Thailand 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
See MoreMalta issues Regulations on Research & Development (R&D)
On 17 November 2020, the Maltese Parliament has issued Research & Development Regulations 2020 (Legal Notice No. 346 of 2020), and these regulations shall be read and construed as one with the Research and Development, Regulations, hereinafter
See MoreIreland: Revenue extends refund of excess R&D tax credits due in 2020
On 11 November 2020, the Tax Revenue published a Guidance in eBrief 202/2020, which includes a new paragraph 2.1 in relation to 2020 refunds. Due to COVID-19 pandemic, the Revenue announced the extension of the quick cash refund of R&D tax
See MoreMalaysia: Finance Minister tables the budget for 2021
On 6 November 2020, the Minister of Finance Tengku Datuk Seri Zafrul Abdul Tengku Abdul Aziz unveiled the annual budget speech in Parliament for 2021. The following tax measures has been proposed under the budget 2021. A new tax incentive
See MoreIndonesia releases regulation on tax holidays for pioneer industries
On 24 September 2020, Indonesian Ministry of Finance has published the Regulation No. 130/PMK.010/2020 regarding the tax holiday (exemption) incentive for pioneer industries. The new regulation updates and replaces the Regulation No.
See MoreLithuania: Parliament adopts new incentive for large scale FDI projects
The Parliament of Lithuania has approved a new incentive for large investment projects in any area of Lithuania.The new package of laws offers tax incentives and cuts the red-tape. Large-scale investment project that meets the
See MoreBulgaria: Cabinet approves draft Budget Bill 2021
On 28 October 2020, the Bulgarian Cabinet approved the 2021 Budget bill drafted by the Finance Ministry at a Cabinet meeting. The President made clear that this is not an electoral Budget. This is a Budget for after the elections, so that there are
See MoreUruguay declares tax exemption for software development services
The tax authority of Uruguay has issued Resolution No. 1716 to exempt corporate tax for income from software development services. Particularly, the tax authority permitted taxpayers to include, in their expenses and direct costs incurred in
See MoreFrance: Government publishes draft Finance Bill for 2021
On 28 September 2020, the Council of Ministers adopted the French Budget Bill for 2021 or Finance Bill 2021. The draft Bill also includes the recovery plan to restore the economy following the coronavirus pandemic. French Parliamentary discussions
See MoreSweden: Government submits the Budget Bill for 2021 to the Riksdag
On 21 September 2020, the Government has submitted the Budget Bill for 2021 to the Riksdag (the national legislature and the supreme decision-making body of Sweden). The Budget proposes the following key tax measures: Temporary tax
See MorePanama: Special tax regime for multinational companies
On 31 August 2020, Mr. Laurentino Cortizo, the president of Panama signed Law No. 159, introducing a new tax regime designed to encourage multinationals to establish and operate manufacturing services in Panama. The new law (EMMA) looking
See MoreChile: Government publishes Law regarding new COVID-19 tax incentives package
On 2 September 2020, Government Officially published Law 21.256 regarding new COVID-19 tax incentive packages for those who are badly affected by coronavirus pandemic. Previously, on 18 August 2020, the Senate approved this Bill. The measures
See MoreIndonesia announces further tax relief measures due to COVID-19
On 22 August 2020, the Indonesian Directorate General of Taxation has published Regulation No.110/PMK.03/2020 regarding tax incentives for certain taxpayers in industrial sectors affected by the coronavirus pandemic. The regulations increased the
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