Nigeria: FIRS extends the deadline of submitting CIT return
On 1 July 2021, the Federal Inland Revenue Service (FIRS) announced that the deadline of submitting corporate income tax return, which was due in June is to be extended until 31 July 2021. This announcement was made public in a notice on Wednesday
See MoreDenmark: Parliament approves ATAD amendments to CFC rules
On 3 June 2021, the Danish Parliament approved a Bill L 89 to amend the controlled foreign company (CFC) rules with the purpose of bringing them in line with the EU Anti-Tax Avoidance Directive (ATAD). The major mechanism in the Danish CFC rules
See MoreTurkey amends the decision on government aid in investments
On 28 June 2021, Turkey has published Presidential Decision No. 4191 in the Official Gazette. With Presidential Decision No. 4191, Amendments have been made in the Decision No. 2012/3305 on State Aids in Investments. Important changes were made in
See MoreUS: Treasury, IRS extend safe harbor for renewable energy projects
On 29 June 2021, the Department of the Treasury and the Internal Revenue Service issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic. In prior IRS notices, the Treasury
See MoreUS: IRS releases draft instructions Schedules K-2 and K-3 for international tax reporting
On 30 June 2021, the Treasury and the IRS released early draft instructions for the Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The early release drafts of the instructions provide a preview
See MoreOECD: Statement on the tax challenges of the digital economy
On 1 July 2021 the OECD released a Statement in relation to the work on the tax challenges of the digital economy. The OECD reported that 130 countries and jurisdictions are taking part in the two-pillar reform to the international tax system
See MoreUK: OTS to Consider Changing the Tax Year End
On 8 June 2021 it was reported that the UK’s Office for Tax Simplification (OTS) is to begin a review of the costs and benefits of moving the UK’s tax year end from 5 April to either 31 March or 31 December. The OTS has issued a review
See MoreUK: HMRC investigates the use of business support schemes
It was reported on 28 June 2021 that the UK tax authority HMRC has begun around 13,000 investigations concerning the use of the UK coronavirus business support schemes. The investigations relate to fraud and other breaches of rules. It is
See MorePoland: MOF further defers the WHT collection system to 31 December 2021
On 25 June 2021, the Polish Ministry of Finance has published a decree providing further postponed the introduction of the withholding tax pay and refund system until 31 December 2021. The obligation was originally deferred until the end of June
See MoreUK: HMRC Research on Use of Cash by Small and Mid-size Businesses
On 24 June 2021 HMRC published research on the behaviour of small and medium sized businesses in relation to payment transactions. Most common online payment methods The most common online payment method accepted was by small and medium
See MoreAustralia updates guidance on claiming loss carry back tax offset
The Australian Taxation Office (ATO) has issued guidance on claiming the loss carry back tax offset. Taxpayers must meet the eligibility requirements to choose to carry back the loss and claim the tax offset. Taxpayers can claim the tax
See MoreCosta Rica gazettes resolution reducing interest rate for late tax payments and refunds
On 16 June 2021, the Costa Rican Ministry of Finance has published a Resolution RES-DGH-010-2021 and RES-DGA-222-2021 providing a reduction of interest rate from 10.31% to 10.20% for late tax payments and refunds of overpayments. The rate is
See MorePortugal extends CIT return submission deadline and preparation of TP documentation
According to the Order No. 191/2021-XXII of 15 June 2021, Portugal has extended the tax compliance deadlines in response to the Covid-19 pandemic, as follows: The annual corporate tax return (Modelo 22) submission and respective payment deadline
See MoreDominican Republic: DGII publishes additional tax relief during COVID-19 pandemic
On 16 June 2021, the Directorate General of Internal Revenue (DGII) Officially published Resolution No. DDG- AR1-2021-00006, which includes additional relief such as companies whose income for the fiscal year 2020 do no in excess of DOP
See MoreWorld Tax Brief: June 2021
Argentina Incentives for small business: On 17 May 2021, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4992/2021 of 17 May 2021 to extend a payment facility for small and medium enterprises (SMEs). This payment
See MoreTanzania: National Assembly publishes Finance Bill 2021
On 12 June 2021, the National Assembly published the Finance Bill 2021, which contains the measures of Budget for 2021/22. This Act shall come into operation on 1 July 2021. The Bill proposed the following things: The definition of the term
See MoreUK: Finance Act 2021 increases corporate tax rate and extends loss carry-back provision
On 10 June 2021, the UK’s Finance Act 2021 received royal assent and was published in the Official Gazette. Some of the Key tax measures are following: The corporate tax rate will increase to 25% from April 2023 on profits over £250,000.The
See MoreColombia further extends the payment deadline for micro and small companies
On 4 June 2021, the Colombian Ministry of Finance and Public Credit has published Decree No. 612 by which the corporate income tax payment of micro and small companies has been extended amid the COVID-19 pandemic. Previously, Decree No.
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