UK: Call for Evidence on Employee Management Incentives
Employee management incentives (EMIs) were introduced in the UK to provide small and medium enterprises (SMEs) with an additional way to remunerate their employees. This can be of benefit to small, innovative companies that need to recruit the
See MoreUK: Consultation on Research and Development Tax Reliefs
Following the announcement in the UK Budget on 3 March 2021 of a consultation on the research and development (R&D) tax relief the UK government has issued a consultation document. The UK currently offers two main tax reliefs to companies
See MoreUK Budget Announcements for 2021
On 3 March 2021 the Chancellor announced the UK budget provisions for 2021. The furlough scheme, which pays 80% of employees' wages, will be extended until the end of September 2021, but employers will be asked to contribute 10% in July and 20%
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MoreAustralia: ATO publishes guidance on claiming loss carry back
The Australian Taxation Office (ATO) has published guidance on claiming loss carry back for early balancers and claims for partial years. Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who
See MoreMalta: CFR extends electronic filing deadline of CIT returns
On 22 February 2021, Malta’s Commissioner for Revenue (CFR) has notified that the deadlines for the electronic filing of corporate income tax (CIT) have been extended as follows: Financial Year EndingManual Return DeadlineElectronic
See MoreSouth Africa: Finance Ministry presents Budget 2021 in Parliament
On 24 February 2021, the Finance Minister, Tito Mboweni, made 2021 budget speech in the Parliament. Most of that relief will reduce the tax burden on the lower and middle-income households. Some of the tax proposals in this budget are given
See MoreAustria: Parliament discusses about the delay on tax payments
Recently, the Austrian Parliament currently made a discussion regarding 2nd COVID-19-StMG. According to this, the deadline for the expiry of the general tax payments deferrals is to be postponed from 31 March 2021 until 30 June 2021. After the law
See MoreWorld Tax Brief: February 2021
AlgeriaTaxation of capital gains: On 31 December 2020, the President signed the Finance Act for the year 2021. The Act introduced a 15% capital gains tax on the real estate and securities transactions and describes calculations and liability for
See MoreUruguay extends advance tax payment deadline
On 10 February 2021, the Directorate General of Taxation (DGI) of Uruguay has declared Resolution No. 209/2021 regarding advance payment deadline extension for the month of January 2021 until March 2021 (generally due in February) in response to
See MoreTurkey amends R&D and technology development zone regulations
On 3 February 2021, Turkey has published Law No. 7263 in the Official Gazette on an amendment to the Law on Technology Development Zones and some other Laws. The Law is effective from the day of its publication. The main amendments of the Law are
See MoreVietnam: MoF proposes extension of certain tax payment deadline due to COVID-19
On 17 February 2021, the Vietnamese Ministry of Finance (MoF) has issued a press release regarding the extension of certain tax payment deadline due to the COVID-19 pandemic. MoF proposes to the Government to extend the deadline of certain tax
See MoreSingapore: Summary of tax changes in Budget 2021
On 16 February 2021, the following tax changes were announced by Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat, in his Budget Statement for the Financial Year 2021. Tax measures in the budget 2021 concern: Investment
See MoreGermany: Parliament further extends the deadline for 2019 tax returns
On 12 February 2021, the Germany’s upper house of Parliament further approved an extension in the deadline for 2019 tax returns. Accordingly, the deadline for the 2019 calendar year for tax returns submitted by tax advisors is extended up to 31
See MoreGreece: Tax Authority describes interest deduction limitation rules
On 11 January 2021, the Greek Public Revenue Authority (AADE) published Circular Ε. 2004 of 11 January 2021, which describes the application of the rule of limitation of interest as amended from 1 January 2019. According to the Circular, the
See MoreQatar: Request to extend CIT return submission deadline by 28 February 2021
Generally, corporate income tax (CIT) filing deadline for year ended 31 December 2020 will be 30 April 2021. According to the Article 30 of the executive regulations of the Income Tax Law No. 24 of 2018, the General Tax Authority (GTA) may grant an
See MoreSouth Africa: Court makes a decision regarding TP methods
On 7 January 2021, in the case of: ABC (Pty) Ltd v. Commissioner (IT 14305) ZATC 1, the South African Court upheld a transfer pricing adjustment for a taxpayer that failed to have transfer pricing documentation to support the arm’s
See MoreIreland: Revenue issues eBrief regarding guidance on CFC rules
On 12 February 2021, the Irish Revenue issued eBrief No. 027/21, which provides updated guidance regarding controlled foreign company (CFC) rules. On the similar day, the Revenue also published a Tax and Duty Manual, providing guidance of how to
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