Singapore updates guidance on tax residence rules of a company and PE
The Inland Revenue Authority of Singapore (IRAS) issued updated guidance on the tax residence status of companies and permanent establishments (PE) in light of the Covid-19 pandemic. Tax Residence Status of a Company Where a company is not
See MoreHong Kong gazettes Inland Revenue Bill 2021
On 29 January 2021, the Hong Kong’s Government published the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the Bill) in the Gazette. The Bill aims to amend the Inland Revenue Ordinance (Cap. 112) to provide tax
See MoreTurkey issues Decree as to restriction on the deduction of financial expenses
On 3 February 2021, the Turkish Revenue Administration has published Presidential Decree No. 3490 in the Official Gazette introducing a restriction on the deduction of financial expenses. Restriction on the deduction of financial expenses rules was
See MoreAustralia: ATO introduces guidance on Covid-19 and PE
The Australian Taxation Office (ATO) updated guidance on whether the presence of employees in Australia, due to the impacts of Covid-19, may create a permanent establishment (PE). The updated guidance states that the ATO will not apply
See MoreOECD: International Tax Cooperation to Regulate Globalisation
On 1 February 2021 the OECD Secretary General published a blog post entitled A Turning Point for Tax: International co-operation for better regulation of globalisation. The note is based on the speech given by the Secretary General at the opening
See MoreSouth Africa: Government Officially publishes 2020 Tax Amendment Acts
On 20 January 2021, the Treasury Department Officially published the 2020 Tax Amendment Acts. The following Amendment Acts were promulgated: Rates and Monetary Amounts and Amendment of Revenue Laws Act 22 of 2020.Taxation Laws Amendment Act 23
See MoreOECD: Tax and Development Briefings
On 29 January 2021, to mark the annual Tax and Development Day, the OECD hosted a series of briefings in relation to tax and development, looking at OECD work in the area. BEPS and the extractive industries For decades many resource-rich
See MoreSingapore: IRAS issues updated tax guide on R&D tax measures
On 29 January 2021, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (6th Edition). The Guide sets out the relevant R&D tax measures as announced in Budgets
See MoreGreece: Parliament considers a Bill to extend tax return filing deadline
On 26 January 2021, the Parliament considered a Bill to extend the filing deadlines for the 2019 income tax returns of foreign tax residents up to 30 June 2021 instead of 26 February 2021 due to COVID-19 pandemic. The Bill proposed to extend the
See MoreUganda: URA issues guidance on tax compliance
On 22 January 2021, the Uganda Revenue Authority (URA) has issued guidance on tax compliance on its website. The guidance includes following measures: Registration Process A person liable to pay tax shall apply to the Commissioner for
See MoreAlgeria: President signs Finance Act 2021
On 31 December 2020, the President signed the Finance Act for the year 2021, which includes the following measures: The Act imposes a 15% capital gains tax on the real estate and securities transactions and describes calculations and liability
See MorePeru sets deadlines for individual and CIT returns for 2020
On 30 December 2020, the Peruvian tax authorities (SUNAT) has issued Resolution No. 000229 -2020/SUNAT in the official gazette regarding the deadlines for individual and corporate tax (CIT) returns for 2020. The Resolution includes an
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 MoreSouth Korea enacts tax revision bill for 2021
At the end of December 2020, South Korea has enacted a tax revision bill for 2021, which was passed by Korea’s National Assembly on 2 December 2020. The tax revision bill generally effective from fiscal years beginning on or after 1 January 2021.
See MoreSaudi Arabia: GAZT extends tax penalty relief measures up to 30 June 2021
On 21 January 2021, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines and exemption from financial penalties for taxpayers until 30 June 2021 in response to the COVID-19
See MorePortugal publishes new CIT return form
Portugal has approved Order no. 314/2021 to update the corporate income tax (CIT) return forms (Modelo 22) considering legislative changes made in 2020 and the need to introduced improvements in the
See MoreSouth Africa: SARS invites public comments on ATR system
On 15 January 2021, the South African Revenue Service (SARS) made a public comment session regarding the Advance Tax Rulings System. Taxpayers, tax practitioners and professional associations are invited to submit comments on the current Advance
See MoreHong Kong issues regulation on tax concessions for insurance-related businesses
On 15 January 2021, the Hong Kong’s Government gazetted subsidiary legislation to implement the new profits tax concessions for insurance-related businesses on March 19, 2021. Enacted in July 2020, the Inland Revenue (Amendment) (Profits Tax
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