Poland publishes decree deferring new withholding tax requirement to 1 July 2020
On 30 December 2019, a decree was published in the Journal of Laws of the Republic of Poland, which further postponed the application of the most important change to the new withholding tax system (WHT). According to the decree, withholding
See MoreArgentina: Government publishes General Resolution on dividend WHT rate
On 14 January 2020, the Government issued a General Resolution 4662/2020, which establishes procedures and deadlines for withholding tax payments on dividends paid by a permanent establishment to its parent company. With effect as from 14 January
See MoreNorway: The new statutory GAAR enter into force from 1 January 2020
Norway introduced a new general anti-avoidance rule (GAAR) with effect from 1 January 2020. The new statutory GAAR is similar to the previous GAAR in terms of scope, content and threshold for use with a few exceptions. The statutory GAAR will
See MoreCosta Rica: Ministry of finance publishes draft resolution on tax benefit for SMEs
The Costa Rican Ministry of Finance recently published a draft resolution on tax benefits for SMEs that was introduced by Law No. 9635 of 3 December 2018. The benefits apply to qualified SMEs whose gross income does not exceed CRC 106 million
See MoreWorld Tax Brief: January 2020
Qatar PE rules: On 11 December 2019, Qatar introduced new Income Tax Law No. 24 of 2018, effective from 12 December 2019. The new Law provides additional guidance on permanent establishments (PEs) rule. Computation of
See MoreColombia publishes a decree on tax return and TP documentation deadline
On 23 December 2019, Colombian tax authority (DIAN) has published Decree No. 2345 specifying the deadlines for filing and payment of the tax return (declaration) for 2020 and the deadline for transfer pricing (TP) documentation, including
See MoreItaly publishes new WHT return form
On 15 January 2020, the Italian tax administration approved the updated withholding tax (WHT) return form 770/2020 for fiscal year 2019. The withholding tax return form must be filed electronically by 31 October
See MoreBangladesh introduces tax holiday for power generation companies
The Government of Bangladesh has introduced income tax holiday till 2034 to private sector power generation companies which will go into commercial operation by the next three years. On 09 January 2020, the National Board of Revenue published a
See MoreItaly enacts digital services tax
The Italian Budget Law 2020 introduces a 3% unilateral ‘Digital Services Tax (DST)’ replacing the “Web Tax” and entered into force as of 1 January 2020. The Digital Services Tax (DST) rate is 3% and applies on the revenues from digital
See MoreIreland: President signs Finance Bill 2019 into Law
On 22 December 2019, President, Michael D. Higgins, signed the 2019 Finance bill into law. This Finance Act 2019 implements the taxation changes announced on Budget, including new transfer pricing legislation, introducing some necessary
See MorePakistan publishes second amendment of tax laws ordinance 2019 in the official gazette
On 28 December 2019, the Federal Board of Revenue of Pakistan has published the Tax Laws (Second Amendment) Ordinance 2019 in the Official Gazette to amend the Income Tax Ordinance 2001 (ITO); the Sales Tax Act 1990; and the Customs Act 1969,
See MoreTaiwan issues final regulations on tax incentive for substantive investments
On 8 January 2020, Taiwan Ministry of Finance issues the final ‘Regulations on Deduction of Undistributed Earnings and Application for Tax Refund for Substantive Investment Made by a Profit-seeking Enterprise or a Limited Partnership’. The
See MoreFrance publishes interest rate for shareholder loan for FY ends between December 2019 and March 2020
Recently, France has published interest rates for entities whose financial year (FY) ended between 31 December 2019 and 30 March 2020, which are used to determine the deductibility of interest payments to shareholders. The portion of
See MoreCroatia: Government publishes tax reform effective as from 1 January 2020
On December 11, 2019, the Croatian Government published Law in the Official Gazette to require taxpayers/ intermediaries to report information on certain tax arrangements. Some of the changes are given below: Corporate income tax/Profit
See MoreNigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See MoreFrance: Government officially publishes Finance Act 2020
On 29 December 2019, Government published 2020 Finance Bill in the Official Gazette after the Court’s approval. Corporate income tax The Finance Act reduces the corporate tax rate for all companies, including those with a turnover of €
See MoreAustria: Government publishes Program for 2020-2024 regarding tax measures
The Government released its Program for 2020-2024 regarding several tax reform measures. Corporate tax The Program proposed to increase the threshold of corporate income tax from EUR 30,000 to EUR 100,000 and reduce the corporate income tax
See MoreItaly enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
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