Uruguay extends additional advance payment deadline
The Directorate General of Taxation (DGI) of Uruguay has announced Resolution No. 1251/2020 of 16 July 2020 concerning additional advance payment deadline extensions in response to the Covid-19 pandemic. The taxpayers with taxable gross
See MoreChina reduces income tax rate for Hainan free trade port
The Chinese authorities have rolled out preferential income tax plans for companies and individuals in the southern island province of Hainan. According to a circular jointly issued by the Ministry of Finance and the State Taxation
See MoreHong Kong: IRD extends the deadline for filing profits tax returns
On 14 July 2020, the Hong Kong Inland Revenue Department has published Circular Letter to Tax Representatives on an extension of the deadline for filing Profits Tax returns. Accordingly, the Inland Revenue Department decided to extend the due
See MoreSri Lanka: Further extension of tax return submission dates
On 3 July 2020, the Sri Lankan Inland Revenue Department has issued a notice on the further extension of following return/statement submission deadlines up to 31 December 2020 in line with the approval of "Tax Relief Measures to Facilitate Post
See MoreNigeria: FIRS extends interest and penalty relief deadline regarding some tax liabilities
On 9 July 2020, the Federal Inland Revenue Service (FIRS) announced the due date of the waiver of penalty and interest relief regarding tax liabilities or tax debts owed by individuals and businesses is extended from 30 June 2020 to 31 August 2020.
See MoreDominican Republic: The DGII extends corporate tax return deadline
On 15 July 2020, the Directorate General of Internal Revenue (DGII) released a Notice 80-20 to announced that the submission deadline of corporate tax return and payment of tax for the tax year closed 31 March 2020 is extended until 31 August 2020.
See MoreOman declares further tax relief measures
On 8 July 2020, the tax authority reportedly announced additional relief measures in response to the Covid-19 pandemic. The announcement contains a suspension of the additional tax due on late payments for the 2019 financial year until 30 September
See MoreBelgium extends tax return deadline to 29 October 2020
On 6 July 2020, Federal Public Service (SPF) Finance has issued a notice declaring that Biztax is available for the 2020 tax year. The notice indicates that the Minister of Finance granted an extension of the due date for filing the corporate
See MoreLatvia defers tax payments for a period of up to three years
In June 2020, Latvia approved an extension of tax measures to provide continued support beyond the end of the state of emergency for COVID-19. Under the support measures, the possibility to defer tax payments for a period of up to three years is
See MoreChile: Tax authority suspends advance corporate tax payments and VAT payments
On 8 July 2020, the tax authority published a Resolution 76/2020 to suspend the provisional corporate tax payments obligations for the months July, August, and September 2020 respectively. Note that, this relief applies to micro, small and
See MoreRussia aims to introduce fixed tax of RUB 5 million on CFC income
The government of Russia is planning several tax measures to be introduced in 2021 including an increased 15% tax rate applies on high-earning individuals and reduced 3% tax rate on Information Technology enterprises. In addition to these
See MoreIreland: Revenue issues an eBrief regarding treatment of losses
On 25 June 2020, the Irish Revenue published an eBrief No. 124/20 on a Tax and Duty Manual part 19-02-05 related to treatment of capital losses. This manual describes the principles of allowable losses, and clarifies that where an allowable loss
See MoreNorth Macedonia: Exemption of advance profit tax payment extends to July 2020
North Macedonia has extended the exemption from advance tax to June and July 2020 for taxpayers in the fields of catering, tourism, and transport in response to Covid-19 pandemic. Primarily, the exemption was provided in respect of advance payments
See MoreOECD: Corporate Tax Statistics
On 8 July 2020 the OECD released the second edition of the annual Corporate Tax Statistics publication. This edition contains statistics on corporate tax revenue and tax rates; information based on the country by country reporting by large
See MoreAustralia reduces tax rates for small businesses
Mr. Josh Frydenberg, the Australian Treasurer has issued a joint release on the reduction of the corporate income tax rate for businesses with turnover of less than AUD 50 million. From July 1 2020, small and family businesses will be paying less
See MoreWorld Tax Brief: July 2020
ArgentinaPayment of tax: The Federal Administration of Public Revenue declared that application for including to the new tax payment facility regime needs to be done by 30 June 2020. The first installment will expire on 16 July 2020.See the story
See MoreItaly introduces tax payment deferral provision
On 27 June 2020, Italy has published the Decree in the Official Gazette regarding deferral payment for certain taxpayers not qualifying for deferrals under Law Decree No. 34 of 19 May 2020, the so-called "Relaunch Decree" in response to the
See MoreCOVID-19: India further extends the deadlines of tax returns
On 24 June 2020, the Central Board of Direct Taxes of India has published a Notification No 35/2020 of 24 June 2020 providing the following extension of time limits under the Income Tax Act and related Acts due to COVID-19. The time for filing
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