Qatar further extends tax returns filing deadline
On 21 June 2020, the Qatar General Tax Authority (GTA) further extended the tax returns filing deadline for FY 2019 to 30 August 2020 in response to the Covid-19 pandemic. The deadline was previously extended from 30 April 2020 to 30 June
See MoreDominican Republic: DGII announces further extension of the tax filing deadlines obligations
On 21 June 2020, the Directorate General of Internal Revenue (DGII) announced to extend the submission deadlines of tax return of both legal entities and individual until 29 July 2020 for the fiscal year closed 31 December 2019. Similarly, the DGII
See MoreRomania introduces interest and penalties relief amid Covid-19 pandemic
On 16 June 2020, the Ministry of Finance (MoF) has declared that the government has extended interest and penalties relief to 25 October 2020 on tax obligations that have become due after 21 March 2020 and on late payments of tax under the tax
See MoreSaudi Arabia: GAZT publishes circular on capital gain tax
On 15 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published online Circular No. 2005003 regarding income tax on capital gains from restructuring events. Through this Circular, GAZT addresses the taxation of
See MoreAustralia: Guidance on the Impact of the COVID-19 Crisis on Transfer Pricing Arrangements
On 19 June 2020 the Australian Taxation Office (ATO) posted to its website guidance entitled COVID-19 economic impacts on transfer pricing arrangements. This sets out guidance for taxpayers affected by COVID-19 who are preparing transfer pricing
See MoreCOVID-19: Malaysia announces short-term economic recovery plan
On 5 June 2020, the Prime Minister of Malaysia announced a Short-Term Economic Recovery Plan (ERP) in response to COVID-19. The relief plan contains the following tax measures. New tax holiday incentive for foreign manufacturers that relocate
See MoreCOVID-19: German cabinet approves economic relief plans
On 12 June 2020, the Germany Federal Cabinet has approved a EUR130bn (USD148bn) fiscal stimulus package with numerous tax measures, intended to help revive the German economy following the COVID-19 pandemic. The package increases loss carryback
See MoreVietnam approves 30% reduction in CIT rate for 2020 amid COVID-19
On 19 June 2020, the National Assembly of Vietnam has approved a 30% corporate income tax (CIT) reduction to all businesses if their total revenue does not exceed the VND 200 billion (approximately USD 8.8 million) threshold in 2020. After
See MoreTaiwan: NTBSA calls for annual tax return for business suspended in tax year 2019
On 19 June 2020, National Taxation Bureau of the Southern Area (NTBSA), Ministry of Finance of Taiwan has stated that profit-seeking enterprises which suspended business in the taxable year 2019 should file its annual income tax return to the tax
See MoreUS: IRS releases interest rates on overpaid and underpaid tax for third quarter
On 4 June 2020, the U.S. Internal Revenue Service announced that interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 July 2020, which are reduced by 2% compared to the previous quarter. The rates will
See MoreAustria: Government announces additional measures in response to COVID-19 outbreak
On 12 June 2020, the Government announced some additional measures in response to COVID-19 outbreak: VAT The Government is planning to finalize a reduced value-added tax (VAT) rate of 5% for the restaurant and culture sector due to the corona
See MoreEU: Consultation on Limiting the Impact of non-EU subsidies
A consultation on measures to limit the impact of non-EU subsidies was launched with the publication of a White Paper by the European Commission on 17 June 2020. The consultation will run until 23 September 2020 and the EU is looking at the
See MoreCzech Republic: The Chamber of Deputies passes anti-crisis tax package for second time
On 16 June 2020, the Chamber of Deputies passed the anti-crisis tax package for the second time aimed at mitigating the adverse economic effects of the pandemic on entrepreneurs and companies. The package is set to be signed by the president and
See MorePlatform for Collaboration on Tax: Role of Tax in the Crisis
A blog post of 16 June 2020 on the website of the Platform for Collaboration on Tax (PCT) outlined the role of tax in dealing with the COVID-19 crisis. The PCT was set up by the OECD, IMF, World Bank and UN to cooperate and consult on the design
See MoreTaiwan: NTBNA clarifies about various tax acts and penalties income tax returns
On 15 June 2020, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance of Taiwan has issued a press release that clarifies about various tax acts and penalties as provided in various regulations shall not be allowed to be
See MorePuerto Rico: Governor signs additional economic relief package for COVID-19
On 14 June 2020, the Puerto Rican Office of the Governor has signed Law 57-2020 "Complementary Law to Address the Effects of the Puerto Rican Economy Caused by the COVID-19 Emergency". The new legislation includes the following main tax
See MoreGreece: Finance Ministry announces to extend the deadline of income tax return for 2019
On 18 June 2020, the Ministry of Finance announced that the deadline of income tax return 2019 is to be extended until 29 July 2020 for both individuals and legal entities. The extension was deemed necessary in order to make it easier for all
See MoreKenya: National Budget for FY 2020/21
On 11 June 2020, the Cabinet Secretary for the National Treasury and Planning, Mr. Ukur Yatani Kanacho delivered the 2020/21 Budget to the National Assembly. The summary of proposed tax measures are following: Income Tax Measures Raised
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