India: Central Board of Direct Taxes (CBDT) publishes finance act 2020
On 27 March 2020, the Central Board of Direct Taxes (CBDT) published the Finance Act 2020 that includes measures announced as part of the Union Budget 2020-2021 and others. The measures of the Finance Act generally apply from 1 April 2020 (or
See MoreArgentina: Tax authorities extend measures during COVID-19 pandemic
On 30 March 2020, the Government has officially published General Resolution 4690/2020 of 30 March 2020, which amends General Resolution 4667/2020 on the tax regularization scheme for small and medium enterprises (SMEs). It extends the deadline to
See MoreKazakhstan: Tax relief measures due to COVID-19 pandemic
On 2 April 2020, the Government implemented some measures for coronavirus outbreak. These are: Corporate income tax Due to the COVID-19 outbreak, the submission of corporate income tax return is extended to 30 April 2020. Small and medium
See MoreCOVID-19: Hungary announces tax relief measures in response to coronavirus
On 23 March 2020, the Government of Hungary has announced the implementation of new tax relief measures to curb the negative effects of COVID-19 crisis on the Hungarian economy. Small business sectors grant tax exemption from the obligation to
See MoreThailand announces tax incentive for Special Economic Zone
On 11 February 2020, the Thai Revenue Department made an announcement to launch a tax measure supporting investment in Special Economic Zone (SEZ). Corporate income tax rate for companies in the area will be reduced to 10% in order to
See MoreChina: Tax measures in response to COVID-19 pandemic
Since the outbreak of COVID-19, the State Taxation Administration of China (STA) has implemented the decisions to adopt a series of measures in response to the epidemic and boost economic and social development. Following key measures are initiated
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 MoreBelgium: Tax measures amid COVID-19 pandemic
On 18 March 2020, Belgian Ministry of Finance (MoF) has published support measures in response to the coronavirus (COVID-19) pandemic. The tax measures includes several tax relief related to corporate income tax, personal income tax, value added
See MoreIreland: Revenue announces tax measures and guidance due to COVID-19 pandemic
On 13 March 2020, the Revenue announced tax measures and guidance for small and medium enterprises (SMEs), other than SMEs, employees, and the self-employed who may be affected by the coronavirus crisis. The guidance includes: Small and medium
See MoreAustralia: Tax measures amid COVID-19 pandemic
On 12 March 2020, the Australian government announced a package of measures to assist the economy withstand and recover from the economic impact of COVID-19. The following measures will be administered by the Australian Taxation Office
See MoreBulgaria: Government proposes tax and economic measures during COVID-19 pandemic
On 13 March 2020, Bulgaria declared a state of emergency as a result of the spread of COVID-19 and on 15 March 2020, the government proposed the following tax and economic measures: Deadline for submission of the annual corporate income tax
See MoreCOVID-19: Norway announces tax relief measures due to coronavirus
On 13 March 2020, the government of Norway presented proposals to amend the income tax law in response to the coronavirus (COVID-19) epidemic. The proposal includes; (i) Allow the application of up to NOK 30 million of corporate losses in 2020
See MoreCOVID-19: Hong Kong announces tax relief measures
The Hong Kong government has announced a series of measures in response to the coronavirus (COVID-19) pandemic. Taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for
See MoreCanada: Prime Minister announces a Plan to provide support for businesses during COVID-19 pandemic
On 13 March 2020, the Finance Minister, Bill Morneau, announced COVID-19 Economic Response Plan to help stabilize the economy and help Canadians affected by the impacts of the COVID-19 pandemic period. To support Canadian businesses during this
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 MoreHungary plans to improve research and development tax reliefs
Following a meeting of the National Competitiveness Council, the Hungarian Ministry of Finance recently announced that the Government is planning further tax cuts for companies, including improvements in the deductions available for research and
See MorePhilippines: Senate approves the Corporate Income Tax and Incentives Reform Act
On 19 February 2020, the Senate approved a Bill, entitled “the Corporate Income Tax and Incentives Reform Act”. It was approved by the House of Representatives on 13 September 2019. The bill aims to change the National Internal Revenue Code and
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
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