India: Finance Minister presents Union Budget for 2020-2021
On 1st February 2020, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. The budget includes the following key tax proposals: Abolishment of dividend distribution tax The budget proposes
See MoreUK: Statistics on Transfer Pricing and Diverted Profits Tax
On 27 January 2020 HMRC published statistics relating to transfer pricing and the diverted profits tax. HMRC had 441 full time equivalent staff working on international tax issues involving multinational groups in 2018/19, including transfer
See MoreOECD: Statement by the Inclusive Framework on Tax Challenges of the Digital Economy
A statement by the Inclusive Framework on base erosion and profit shifting (BEPS) released on 31 January 2020 noted that the international community will continue working on a long-term consensus-based solution to the tax challenges of the digital
See MoreBosnia and Herzegovina: Government adopts Law on Profit Tax
On 16 January 2020, Government adopted the amendment in Law on Profit Tax. The Law proposed to exclude leasing companies from the interest deduction limitations provisions. On the other hand, this Law stated that income statements are not necessary
See MoreCzech Republic: Government publishes final draft Bill of DST in Parliament
On 22 January 2020, the final draft Bill regarding the digital service tax (DST) was published in the Parliament. This Bill proposed to introduce a single digital tax of 7% for companies with a global revenue thresholds of EUR 750 million and
See MoreUkraine: Parliament adopts draft law on amendments to the Tax Code
On 16 January 2020, the Ukrainian Parliament adopted Law No 1210 on amendments to the Tax Code of Ukraine with regard to improvement of tax administration, elimination of technical and logical discrepancies in tax legislation. The important
See MoreDenmark: National Tax Court publishes a decision on the scope of controlled transaction
On 3 January 2020, the National Tax Court published a decision regarding a Case dealing with controlled transactions that "transactions" also include a provision where there is a capital reduction in a company, which is carried out by a reduction
See MoreSouth Africa: President signs five revenue related Bills into Law
On 21 January 2020, the National Assembly released a Media Statement, which provides that on 13 January 2020, President, Cyril Ramaphosa, signed into law five different revenue related bills. These bills, which have now been promulgated include the
See MoreFrance and the US agree deal on digital tax
Following talks with the US on taxation of digital companies France has agreed to stop delay collection of its planned digital tax, although the liability for the tax will still accrue. France is planning to impose a 3% digital services tax on
See MoreZambia: Parliament enacts Tax Amendment Act 2020
On 27 December 2019, Zambian Parliament has enacted the Tax Amendment Act 2020 regarding the decree of the National Budget 2020. Income tax amendment is included in Act No. 15 of 2019 which is effective from 1 January 2020. The amendments regarding
See MorePoland 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
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