World Tax Brief: October 2020
AlgeriaSubmission of returns: Due to the COVID-19 pandemic, the Government provides policy measures for small business and SMEs. The subscription deadline for the annual results declaration (balance sheet and appendices) is extended until 30 June
See MoreEgypt issues Law on taxation of capital gains and dividends distribution
On 30 September 2020, the Egyptian Government has published Law No. 199 in the official gazette. The Law contains amendments to the income tax law around capital gains and dividends distribution and certain articles of the stamp tax law with effect
See MorePeru issues resolution on international merger operation between two non-domiciled companies
On 6 October 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 061-2020-SUNAT / 7T0000 Official Website, through which the following has been concluded: The permanent establishment must maintain the same RUC number and notify
See MoreArgentina: AFIP further extends suspension of prosecution proceedings for tax collection
On 29 September 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4828/2020 of 29 September 2020, which extends the suspension of the initiation of prosecution proceedings for the collection of taxes from 30
See MoreAustralia: Parliament approves Federal Budget for 2020-21
On 9 October 2020, Mr. Scott John Morrison, the Prime Minister of Australia has issued a release announcing the approval of the Budget 2020-21 measures. On 6 October 2020, the Budget measures were included as part of the Treasury Laws Amendment
See MoreNigeria: President presents National Budget for 2021
On 8 October 2020, the President, Muhammadu Buhari, presented the National Budget for the year 2021 to a joint session of the National Assembly consisting of the Senate and the House of Representatives. The 2021 Budget is titled 'Economic Recovery
See MoreNorway: Ministry of Finance announces budget 2021 proposing 15% WHT rate
On 7 October 2020, the Norwegian Ministry of Finance announced the national budget for 2021 proposing 15% withholding tax on interest, royalties, and rent payments for certain physical assets paid by companies operating in Norway to related
See MoreOECD: Reports on Blueprints for Pillars One and Two of Digital Economy Tax Proposals
Following a meeting of the OECD’s Inclusive Framework on 8 and 9 October 2020 the OECD held a presentation on 12 October 2020 to introduce Blueprint reports on Pillar 1 and Pillar 2 of the proposals on taxation of the digital economy. Public
See MoreMalaysia issues ruling on appeal against assessment and application for relief
On 7 October 2020, the Malaysian Inland Revenue Board (IRB) has published Public Ruling No.7/2020 with the objective to explain the procedures with regard to appeal and application for relief in line with the provisions of the Income Tax Act 1967
See MoreIndonesia: DGT publishes regulation extending tax incentives
On 1 October 2020, the Directorate General of Taxation (DGT) of Indonesia published the Regulation No. 143/PMK.03/2020 extending tax incentives to December 31 for medical equipment and services necessary to fight the corona-virus pandemic. The
See MoreVietnam issues Decree regarding 30% CIT reduction for 2020
On 15 October 2020, the Vietnamese Government has issued Decree No. 114/2020/ND-CP on reduction of payable corporate income tax (CIT) of the year 2020 for enterprises, cooperatives, non-business units and other organizations. Previously, The
See MoreIsrael extends annual tax return deadline
On 30 September 2020, the Israeli Tax Authority (ITA) has declared an extension of the deadline for submitting annual tax returns. The release indicates that the deadline is extended to 31 October 2020 for the submission of returns through online
See MoreEgypt cancels exemptions for interest, capital gains on treasury bills, bonds
On 5 September 2020, the Egyptian Ministry of Finance has issued Law No. 182 of 2020 abolishing the exemption on the proceeds of treasury bills and bonds or capital gains resulting from dealing in these bills and bonds from tax on income. The
See MoreNorth Macedonia declares Fourth round of tax relief measures amid Covid-19 outbreak
On 24 September 2020, the Ministry of Finance has issued a release announcing the adoption of the fourth round of relief measures in response to the Covid-19 pandemic. The key tax measures are following: The reduction of interest rate
See MoreIMF: Economic Policy Mix to Combat Climate Change
A blog post published by IMF Staff on 7 October 2020 noted that economic policy tools can facilitate the achievement of net zero carbon emissions by the year 2050 despite the effects of the COVID-19 crisis. The arguments put forward in the blog
See MorePoland: Parliament considers bills introducing Estonian tax regime for SMEs
On 30 September 2020, the Polish lower house of Parliament approved the Bill No.643 that provides for the introduction of an optional “Estonian” corporate income tax (CIT) regime for small and medium enterprises (SMEs). The new tax regime is
See MoreFrance: Government publishes draft Finance Bill for 2021
On 28 September 2020, the Council of Ministers adopted the French Budget Bill for 2021 or Finance Bill 2021. The draft Bill also includes the recovery plan to restore the economy following the coronavirus pandemic. French Parliamentary discussions
See MorePoland: Parliament approves a bill to amend various income tax rules
On 30 September 2020, the Polish lower house of Parliament (Sejm) approved a Bill No.642 amending various income tax rules for business. The measures of Bill No. 642 will apply from 1 January 2021. The bill includes a number of proposed tax
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