Argentina: Government publishes General Resolution on tax schemes for SMEs
On 31 January 2020, Government published General Resolution 4667/2020 of 30 January 2020, which provides special tax schemes for small and medium enterprises (SMEs) introduced by Law 27541 on Social Solidarity and Productive Reactivation. This
See MoreOECD: Economic Impact of Proposals on Taxation of the Digital Economy
An economic analysis and impact assessment is being carried out by the OECD to support the work of the OECD Inclusive Framework on tax challenges of the digital economy. A preliminary analysis was published on 14 February 2020, with a final
See MoreOECD: Transfer Pricing Guidance on Financial Transactions
On 11 February 2020 the OECD released a report entitled Transfer Pricing Guidance on Financial Transactions: Inclusive Framework on BEPS: Actions 4, 8-10. The OECD reports on base erosion and profit shifting (BEPS) issued in 2015 requested
See MoreRussia amends penalty provision for tax evasion
On 26 December 2019, the Russian President introduced draft Law no. 871811-7 revising the thresholds for the tax evasion committed by legal and natural persons. According to the draft Law, the tax evasion thresholds for criminal liability have been
See MoreDominican Republic: DGII publishes list of territories not considered tax heavens
The Directorate General of Internal Revenue (DGII) issued Notice 10-20 regarding an updated list of States that are not considered tax heaven or preferential tax regimes. The list includes the following territories: Antigua and Barbuda,
See MoreColombia: DIAN issues new guidelines for GAAR
On 15 January 2020, Colombian tax authority (DIAN) has published Executive Order No. 4 of 7 January 2020 in the official gazette where DIAN clarifies the application of General Anti-Avoidance Rule (GAAR). The GAAR provisions are contained in
See MoreChina introduces additional tax relief measures to tackle Coronavirus epidemic
China has declared additional tax relief measures due to Coronavirus epidemic. These measures are following: An exemption from consumption tax, VAT and import duties on imported of goods and equipment donated for Coronavirus
See MoreChile: Senate approves Tax Reform Bill
On 29 January 2020, the Senate approved a Tax Reform Bill. Once in force, the proposed measures will generally apply as from 1 January 2020, except the VAT requirements for digital services, which will be implemented three months after the law is
See MoreCosta Rica gazettes moratorium on penalties for non-compliance of ultimate beneficiary register
On 30 January 2020, the Costa Rican Official Gazette published a law introducing a three-month moratorium on the Registry of Transparency and Final Beneficiaries (RTBF) registration penalties for the 2019 tax year. The Registry was established as
See MoreGreece: Public Revenue Authority publishes a Circular for clarifying about dividend tax rate
The Public Revenue Authority (AADE) published Circular E. 2012 of 30 January 2020, which provides guidance on reducing the withholding tax (WHT) rate from 10% to 5% under the provisions of article 24 of Law 4646/2019. This also states that this
See MorePeru: SUNAT explains carry forward loss rules for R&D incentives
On 23 January 2020, the Peruvian Tax Administration (SUNAT) has published Report No. 200-2019-SUNAT/7T0000 on its website regarding tax carry forward loss rules for research and development (R&D) incentives. SUNAT clarifies that the R&D
See MoreRomania enacts EU mandatory disclosure regime (DAC6)
On 28 January 2020, the Government of Romania has published Ordinance no. 5 of 28 January 2020 in the Official Gazette for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning
See MoreBulgaria: Finance Ministry publishes an Order to incentive purposes
On 30 January 2020, the Finance Ministry published Order No. ZMF-89 of 30 January 2020 regarding lists the municipalities with unemployment rates, which is used to provide tax incentives for manufacturing companies including complete corporate
See MoreVenezuela: Government publishes decrees regarding tax reform
On 29 January 2020, three decrees were published in the Official Gazette for introducing a new tax code, amending the VAT Law and customs Law. It was approved by the Constituent Assembly on the similar day. Withholding taxes due One of three
See MoreThailand declares tax incentive for machinery investment
Thailand has published Royal Decree No. 690, which allows 50% deduction for investments in machinery between 1 September 2019 and 31 May 2020, with following conditions: The machinery is located in ThailandThe machinery has to be
See MoreItaly issues updated tax return forms with instructions for 2020
On 31 January 2020, the Italian Revenue Agency released instructions on procedure to comply with income tax return filing obligations during 2020. The Italian tax authority said the following changes have been incorporated into returns this year:
See MoreFrance: Tax authority publishes guidelines on the new provisions on abuse of law
On 31 January 2020, the tax authority published guidelines regarding the application of the new general anti-abuse rules (GAAR). This guide provides an extension of Article 6 of the EU Anti-Tax Avoidance Directive 2016/1164. It may also apply in
See MoreUK: Press Release on Diverted Profits Tax and Compliance Facility
An HMRC press release of 27 January 2020 noted that more than GBP 5 billion in extra tax has collected from large multinational companies since 2015 owing to the introduction of the diverted profits tax (DPT). The DPT was introduced in the UK
See More