On 17 December 2020, the Swedish Parliament (Riksdag) has approved Budget for fiscal year 2021. The Budget includes the following key tax measures: Temporary tax reduction of 3.9% of the acquisition value of machinery and equipment
See MoreBrazil: Revenue sets thresholds for simplified tax regime in 2021
On 18 November 2020, the Revenue published an Ordinance No. 30 of 18 November 2020, setting the revenue limits for the purpose of paying state tax on the sale of goods, interstate and inter-municipal transportation and communication services (ICMS)
See MoreBulgaria: Parliament passed the Budget Act 2021
On 26 November 2020, the Parliament passed conclusively the 2021 Budget Act, which will enter into force on 1 January 2021. In the transitional and final provisions, Parliament today voted on child benefits and on tax breaks for childcare. The
See MoreDenmark: Ministry of Trade and Industry announces fixed costs compensation scheme
On 12 November 2020, the Ministry of Trade and Industry published executive Orders, BEK no. 1604 and BEK no. 1606, which extended the fixed costs compensation scheme to support the companies affected during coronavirus pandemic. The two Executive
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