Vietnam approves tax payment relief amid COVID-19 pandemic
On 22 April 2021, Vietnam has issued Decree No. 52/2021/ND-CP providing support for business affected by COVID-19 pandemic. The main tax measures of the Decree are following: Corporate Income Tax The Decree provides 3 month deferral of
See MoreColombia extends payment deadline for micro and small companies
On 9 April 2021, the Colombian Ministry of Finance and Public Credit has published Decree No. 374 by which the corporate income tax payment of micro and small companies has been extended amid COVID-19 pandemic. The first installment is between 9
See MoreIreland: Revenue issues eBrief to update dividend withholding tax
On 14 April 2021, the Revenue issued an eBrief No. 084/21 to announce a Tax and Duty Manual to update the guidance on dividend withholding tax (DWT). This manual has been updated following amendments made to Dividend Withholding Tax legislation by
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 MoreCroatia: Parliament approves second package of measures due to COVID-19
On 7 April 2021, the Croatian Parliament approved all measures proposed by the Government as the second package of measures for the COVID-19 outbreak. Some of the measures are given below: Corporate tax According to the second package, the
See MorePhilippines: BIR publishes regulations to implement CREATE Act
On 8 April 2021, the Bureau of Internal Revenue (BIR) Officially published final revenue regulations (Revenue Regulations No. 2-2021, Revenue Regulations No. 4-2021, Revenue Regulations No. 5-2021) for the implementation of the Corporate Recovery
See MoreColombia reduces advance payment of income tax for 2021
On 9 April 2021, the Colombian Ministry of Finance and Public Credit has published Decree No. 375, through which it reduces the advance payment to be made by income taxpayers in the year 2021 as a consequence of the emergency generated by
See MoreFinland extends filing deadline for CIT returns by one month
On 9 April 2021, Finnish Tax Administration has published an announcement providing one-month extension of filing deadline for corporate income tax returns. Due current pandemic situations, the Tax Administration is giving corporate entities and
See MoreColombia: Government submits Tax Reform Bill to Congress
On 15 April 2021, the Colombian government has submitted new Tax Reform Bill (Sustainable Solidarity Act) to Congress. The Bill modifies corporate income tax (CIT), value-added tax (VAT) and personal income tax. The main tax measures of the Tax
See MoreIsrael extends tax return submission deadline for the 2020 tax year
On 7 April 2021, the tax authority of Israel declared the extended deadline for submitting annual income tax returns in response to the Covid-19 pandemic. The declaration includes that the deadline is extended to 30 June 2021 for submitting annual
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 MoreIMF Blog Looks at Securing a Green Recovery
In an IMF blog post of 15 April 2021 the IMF Director General looks at policies to secure a green recovery. The blog notes that following the period of disruption due to the pandemic a few economies, led by the United States and China, are
See MoreChina declares 200% R&D deduction for manufacturing sectors
On 31 March 2021, the State Administration of Taxation of China has published Announcement No. 13 of 2021, regarding an increased R&D super deduction for manufacturing entities. The announcement include 200% deduction for R&D
See MoreIMF and World Bank: Discussion of Global Minimum Tax and Developing Countries
On 13 April 2021 the IMF and World Bank held a tax conference entitled Minimum and Digital Taxation: Consensus or Divide? Discussion of the minimum tax centred on the G20 and OECD Pillar Two proposals currently under discussion. There are two
See MoreKenya: Tax Appeal Tribunal issues rule on a case of management fees
On 1 April 2021, the Kenyan Tax Appeals Tribunal (TAT) ruled on tax disputes between McKinsey and Company Inc. Africa Limited (McKinsey / the Appellant) and the Kenya Revenue Authority (KRA / the respondent) in relation to withholding tax (WHT) on
See MoreWorld Tax Brief: April 2021
ArgentinaMain corporate tax rate: Argentina's government is reportedly finalizing a draft bill that would provide for the introduction of new progressive corporate income tax rates. The proposed amendments to the Income Tax Law would apply to
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2020-21
On 1 April 2021, the Inland Revenue Department issued about 210,000 profits tax returns, 120,000 property tax returns and 320,000 employer's returns for the year of assessment 2020-21. About 2.6 million tax returns for individuals will be issued on
See MoreNorway extends the filing deadline for CIT returns
On 6 April 2021, the Norway extends the filing deadline for corporate income tax returns from 31 May 2021 to 20 August 2021 due to coronavirus pandemic. The extension does not apply for petroleum companies (that still must file by 30 April 2021).
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