Greece: Parliament approves Law regarding deduction on R&D expenditures
On 27 July 2020, the Parliament approved a Law, which provides the increased deduction of research and development (R&D) expenditures. The increased deduction applies from 1 September 2020. To claim 100% deduction, supporting documentation for
See MoreUS: IRS publishes revised practice unit on dividends or interest from a related CFC
On 29 July 2020, the U.S. IRS published a revised international practice unit on the Receipt of Dividends or Interest from a Related CFC. The practice unit was revised to include the extension of the IRC 954(c)(6) look through rule for CFCs with
See MoreTaiwan: MOF exempts from provisional income tax payment
On 31 July 2020, Taiwan’s Ministry of Finance (MOF) has issued a ruling prescribing that certain profit-seeking enterprises may apply for the exemption from their provisional income tax payment during the period from 15 January 2020 until 30 June
See MoreAngola amends the General Tax Code
On 9 July 2020, Angola has published Law no. 21/20 in the Official Gazette amending to the General Tax Code. Among the changes introduced, the following stand out: introduced a general anti-abuse rule (GAAR) allowing the tax authorities to
See MoreCanada: CRA extends payment deadline of income tax return
On 27 July 2020, the Canada Revenue Agency (CRA) announced that payment deadline for the year 2020 of the income tax returns, including installments for legal entities, trust, and individual is to be extended from 1 September 2020 to 30 September
See MoreUK: Consultation on Extension of R&D Tax Credits to Data and Cloud Computing
On 21 July 2020 the UK government launched a consultation on extending research and development (R&D) tax credits to costs relating to data and cloud computing. Comments are invited by 13 October 2020. R&D tax credits support innovative
See MoreUK: Further Extension of Making Tax Digital
On 21 July 2020 the UK government outlined its plans for extending the digitalisation of tax returns, known as Making Tax Digital (MTD). The plans cover value added tax (VAT), income tax and corporation tax. The government considers that digital
See MorePuerto Rico extends certain filing and payment due dates due to ‘Isaias’
On 3 August 2020, the Puerto Rico Treasury Department has published Administrative Determination No. 20-20 of 31 July 2020 postponing all filing and payment deadlines until 7 August 2020 that were due 31 July 2020 due dates due
See MoreUK: Strategy Document Outlines Future Development of Tax Administration
On 21 July 2020 the UK government issued a strategy document entitled Building a trusted, modern tax administration system in which it set out a ten-year strategy for a tax administration system that can offer support to taxpayers, increase
See MoreColombia issues decree on taxation of investment funds and PEs
On 19 July 2020, the Colombia Ministry of Finance and Public Credit has issued Decree 1054 of 2020, which determines the scope in tax matters of the concepts taxation of investment funds and (permanent establishments) PEs. The Decree was issued
See MoreSouth Africa: SARS publishes a notice regarding submission of 2020 income tax returns
On 3 July 2020, the South African Revenue Service (SARS) published Notice 741 in terms of section 25 for submission of 2020 income tax returns for both legal entities and natural person. This notice provides information about eligible legal entity
See MoreNigeria: FIRS announces an extension for filing corporate tax return
On 31 July 2020, the Federal Inland Revenue Service (FIRS) made an announcement through Twitter regarding a week extension of deadline for the submission of corporate income tax return 2020 with a December year end. The new deadline is extended
See MoreIndia: CBDT once again extends the income tax return filing deadline for FY 2018-19
On 29 July 2020, the Central Board of Direct Taxes of India has published a Notification No 56/2020 providing further extension of income tax return for AY 2019-20. The deadline for filing the annual return (ITR) for FY 2018-19 (AY 2019-20) has
See MoreCOVID-19: Indonesia issues regulations expanding tax incentives
On 16 July 2020, the Ministry of Finance (MoF) issued Regulation No.86/PMK.03/2020 (PMK-86) providing the expansion of tax incentives in response to COVID-19. The regulation revokes and replaces MOF Regulation 44/PMK.03/2020. Tax incentives for
See MoreKazakhstan: National Bank decides to reduce base interest rate
On 20 July 2020, the National Bank of Kazakhstan was made an announcement that they have decided to reduce the base rate from 9.5% to 9.0% per annum and it is effective from 21 July 2020. The rate is used in determining the late payment interest,
See MoreOECD: Case Study on BEPS in the Mining Sector in Zambia
On 30 July 2020 the OECD published on its website a case study summarising assistance given to Zambia’s tax administration in relation to base erosion and profit shifting (BEPS) in the mining sector. The case study details how support was given
See MoreCOVID-19: Japan introduces special grace period for tax payments
On 29 July 2020, the National Tax Agency published the updated tax relief measures for taxpayers who face difficulty paying their national tax due to the influence of the novel coronavirus disease (COVID-19). Under this, a special grace period of
See MoreKorea: MOEF proposes Tax Revision Bill 2020 amid COVID-19
On 22 July 2020, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2020 to overcome the economic crisis and enhancing economic vitality due to COVID-19 pandemic. The three main focuses
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