Malta issues Regulations on temporary support measures amid COVID-19
On 25 August 2020, Malta has issued Legal Notice No. 345, which clarifies Regulations on research and development (R&D) tax credits for corporate income and individual income tax in response to the COVID-19 pandemic. The Legal Notice includes
See MoreDenmark: Ministry of Taxation publishes a Bill regarding deduction for R&D expenses
The Ministry of Taxation has recently published a draft Bill, which provides an increase in the allowed deduction of R&D expenses up to 130% for the 2020 and 2021 tax years to give support to companies and investment during COVID-19 pandemic.
See MoreColombia issues decree on the mega-investment regime
On 21 August 2020, the Colombian Ministry of Finance and Public Credit has published Decree 1157, through which the Government regulated one of the instruments that it created in the Economic Growth Law of December 2019, and which is part of the
See MoreThailand declares additional 150% deduction amid Covid-19 pandemic
The Thai Royal Decrees No. 695 and 698 announced a tax relief measure in response to the Covid-19 pandemic. The Decrees permitted an additional 150% deduction to companies and juristic partnerships for certain investments made in new machinery and
See MoreRussia declares reduced rate for IT companies
On 31 July 2020, Russia has published Federal Law No. 265-FZ in the Official Gazette introducing "ultra-low tax regime" for IT companies, applies from 1 January 2021. The law provides following major benefits for qualifying IT
See MoreAmendment in transfer pricing legislation in South Africa
Section 31 of the South African Income Tax Act and its proposed changes to the transfer pricing rules have created much discussion among finance directors, tax managers and tax advisors. The changes tabled in Section 56 of the 2010 Taxation Laws
See MoreGreece: Parliament published two Laws to introduce various changes in transfer pricing context
On 31 July 2020 and on 29 July 2020, the Greek Parliament Officially published two Laws, L. 4714/2020 and L. 4712/2020 respectively regarding various sections of transfer pricing. The two Laws cover the following changes: Tax dispute Resolution
See MoreGreece: Parliament approves Law regarding deduction on R&D expenditures
On 27 July 2020, the Parliament approved a Law, which provides the increased deduction of research and development (R&D) expenditures. The increased deduction applies from 1 September 2020. To claim 100% deduction, supporting documentation for
See MoreCOVID-19: Indonesia issues regulations expanding tax incentives
On 16 July 2020, the Ministry of Finance (MoF) issued Regulation No.86/PMK.03/2020 (PMK-86) providing the expansion of tax incentives in response to COVID-19. The regulation revokes and replaces MOF Regulation 44/PMK.03/2020. Tax incentives for
See MoreCOVID-19: Malaysia announces short-term economic recovery plan
On 5 June 2020, the Prime Minister of Malaysia announced a Short-Term Economic Recovery Plan (ERP) in response to COVID-19. The relief plan contains the following tax measures. New tax holiday incentive for foreign manufacturers that relocate
See MoreEgypt: Tax measures in response to COVID-19 pandemic
Recently, the Egyptian Government has announced several tax measures to mitigate the financial effect in response to the COVID-19 pandemic. The main tax measures are as following: Capital Gains: the extension of the suspension from the taxation
See MoreCOVID-19: Indonesia provides relaxation of import taxes for companies in the manufacturing sector
On 13 March 2020, the Indonesian Ministry of Finance has made fiscal policy volume 2 to mitigate the negative impact of the coronavirus on the economy. Under this, a six-month income tax exemption is introduced starting in April for manufacturing
See MoreNamibia introduces a bill to repeal tax incentives for manufacturing and export processing zones
On 19 February 2020, the Minister of Finance tabled the first income tax amendment bill of 2020 in Parliament that repeals the tax incentives applicable to registered manufacturers and export processing zones (“EPZ”). For manufacturers, this
See MoreGhana: Parliament approves Budget for 2020
The parliament of Ghana approved the Acts for the implementation of the 2020 Budget and published on 30 December 2019. The Act introduces tax holidays (exemptions) for the income of a manufacturer or assembler in respect of the manufacture or
See MoreBulgaria: Finance Ministry publishes an Order to incentive purposes
On 30 January 2020, the Finance Ministry published Order No. ZMF-89 of 30 January 2020 regarding lists the municipalities with unemployment rates, which is used to provide tax incentives for manufacturing companies including complete corporate
See MoreIndia: Finance Minister presents Union Budget for 2020-2021
On 1st February 2020, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. The budget includes the following key tax proposals: Abolishment of dividend distribution tax The budget proposes
See MoreBangladesh introduces tax holiday for power generation companies
The Government of Bangladesh has introduced income tax holiday till 2034 to private sector power generation companies which will go into commercial operation by the next three years. On 09 January 2020, the National Board of Revenue published a
See MoreIreland: President signs Finance Bill 2019 into Law
On 22 December 2019, President, Michael D. Higgins, signed the 2019 Finance bill into law. This Finance Act 2019 implements the taxation changes announced on Budget, including new transfer pricing legislation, introducing some necessary
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