Finland extends filing deadline for CIT returns by one month
On 9 April 2021, Finnish Tax Administration has published an announcement providing one-month extension of filing deadline for corporate income tax returns. Due current pandemic situations, the Tax Administration is giving corporate entities and
See MoreColombia: Government submits Tax Reform Bill to Congress
On 15 April 2021, the Colombian government has submitted new Tax Reform Bill (Sustainable Solidarity Act) to Congress. The Bill modifies corporate income tax (CIT), value-added tax (VAT) and personal income tax. The main tax measures of the Tax
See MoreIsrael extends tax return submission deadline for the 2020 tax year
On 7 April 2021, the tax authority of Israel declared the extended deadline for submitting annual income tax returns in response to the Covid-19 pandemic. The declaration includes that the deadline is extended to 30 June 2021 for submitting annual
See MoreChina declares reduced tax rate for small enterprises
On 2 April 2021, the State Administration of Taxation (SAT) of China has published Announcement No. 12 of 2021 regarding income tax rate reduction for small and low-profit businesses and sole traders. The announcement includes that for the
See MoreIMF Blog Looks at Securing a Green Recovery
In an IMF blog post of 15 April 2021 the IMF Director General looks at policies to secure a green recovery. The blog notes that following the period of disruption due to the pandemic a few economies, led by the United States and China, are
See MoreChina declares 200% R&D deduction for manufacturing sectors
On 31 March 2021, the State Administration of Taxation of China has published Announcement No. 13 of 2021, regarding an increased R&D super deduction for manufacturing entities. The announcement include 200% deduction for R&D
See MoreIMF and World Bank: Discussion of Global Minimum Tax and Developing Countries
On 13 April 2021 the IMF and World Bank held a tax conference entitled Minimum and Digital Taxation: Consensus or Divide? Discussion of the minimum tax centred on the G20 and OECD Pillar Two proposals currently under discussion. There are two
See MoreKenya: Tax Appeal Tribunal issues rule on a case of management fees
On 1 April 2021, the Kenyan Tax Appeals Tribunal (TAT) ruled on tax disputes between McKinsey and Company Inc. Africa Limited (McKinsey / the Appellant) and the Kenya Revenue Authority (KRA / the respondent) in relation to withholding tax (WHT) on
See MoreWorld Tax Brief: April 2021
ArgentinaMain corporate tax rate: Argentina's government is reportedly finalizing a draft bill that would provide for the introduction of new progressive corporate income tax rates. The proposed amendments to the Income Tax Law would apply to
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2020-21
On 1 April 2021, the Inland Revenue Department issued about 210,000 profits tax returns, 120,000 property tax returns and 320,000 employer's returns for the year of assessment 2020-21. About 2.6 million tax returns for individuals will be issued on
See MoreNorway extends the filing deadline for CIT returns
On 6 April 2021, the Norway extends the filing deadline for corporate income tax returns from 31 May 2021 to 20 August 2021 due to coronavirus pandemic. The extension does not apply for petroleum companies (that still must file by 30 April 2021).
See MoreIMF: World Economic Outlook for April 2021
The IMF publication World Economic Outlook for April 2021 notes that the global economic outlook is still uncertain, with potential downside effects from new virus mutations balanced by optimism owing to the vaccines. Global growth is projected to
See MorePanama further extends tax return submission deadline for 2020 tax year
According to Decree No. 110 of 31 March 2021, Panama's Ministry of Economy and Finance has extended the deadline for the submission of income tax returns to 17 May 2021 for the 2020 tax year, which follows a previous extension to 3 May 2021. In
See MoreHong Kong: Block Extension Scheme for Lodgement of 2020/21 Tax Returns
On 29 March 2021, Inland Revenue Department (IRD) of Hong Kong has published a circular letter to tax representatives on the block extension scheme for lodgement of 2020/21 Tax Returns. The circular letter is to advise the taxpayers of the return
See MoreJapan enacts tax reform bill 2021
On 26 March 2021, Japan’s 2021 tax reform bills were passed by the Japanese National Diet. The Bill generally follows the tax reform outline announced by Japan’s coalition leading parties in December 2020. The amendments generally apply to
See MoreSlovenia extends deferral of tax payment amid COVID-19
On 24 March 2021, Slovenia has published a decision regarding deferral of tax payment and installment measures to mitigate the consequences of the second wave of the COVID-19 pandemic. According to this decision, the Tax Authority may grant
See MoreUS Treasury Secretary backs the OECD talks on Global Minimum Tax
On 5 April 2021 the US Treasury Secretary Janet Yellen announced that she is working with the G20 countries to reach an agreement on a global minimum corporate tax rate. This is a reference to US cooperation with the G20/OECD initiative to design a
See MoreRomania: New tax measures in response to Covid-19 pandemic
On 25 March 2021, Romanian Ministry of Finance has announced its decision to provide further support measures in response to the Covid-19 pandemic. Measures include: Deadline extension for submitting applications for budgetary
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