Pakistan enacts Budget for FY 2021-22
On 30 June 2021, the Finance Act 2021 was enacted after passage by Pakistani Parliament and assent of the president. The Federal Board of Revenue (FBR) of Pakistan has published the Finance Act 2021 on their official website. Some of the key
See MoreBrazil: Executive Branch sends second phase of draft tax reform to Congress
On 25 June 2021, the Executive Branch sent the second stage of the tax reform proposal to Congress. This Tax reform includes the following changes: Government proposed to reduce the corporate income tax rate from 15% to 12.5% in 2022 and to 10%
See MoreArgentina: AFIP prolongs payment facility for SMEs
On 17 May 2021, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4992/2021 of 17 May 2021 for extend a payment facility for small and medium enterprises (SMEs). This payment facility was scheduled to expire in
See MoreCanada: Finance Minister presents Budget 2021
On 19 April 2021, the Finance Minister, Chrystia Freeland, presented Budget 2021, which includes important business tax measures, digital service taxes, limitation of interest deduction, hybrid mismatch arrangements, transfer price cases, mandatory
See MoreChina declares reduced tax rate for small enterprises
On 2 April 2021, the State Administration of Taxation (SAT) of China has published Announcement No. 12 of 2021 regarding income tax rate reduction for small and low-profit businesses and sole traders. The announcement includes that for the
See MoreIndia: Lok Sabha passes the Finance Act 2021
On 23 March 2021, the Lok Sabha passed the Finance Bill, 2021 with certain amendments. The adopted Finance bill has proposed that the consideration related to equalisation levy shall not include for sale of such goods/ provision of services which
See MoreMalaysia announces new economic package for COVID-19
On 27 March 2021, the Malaysian government issued its second stimulus package to combat the economic impact of the COVID-19 pandemic. The main tax measures are: Tax breaks on tourism extended till Dec. 31. In the previous stimulus package,
See MoreDenmark: 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 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 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 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 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 MorePhilippines: Finance Department issues Corporate Tax Reform
On 29 November 2020, the Department of Finance announced that the Senate passed of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was a redesigned version of corporate tax reform package. The CREATE Act as approved by
See MoreHungary: Parliament approves a bill abolishing the development tax reserve
On 17 November 2020, the parliament approved a bill introducing amendments to the corporate income tax. The bill includes the following tax measures: The small business tax rate will be reduced from 12% to 11% effective from 1 January 2021. In
See MoreUS: IRS publishes guidance on forgiven PPP loans
On 18 November 2020, the Internal Revenue Service (IRS) has published an advance version of Rev. Proc. 2020-51 that provides a safe harbor allowing a taxpayer to claim a deduction in the taxpayer’s tax year beginning or ending in 2020 (the 2020
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