Peru issues Law on tax incentives for agribusiness
On 31 December 2020, Peru has issued Law No. 31110 in the official gazette modifying new regime and tax incentives for agribusiness. The new Law replaces previous Law No. 27360 and is effective from 1 January 2021. The Law aims to develop
See MoreSri Lanka: Budget for 2021
The Inland Revenue Department (IRD) of Sri Lanka has issued a notice to taxpayers announcing the tax proposals in the 2021 Budget recently presented in parliament. As per the National budget of 2021 presented in Parliament, following new
See MoreThailand: Tax authority prolongs e-Filing deadline extension for 3 more years
On 15 January 2021, the Thai Ministry of Finance announced that the deadlines of the e-Filing and electronic tax payment will be extended for 8 more days, after the tax filing deadlines specified by the law. The extension will be effective for 3
See MoreFrance: Supreme Administrative Court makes a decision regarding TP disputes
Recently, the Supreme Administrative Court made a decision of a case “France vs Ferragamo France” against of Administrative Court. On 23 November 2020, the Administrative Court made a decision in this case in favour of Ferragamo and dismissed
See MoreEcuador: Government make rules on advance income tax payments
On 22 December 2020, the Government Officially published a Resolution No. NAC-DGERCGC20-00000071 to describe the rules for income tax payments voluntarily instead of mandatory advance income tax payments. The Tax reform law 2020 repealed this
See MoreSpain publishes state budget bill for fiscal year 2021
On 31 December 2020, Spain’s State Budget Bill for Fiscal Year (FY) 2021 (the Budget Bill) was published in the Spanish Official Gazette after its prior approval by the Spanish Congress and Senate. The main corporate tax measures are summarized
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 MoreSerbia: Ministry of Finance adopts Rulebooks concerning CIT amendments
On 30 December 2020, the Rulebooks (as the regulations are referred to in Serbia) regarding corporate income tax amendments published in the official gazette. The Rulebooks are effective retroactively for tax periods starting in 2020 including
See MorePoland: Ministry of Finance postponed WHT collection system to 30 June 2021
On 30 December 2020, the Ministry of Finance issued a decree dated 28 December 2020, postponing the introduction of the withholding tax and refund system until June 30, 2021. This applies to both corporate tax and individual income tax
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 MoreWorld Tax Brief: January 2021
AustraliaTreatment of losses-carry back: The Australian Taxation Office (ATO) published guidance on the loss carry back offset relief introduced as part of measures for the 2020-21 Budget. Loss carry back provides a refundable tax offset that
See MoreKenya: President signs the Tax Law Amendment Act (No. 2) of 2020
On 23 December 2020, the President of Kenya signed the Tax Law Amendment Act (No. 2) of 2020 which amends the Income Tax Act and the Value Added Tax (VAT) Act of Kenya. Critical changes include reinstating corporation tax
See MoreJapan announces tax reform proposals for 2021
On 10 December 2020, the Liberal Democratic Party (LDP) and the New Komeito Party announced the tax proposals for the 2021 providing the following corporate tax measures. Either special depreciation of 30% or a tax credit of 3% or 5% tax
See MoreIndonesia expands tax incentives for special economic zones
On 30 December 2020, the Indonesian Ministry of Finance has issued a Regulation No. 237/PMK.010/2020 providing tax incentives for companies in special economic zones (SEZs). Accordingly, a 100% reduction in corporate income tax, which may
See MoreRomania publishes further tax relief measures for Covid-19 outbreak
On 30 December 2020, Romania has published Ordinance No. 226 in the Official Gazette with following measures in response to the Covid-19 outbreak: The extension of the deadline to 31 March 2021 for companies affected by Covid-19 to apply for
See MoreIreland: President signs the Finance Bill 2020 into Law
On 19 December 2020, the President signed the Finance Bill 2020 into Law, which underpins the Government’s support for the economy in the face of Covid-19 pandemic and the ongoing threat of a no-deal Brexit. The Finance Act 2020 provisions
See MoreGhana updates tax appellate processes
Ghana’s Parliament has passed the Revenue Administration Act, 2020 (Act 1029) as an amendment to the tax procedures and administration rules. Previously, taxpayers only could appeal to the High Court of a tax decision made by the
See MorePakistan: FBR launches e-filing of appeals
On 2 January 2021, Federal Board of Revenue (FBR) of Pakistan has published a notice regarding the launch of the e-Filing of Appeals with effect from 1 January 2021. Commissioner Inland Revenue (Appeals) is the first tier of appellate hierarchy
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