Russia 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 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 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 MoreUK: Consultation on Extension of R&D Tax Credits to Data and Cloud Computing
On 21 July 2020 the UK government launched a consultation on extending research and development (R&D) tax credits to costs relating to data and cloud computing. Comments are invited by 13 October 2020. R&D tax credits support innovative
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 MoreChina reduces income tax rate for Hainan free trade port
The Chinese authorities have rolled out preferential income tax plans for companies and individuals in the southern island province of Hainan. According to a circular jointly issued by the Ministry of Finance and the State Taxation
See MoreChile: Tax authority suspends advance corporate tax payments and VAT payments
On 8 July 2020, the tax authority published a Resolution 76/2020 to suspend the provisional corporate tax payments obligations for the months July, August, and September 2020 respectively. Note that, this relief applies to micro, small and
See MoreAustralia reduces tax rates for small businesses
Mr. Josh Frydenberg, the Australian Treasurer has issued a joint release on the reduction of the corporate income tax rate for businesses with turnover of less than AUD 50 million. From July 1 2020, small and family businesses will be paying less
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 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 MoreAustralia extends provision for instant asset write-off
On 9 June 2020, Australia’s federal government further announced plans to facilitate small business in response to the Covid-19 surge. That government will extend the AUD 150,000 instant asset write-off for six months to 31 December
See MoreBelgium: Investment allowance rates for AY 2021
On 22 May 2020, Belgium has published notice in the Official Gazette that contains investment allowance rates for the assessment year (AY) 2021. The following table summarizes the applicable allowance rates for specific investment types made by
See MoreBrazil: Government extends the installment terms of tax deadlines for small business
On 18 May 2020, the Ministry of Economy published a Resolution No. 155 of 15 May 2020 to extend the deadlines for tax installments due in May, June, and July 2020 within the scope of the simplified (Simples Nacional) regime up to the last business
See MoreNetherlands introduces emergency package 2.0 in response to COVID-19 pandemic
On 20 May 2020, the government of the Netherlands further announced relief measures (emergency package 2.0) in response to COVID-19 pandemic. The key issues of extended and new measures in “emergency package 2.0” is following: The
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 MoreDominican Republic: DGII grants new facilities to taxpayers due to COVID-19 impact
On 12 April 2020, the General Directorate of Internal Taxes (DGII) approved new tax relief measures in response to coronavirus outbreak. This includes: the submission due date of Form IR-17 or other withholding and complementary remuneration,
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