Egypt approves Law adopting a number of financial rules amid COVID-19 pandemic
On 7 May 2020, the Egyptian President Abdel Fattah El-Sisi has approved Law 24 of 2020 regarding some financial rules in response to COVID-19 pandemic, along with other decisions that include important facilities regarding the real estate tax,
See MoreEthiopia: Council of Ministers adopts economic measures due to COVID-19 pandemic
On 26 April 2020, the Council of Ministers of Ethiopia has adopted a number of economic measures in response to coronavirus outbreak. Following the decision of the Council of Ministers, the Ministry of Finance has issued Directive No.64/2020
See MoreNorway issues revised budget for the fiscal year 2020
On May 12, 2020, the Norwegian government submitted a proposal for a revised budget for 2020. The revised budget includes increased flexibility for taxpayers to request an extension of tax obligations due to difficulties related to the COVID 19
See MoreEl Salvador provides additional time for filing and payment of 2019 AITR
On 14 May 2020, the legislative assembly passed Legislative Decree No. 643 which provides additional relief to taxpayers in light of the ongoing coronavirus (COVID-19) situation. The relief includes additional time to 30 June 2020 for taxpayers
See MoreSri Lanka revises tax return submission deadline
On 18 May 2020, the Inland Revenue Department (IRD) of Sri Lanka issued a public notice declaring further extension for the submission of returns up to 15 July 2020 except Transfer pricing disclosure form. However previous notice issued under
See MoreRomania introduces 10% discount provision on quarterly tax payments
On 15 May 2020, Romania has published Law No. 54 in the official gazette no. 396, which provides a discount provision on corporate income tax due for the 2nd and 3rd quarters of 2020 in response to the COVID-19 pandemic. This provision
See MoreCanada: Federal Court of Appeal makes a decision on a case regarding GAAR
On 5 May 2020, the Federal Court of Appeal has made a decision on a case entitled, “2018 TCC 187”, which was against the tax authorities, but in favor of the Tax Court of Canada's decision or the taxpayer. The Federal Court finds that the loss
See MoreBrazil: Ministry of Economy extends the installment terms of tax deadlines
On 12 May 2020, the Ministry of Economy announced an extension of the deadlines for tax installments due in May, June, and July 2020 up to the last business days of August, October and December 2020. The extended dates are provided by Ordinance No.
See MoreKenya submits the finance bill 2020 to parliament
On 6 May 2020, the finance bill for 2020 was presented to the National Assembly National Assembly for its consideration. The bill includes the following proposals related to corporate income tax; Introduction a minimum tax payable at 1% of gross
See MoreIndonesia: DGT issues guidance on annual income tax returns FY 2019
On 27 April 2020, the Directorate General of Taxation (DGT) issued the Regulation PER-06/PJ/2020 that outlines specific procedures for taxpayers to follow when submitting their 2019 Annual Income Tax Return (AITR) during the COVID-19 pandemic.
See MoreGhana: Parliament approves tax measures in response to COVID-19 outbreak
On 1 May 2020, the Parliament of Ghana passed the Income Tax (Amendment) Bill 2020 to introduce several emergency tax measures in response to Covid-19 pandemic. The approved income tax measures are as follows: An individual who makes withdrawals
See MorePeru: SUNAT issues Decree on tax payment deferral regime amid COVID-19
On 10 May 2020, the Peruvian Tax Administration (SUNAT) has issued Legislative Decree No. 1487, through which the tax payment deferral regime is established in response to COVID-19. the deferral regime of the tax debts administered by SUNAT, which
See MoreAlgeria: Council of Ministers organizes a meeting regarding draft Finance Bill 2020
On 10 May 2020, the Council of Ministers arranged a meeting by video conference regarding the discussion and approval of draft Finance Bill 2020. In that meeting, following issues were coming up: The deadline extension of the 50% reduction in
See MoreColombia extends annual financial statements filing deadline amid COVID-19
On 8 May 2020, Colombia has issued Circular Letter 100-000009 extending the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The deadline for companies (including branches of foreign companies) for filing
See MoreUruguay further extends tax returns submission deadlines amid COVID-19 pandemic
The Directorate General of Taxation (DGI) of Uruguay has published Resolution 707/2020 of 20 April 2020. The resolution extends deadline for annual tax payment and returns due to COVID-19 pandemic. This includes that taxpayers, except those
See MoreBelgium revises tax return filing deadlines
On 5 May 2020, the Belgian Ministry of Finance has announced that "Tax-on-web" on the MyMinFin portal is now available for income tax returns. The announcement also lists out the tax return filing deadlines for individual and companies in 2020, as
See MoreAustralia extends lodgment due date amid COVID-19 pandemic
In response to COVID-19, the Australian taxation office (ATO) extended the lodgment day for 2018–19 company tax returns for many companies: Returns that were due on 15 May 2020 under the tax agent lodgment program have been automatically
See MoreBelgium clarifies interest restriction rule due to COVID-19 pandemic
On 5 May 2020, the tax authority of Belgium published Circular No. 2020/C/62 providing new clarifications on the “grandfathering” rule, under the interest deduction limitation rule, loans made before 17 June 2016 are excluded from the scope of
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