Poland extends the deadline for CIT return to 30 June 2021
On 10 March 2021, the Poland’s Ministry of Finance has published a notification extending the deadline for the submission of 2020 annual tax returns and the payment of tax due. Accordingly, companies will have to settle CIT until 30 June 2021
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ArgentinaIncentive for small business: On 26 January 2021, the Federal administration of Public Revenue published General Resolution regarding the extension of tax payment facility for small and medium enterprises from 31 January 2021 until 31
See MoreSlovak Republic introduces relief measures in response to the Covid-19 pandemic
On 24 February 2021, the Slovak Republic has published Regulation No. 88/2021 regarding the relief of late payment interest and penalties in response to the Covid-19 pandemic. Regulation No. 88/2021 entered into force on 26 February 2021. The tax
See MoreFrance: Government announces new tax measures due to COVID-19 pandemic
On 2 March 2021, the Government announced new tax measures for companies impacted by Covid-19, which includes methods of how to calculate corporate tax, early repayment of refundable tax credits. Methods of calculating CIT payments According
See MoreCzech Republic: Finance ministry extends tax return filing deadline
On 9 March 2021, the Government published Financial Bulletin No. 16/2021, including a decision from Finance Ministry that the submission deadline of income tax return 2020 in paper format is extended from 1 April 2021 until 3 May 2021. On the other
See MoreArgentina: AFIP again extends suspension of prosecution proceedings for tax collection
In response to corona virus pandemic, on 25 February 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 4936/2021 of 25 February 2021, providing further suspension up to 31 March 2021 regarding the initiation of
See MoreUS: IRS publishes the interest rates on overpaid and underpaid tax for Q2 2021
On 2 March 2021, the Internal Revenue Service announced that interest rates for the calendar quarter beginning April 1, 2021. The rates are unchanged from the previous quarter. The rates are: 3% for overpayments (2% in the case of a
See MorePanama: Draft bill to introduce tax relief measures
The Cabinet of Panama has approved the Ministry of Finance to submit a draft bill in the National Assembly providing tax relief measures in response to the Covid-19 pandemic. Tax measures are following: Extension of the installment payment for
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 MoreOECD: Tackling the Professional Enablers of Tax Crime
On 25 February 2021 the OECD published a document entitled “Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes”. The report was prepared by the OECD Task Force on Tax Crimes and Other Crimes based
See MoreOECD Tax Talk Reviews Recent Developments
The OECD Tax Talk on 4 March 2021 provided updates on important areas of OECD tax work. Taxation of the Digital Economy Countries have recognised the need to further simplify the proposals in Pillar One of the taxation of the digital economy
See MoreUK: Call for Evidence on Employee Management Incentives
Employee management incentives (EMIs) were introduced in the UK to provide small and medium enterprises (SMEs) with an additional way to remunerate their employees. This can be of benefit to small, innovative companies that need to recruit the
See MoreUK: Consultation on Research and Development Tax Reliefs
Following the announcement in the UK Budget on 3 March 2021 of a consultation on the research and development (R&D) tax relief the UK government has issued a consultation document. The UK currently offers two main tax reliefs to companies
See MoreUK Budget Announcements for 2021
On 3 March 2021 the Chancellor announced the UK budget provisions for 2021. The furlough scheme, which pays 80% of employees' wages, will be extended until the end of September 2021, but employers will be asked to contribute 10% in July and 20%
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MoreAustralia: ATO publishes guidance on claiming loss carry back
The Australian Taxation Office (ATO) has published guidance on claiming loss carry back for early balancers and claims for partial years. Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who
See MoreMalta: CFR extends electronic filing deadline of CIT returns
On 22 February 2021, Malta’s Commissioner for Revenue (CFR) has notified that the deadlines for the electronic filing of corporate income tax (CIT) have been extended as follows: Financial Year EndingManual Return DeadlineElectronic
See MoreSouth Africa: Finance Ministry presents Budget 2021 in Parliament
On 24 February 2021, the Finance Minister, Tito Mboweni, made 2021 budget speech in the Parliament. Most of that relief will reduce the tax burden on the lower and middle-income households. Some of the tax proposals in this budget are given
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