UK: Evaluation of the Patent Box regime
On 17 November 2020 the UK published an evaluation of the patent box regime. The patent box was designed as an incentive for companies to retain and commercialise their intellectual property in the UK. A lower 10% rate of corporation tax is
See MoreOECD: Tax Crime Investigation Maturity Model
On 30 November 2020 the OECD published a publication outlining the Tax Crime Investigation Maturity Model. The maturity model has been developed to help jurisdictions to assess their capability in relation to the investigation of tax crimes and to
See MoreBulgaria: Parliament passed the Budget Act 2021
On 26 November 2020, the Parliament passed conclusively the 2021 Budget Act, which will enter into force on 1 January 2021. In the transitional and final provisions, Parliament today voted on child benefits and on tax breaks for childcare. The
See MoreOECD and UNDP: Building tax capacity in Georgia
A case study by the OECD and UNDP published on 27 November 2020 focuses on capacity building work undertaken with the Georgian tax administration through the Tax Inspectors Without Borders (TIWB) initiative. The study notes that the practical
See MoreHungary: Parliament approves a bill abolishing the development tax reserve
On 17 November 2020, the parliament approved a bill introducing amendments to the corporate income tax. The bill includes the following tax measures: The small business tax rate will be reduced from 12% to 11% effective from 1 January 2021. In
See MoreUS: IRS publishes guidance on forgiven PPP loans
On 18 November 2020, the Internal Revenue Service (IRS) has published an advance version of Rev. Proc. 2020-51 that provides a safe harbor allowing a taxpayer to claim a deduction in the taxpayer’s tax year beginning or ending in 2020 (the 2020
See MoreOECD: Update on Peer Reviews of Harmful Tax Practices
On 23 November 2020 the OECD published an update on its work in relation to harmful tax practices. Harmful tax practices are highly favourable tax rulings or preferential tax rules or regimes intended to attract foreign income, potentially
See MoreDenmark: Ministry of Trade and Industry announces fixed costs compensation scheme
On 12 November 2020, the Ministry of Trade and Industry published executive Orders, BEK no. 1604 and BEK no. 1606, which extended the fixed costs compensation scheme to support the companies affected during coronavirus pandemic. The two Executive
See MoreRussia declares tax relief measures for SME sector
On 12 November 2020, in response to Covid-19 pandemic the Government of Russia has declared the issuance of Decree No. 1791, which extends certain tax relief measures related to SME sector. The relief measures include the deferral of advance
See MoreBulgaria: Government imposes penalty for late application of tax treaty relief
On 18 November 2020, parliament passed amendments to the Tax and Social Security Procedure Code at first reading, which aims to ensure the payment of withholding tax on cross-border payments and the effectiveness of tax control in the event of
See MoreTurkey: Parliament passes Law on certain tax amendments for 2021
On 11 November 2020, the Turkish Parliament approved Law No. 7256 on “Restructuring Public Receivables and Amending Certain Laws”, which was published on 17 November 2020 in the Official Gazette. With the aforementioned Law, finalized public
See MorePapua New Guinea: Department of Treasury publishes taxation bills for 2021
With a theme of “Consolidation for Growth”, on 17 November 2020, the government of Papua New Guinea has presented Budget 2021 that focuses on fiscal consolidation and stimulating economic growth with the aim of rebuilding the living standards
See MoreMalta issues Regulations on Research & Development (R&D)
On 17 November 2020, the Maltese Parliament has issued Research & Development Regulations 2020 (Legal Notice No. 346 of 2020), and these regulations shall be read and construed as one with the Research and Development, Regulations, hereinafter
See MoreSri Lanka: Budget for 2021
On 17 November 2020, Mr. Mangala Samaraweera, the Finance Minister of Sri Lanka presented Budget for 2021. Finance Minister stated that tax law will be amended where it will be mandatory for all Companies to file their taxes only on an
See MoreIreland: Revenue extends refund of excess R&D tax credits due in 2020
On 11 November 2020, the Tax Revenue published a Guidance in eBrief 202/2020, which includes a new paragraph 2.1 in relation to 2020 refunds. Due to COVID-19 pandemic, the Revenue announced the extension of the quick cash refund of R&D tax
See MoreMalta further extends electronic filing deadline of CIT returns amid COVID-19
On 16 November 2020, Malta’s Commissioner for Revenue has notified that the electronic filing deadline for year of assessment 2020 tax returns in respect of companies having a 31 December 2019 accounting year-end is being further extended to 16
See MoreMalaysia: Finance Minister tables the budget for 2021
On 6 November 2020, the Minister of Finance Tengku Datuk Seri Zafrul Abdul Tengku Abdul Aziz unveiled the annual budget speech in Parliament for 2021. The following tax measures has been proposed under the budget 2021. A new tax incentive
See MoreLithuania announces tax relief measures concerning second wave (COVID-19)
On 7 November 2020, the Lithuanian government ordered a “lockdown” in response to the “second wave” of coronavirus (COVID-19) cases. There are also tax relief measures in response to the coronavirus (COVID-19) pandemic in terms of tax
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