Hungary: The central bank reduces base interest rate for late tax payment
On 23 June 2020, the Hungarian central bank reduces the base interest rate from 0.9% to 0.75% in order to maintain price stability and support economic recovery from the COVID-19 pandemic. With respect to taxes, the base rate is used for different
See MorePlatform for Collaboration on Tax: Draft Toolkit on Tax Treaty Negotiations
The Platform for Collaboration on Tax (PCT) has issued a draft toolkit on tax treaty negotiations. The period for feedback from interested parties is 29 June 2020 to 10 September 2020. The PCT was set up by the OECD, IMF, World Bank and UN to
See MoreBangladesh: National Parliament passes budget for 2020-21 FY
On 30 June 2020, national budget of Tk. 5680 billion for the fiscal year 2020-2021 has been passed in national Parliament and the National Board of Revenue (NBR) has published the Finance Act 2020 with effect from 1 July 2020. The Key tax
See MoreBelgium: Parliament adopts business loss carry-back relief
On 18 June 2020, the parliament of Belgium adopted a bill providing provision for loss carry back applicable for companies in response to Covid-19 pandemic. The loss carry back is provided by allowing for the creation of a tax-exempt reserve
See MoreOECD: Tax Database Brochure Updated
On 23 June 2020 the OECD issued the 2020 update to the brochure introducing the OECD’s Tax Database. Households - Tax Wedge The database looks at the average tax wedge for four different types of family, looking at the tax wedge of
See MoreOECD: Tax Transparency in Africa 2020
On 25 June 2020 the OECD’s Global Forum on Transparency and Exchange of Information launched Tax Transparency in Africa 2020 which is a Progress Report of the Africa Initiative up to and including 2019. The Africa Initiative was set up in
See MoreQatar 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
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