Denmark: 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 MoreArgentina: AFIP extends payment facility for SMEs
On 26 January 2021, the Federal administration of Public Revenue (AFIP) published General Resolution 4917/2021 of 26 January 2021 regarding the extension of tax payment facility for small and medium enterprises (SMEs) from 31 January 2021 until 31
See MorePhilippines: CREATE Bill sends to President for signature to make it Law
On 3 February 2021, the House of Representatives announced in a release that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to
See MoreCzech Republic: Government request to extend the state of emergency until February 2021
On 18 January 2021, the Andrej Babiš cabinet approved the Government’s request to extend the state of emergency for another 30 days, i.e. until 21 February 2021. The measures included in this State of emergency are given below: The government
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 MoreNigeria: President signs the Finance Bill 2020 into Law
On 31 December 2020, the President, Muhammad Buhari, signed the Finance Bill 2020 and made it into law, which introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduction of COVID-19 incentives
See MorePanama declares revised tax rates for SMEs
On 17 December 2020, Panama has published Law No. 189 which introduces reduced income tax rates for companies and individuals qualifying as SMEs with effect from 1 January 2020, subject to the following conditions: The SME's gross annual
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 MoreSingapore publishes income tax amendment Act 2020
On 7 December 2020, Singapore published the Income Tax (Amendment) Act 2020 and the Goods and Services Tax (Amendment) Act 2020 in the Official Gazette. The two Acts were approved in parliament on 3 November and assented to by the President on 25
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)
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