Ecuador: Government publishes Resolution regarding exceptional advance tax payments
On 4 August 2020, the Government published a Resolution No. NAC-DGERCGC20-00000051 of 4 August 2020, which establishes rules of how to collect an exceptional advance tax payment pursuant to Executive Decree No. 1109 of 31 July 2020. It applies for
See MoreMalta: Deadline for applying for Fiscal Unity extended to 30 September 2020
On 14 August 2020, the Maltese Commissioner for Revenue has announced that the deadline for applying for fiscal unity in respect of the Year of Assessment 2020 is being extended from 31 August 2020 to 30 September
See MoreFinland: Ministry of Finance announces budget proposal for 2021
On 12 August 2020, the Finnish Ministry of Finance announced the 2021 budget proposal including following tax measures. A temporary incentive R&D tax deduction for 2021-24 for business investments in intangible assets, with an additional
See MoreIreland: Revenue publishes guidance regarding loss relief for COVID-19 affected companies
On 6 August 2020, the Revenue published an eBrief 150/20 regarding loss relief for COVID-19 affected companies. A new Tax and Duty Manual has been published to provide guidance on the operation of section 396D TCA, as well as to provide information
See MoreThailand declares additional 150% deduction amid Covid-19 pandemic
The Thai Royal Decrees No. 695 and 698 announced a tax relief measure in response to the Covid-19 pandemic. The Decrees permitted an additional 150% deduction to companies and juristic partnerships for certain investments made in new machinery and
See MoreUK: Statistics on creative industries tax relief
HMRC published updated statistics for creative industries tax relief for 2019/20 on 13 August 2020, showing that GBP 1.11 billion was paid out in tax relief for creative industries in 2019/20. Almost half the relief given related to film tax relief
See MoreChile: SII publishes a Letter regarding thin capitalization rules
On 31 July 2020, the Chilean tax Authority (SII) published a Letter Ruling No. 1475 of 31 July 2020, which addresses whether interest payments on a loan agreement concluded in 2014 between a Chilean resident company and a non-resident related party
See MoreHong Kong: Tax relief measures for taxpayers facing difficulties in setting tax bills
On 12 August 2020, the Hong Kong Inland Revenue Department announced that taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for payment of tax by instalments before
See MorePanama considering tax cuts for SME sector amid Covid-19 pandemic
On 27 July 2020, Panama's National Assembly submitted two draft bills that contain measures in response to the Covid-19 pandemic. The bill No. 358 provides reduced income tax rates for companies and individuals qualifying as SMEs that would
See MoreSri Lanka: Notice on first installment of tax payment for YA 2020-21
On 12 August 2020, Inland Revenue Department (IRD) issued a tax notice related to first installment of tax payment for the year of assessment (YA) 2020-21, required to be paid by individuals, partnerships, companies, which is due on 15 August
See MoreFinland: Tax authority publishes updated base and reference rate for tax purposes
On 31 July 2020, the Finnish Tax Authority has published updated guidelines on the base and reference rate for tax purposes One of the key aspects of the update is in regard to interest due for late payment, which includes that interest on arrears
See MoreRussia declares reduced rate for IT companies
On 31 July 2020, Russia has published Federal Law No. 265-FZ in the Official Gazette introducing "ultra-low tax regime" for IT companies, applies from 1 January 2021. The law provides following major benefits for qualifying IT
See MoreAmendment in transfer pricing legislation in South Africa
Section 31 of the South African Income Tax Act and its proposed changes to the transfer pricing rules have created much discussion among finance directors, tax managers and tax advisors. The changes tabled in Section 56 of the 2010 Taxation Laws
See MoreGreece: Parliament published two Laws to introduce various changes in transfer pricing context
On 31 July 2020 and on 29 July 2020, the Greek Parliament Officially published two Laws, L. 4714/2020 and L. 4712/2020 respectively regarding various sections of transfer pricing. The two Laws cover the following changes: Tax dispute Resolution
See MoreFrance: Government publishes third amending Finance Law for 2020
On 31 July 2020, the Government Officially published Law No. 2020-935, which was basically third amending Finance (Budget) Law for 2020. The Law includes the following changes: Deferral of DAC6 reporting obligations According to the Law, the
See MorePortugal publishes Supplementary 2020 Budget
On 24 July 2020, Portugal published Law No. 27-A/2020 in the Official Gazette and entered into force on 25 July 2020. The law provides for the Supplementary 2020 Budget and an economic and social stabilization program in response to the
See MoreCyprus: Tax department further extends deadlines for tax settlements of 2015
On 21 July 2020, the Cyprus tax department announced to further extends the deadlines for tax debt settlements for periods that ended by Dec. 31, 2015. The deadlines are extended to 14 January 2021 from 14 August 2020 to settle debts finalized by
See MoreWorld Tax Brief: August 2020
ArgentinaDue dates main corporate income tax: The Federal Administration of Public Revenue made an extension in the deadline to apply for the tax payment facility from 30 June 2020 to 31 July 2020.See the story in RegfollowerAustraliaReduced rate:
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