UK: Powers to tackle electronic sales suppression
On 20 July 2021 the UK issued draft legislation and an explanatory note on new powers to deal with tax evasion through the use of electronic sales suppression (ESS). This is aimed at businesses that undertake ESS to hide or reduce the value of
See MoreUK: Notification of uncertain tax treatment
On 20 July 2021 the UK government published a policy paper, together with draft legislation, on the notification of uncertain tax treatment by large businesses. This would require large businesses to notify HMRC when the tax treatment of an item is
See MoreUK: New proposals to combat the promotion of tax avoidance schemes
On 20 July 2021 the UK government published for consultation new proposals aiming to restrict the activities of promoters of tax avoidance schemes, together with draft legislation. The consultation will close on 14 September 2021. The government
See MoreUK: Consultation on basis periods for income tax
HMRC has issued a consultation document setting out a proposed simplification of the income tax system in relation to basis periods for computing income tax. This would be intended to simplify compliance procedures for small unincorporated
See MoreArgentina: AFIP establishes reporting regime for e-payment services
On 22 July 2021, the Federal Administration of Public Revenue (AFIP) Officially published Resolution 5029/2021 to announce that online payment service providers have to comply with new information regime for electronic payment processing services,
See MoreCanada: The Budget implementation Bill 2021 receives Royal Assent
On 29 June 2021, the 2021 Budget Implementation Act (“Bill C-30”) received Royal Assent, which includes certain tax measures that were proposed in the 2021 Federal Budget, the 2020 Fall Economic Statement, and the 2019 Federal Budget. Bill
See MoreIndonesia: DGT extends COVID-19 support measures to December 2021
The Indonesian Directorate General for Taxes (DGT) has extended the COVID-19 support measures to 31 December 2021, which had previously been extended to 30 June 2021 by Regulation No. 239 / PMK.03 / 2020. The changes are made by Regulation No. 82
See MoreTurkey extends the effective time of 0% entertainment tax rates
On 13 July 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4273 regarding the entertainment tax rates applied for showing domestic and foreign films. The Decision extends the effective time of 0% entertainment tax
See MoreSouth Africa: SARS updates guidance on capital gains tax for individual and legal entities
On 1 July 2021, the South African Revenue Service (SARS) published latest ABC of Capital Gains Tax for Individuals (Issue 12) and ABC of Capital Gains Tax for Companies (Issue 10). Guide of capital gains tax for individuals This guide
See MoreIreland: Government publishes Finance Bill 2021
On 24 June 2021, the Government released the Finance Bill for 2021, which includes new and extended measures to support businesses as declared on 1 June 2021 in the government’s Economic Recovery Plan. The main highlighting points of the Bill is
See MorePakistan 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 MoreWorld Tax Brief: July 2021
ArmeniaIncentives on industry and manufacturing: On 26 May 2021, the Parliament of Armenia has approved a bill on extending the tax incentives for exporters to 31 December 2029. The provided incentive was scheduled for 31 December 2021 for resident
See MoreFrance: Filing due date extends for loss making companies in EEA to claim WHT refund
On 28 June 2021, the Tax Authority made an announcement that the submission deadline is postponed until 30 June 2021 for loss-making non-resident companies in the European Economic Area (EEA) to claim a refund for tax withheld on certain income,
See MoreNetherlands extends tax payment deadline on request
The Dutch government has announced to extend the period during which taxpayer can request a special tax payment extension from the Tax and Customs Administration until 1 October 2021. There are several possible situations: You already applied
See MoreUkraine issues draft laws on tax incentives for industrial park
Ukraine has issued Draft Law 5688 on 22 June 2021, and Draft Law 5688-1 on 7 July 2021 ‘on Amendments to the Tax Code of Ukraine to create favorable conditions for attracting large-scale investment in the industrial park’. The Draft Law
See MoreTanzania: Revenue Authority publishes Finance Act 2021
On 30 June 2021, the Revenue Authority Officially published the Finance Act 2021. Some of the tax measures, which generally applies from 1 July 2021 are given below: Permanent establishment According to Finance Act 2021, the definition of the
See MoreGreece: Tax administration issues a Circular on tax residency and PE rules
On 25 June 2021, the Tax Administration issued a Circular E. 2130 /2021, which includes additional guidelines in relation to the application of domestic law and double tax treaty provisions with respect to tax residency and permanent establishment
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%
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