UK: Consultation on Extension of R&D Tax Credits to Data and Cloud Computing
On 21 July 2020 the UK government launched a consultation on extending research and development (R&D) tax credits to costs relating to data and cloud computing. Comments are invited by 13 October 2020. R&D tax credits support innovative
See MoreUK: Further Extension of Making Tax Digital
On 21 July 2020 the UK government outlined its plans for extending the digitalisation of tax returns, known as Making Tax Digital (MTD). The plans cover value added tax (VAT), income tax and corporation tax. The government considers that digital
See MorePuerto Rico extends certain filing and payment due dates due to ‘Isaias’
On 3 August 2020, the Puerto Rico Treasury Department has published Administrative Determination No. 20-20 of 31 July 2020 postponing all filing and payment deadlines until 7 August 2020 that were due 31 July 2020 due dates due
See MoreUK: Strategy Document Outlines Future Development of Tax Administration
On 21 July 2020 the UK government issued a strategy document entitled Building a trusted, modern tax administration system in which it set out a ten-year strategy for a tax administration system that can offer support to taxpayers, increase
See MoreColombia issues decree on taxation of investment funds and PEs
On 19 July 2020, the Colombia Ministry of Finance and Public Credit has issued Decree 1054 of 2020, which determines the scope in tax matters of the concepts taxation of investment funds and (permanent establishments) PEs. The Decree was issued
See MoreSouth Africa: SARS publishes a notice regarding submission of 2020 income tax returns
On 3 July 2020, the South African Revenue Service (SARS) published Notice 741 in terms of section 25 for submission of 2020 income tax returns for both legal entities and natural person. This notice provides information about eligible legal entity
See MoreNigeria: FIRS announces an extension for filing corporate tax return
On 31 July 2020, the Federal Inland Revenue Service (FIRS) made an announcement through Twitter regarding a week extension of deadline for the submission of corporate income tax return 2020 with a December year end. The new deadline is extended
See MoreIndia: CBDT once again extends the income tax return filing deadline for FY 2018-19
On 29 July 2020, the Central Board of Direct Taxes of India has published a Notification No 56/2020 providing further extension of income tax return for AY 2019-20. The deadline for filing the annual return (ITR) for FY 2018-19 (AY 2019-20) has
See MoreCOVID-19: Indonesia issues regulations expanding tax incentives
On 16 July 2020, the Ministry of Finance (MoF) issued Regulation No.86/PMK.03/2020 (PMK-86) providing the expansion of tax incentives in response to COVID-19. The regulation revokes and replaces MOF Regulation 44/PMK.03/2020. Tax incentives for
See MoreKazakhstan: National Bank decides to reduce base interest rate
On 20 July 2020, the National Bank of Kazakhstan was made an announcement that they have decided to reduce the base rate from 9.5% to 9.0% per annum and it is effective from 21 July 2020. The rate is used in determining the late payment interest,
See MoreOECD: Case Study on BEPS in the Mining Sector in Zambia
On 30 July 2020 the OECD published on its website a case study summarising assistance given to Zambia’s tax administration in relation to base erosion and profit shifting (BEPS) in the mining sector. The case study details how support was given
See MoreCOVID-19: Japan introduces special grace period for tax payments
On 29 July 2020, the National Tax Agency published the updated tax relief measures for taxpayers who face difficulty paying their national tax due to the influence of the novel coronavirus disease (COVID-19). Under this, a special grace period of
See MoreKorea: MOEF proposes Tax Revision Bill 2020 amid COVID-19
On 22 July 2020, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2020 to overcome the economic crisis and enhancing economic vitality due to COVID-19 pandemic. The three main focuses
See MoreUK: Amendments to the Restriction on the Tax Deduction for Interest
On 21 July 2020 the UK published draft legislation to amend the limitation on the interest deduction for corporation tax. This would be part of the Finance Bill for 2020/21. The rules to limit the corporation tax deduction for interest were
See MoreCyprus amends treatment of intangible assets
On 17 July 2020, the House of Representatives of Cyprus approved a bill amending Section 9(1)(l) of the Income Tax Law (ITL) which introduced a number of changes with respect to the tax treatment of intangible assets. As per section 9(1)(l)
See MoreDominican Republic: DGII issues notices to extend tax payment relief due to COVID-19 pandemic
The Directorate General of Internal Revenue (DGII) issued Notice 76-20, which provides extension of the tax payment relief previously given by Notice 36-20 due to COVID-19 pandemic. Notice 36-20 extends the tax payments by three months, which were
See MoreVietnam: Government issues Decree increasing cap on deductible interest expenses
On 24 June 2020, the Vietnamese Government has issued Decree No. 68/2020/ND-CP amending and supplementing Clause 3, Article 8 of Decree 20/2017/ND-CP (Decree 68). On 14 July 2020, the Vietnam Ministry of Finance (MOF) has also issued Official
See MorePanama further extends tax returns filing deadline
On 16 July 2020, Panama has published Decree No. 356 in the Official Gazette regarding further extensions of certain deadlines due to the Covid-19 pandemic. Annual tax return filing deadline for the 2019 tax year was previously extended to
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