Philippines: BIR publishes regulations to implement CREATE Act
On 8 April 2021, the Bureau of Internal Revenue (BIR) Officially published final revenue regulations (Revenue Regulations No. 2-2021, Revenue Regulations No. 4-2021, Revenue Regulations No. 5-2021) for the implementation of the Corporate Recovery
See MorePhilippines: President signs the CREATE Act into Law
On 26 March 2021, the President, Rodrigo Duterte, signed into law the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and maintain fiscal prudence and stability. The CREATE Act introduces
See MoreArgentina: Government proposes progressive corporate tax reform
In mid-March the government led by the president, Alberto Fernández, sent a bill to Congress that lays out the details of a progressive reform to corporate income tax. The latest reform being proposed by the Fernández administration would
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MorePhilippines: CREATE Bill sends to President for signature to make it Law
On 3 February 2021, the House of Representatives announced in a release that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to
See MoreKenya: President signs the Tax Law Amendment Act (No. 2) of 2020
On 23 December 2020, the President of Kenya signed the Tax Law Amendment Act (No. 2) of 2020 which amends the Income Tax Act and the Value Added Tax (VAT) Act of Kenya. Critical changes include reinstating corporation tax
See MoreNetherlands updates tax rates for 2021
The Dutch Ministry of Finance has issued an overview of the main tax changes for 2021, which were approved by the Senate on 15 December 2020. The main tax changes are as following: The lower corporate income tax (CIT) rate is reduced from
See MoreCosta Rica: Ministry of Finance publishes new CIT rates for 2021
On 8 December 2020, the Costa Rican Ministry of Finance has published the Executive Decree No. 42733-H providing new corporate tax brackets for 2021. Decree No. 42733-H enters into force on 1 January 2021 and replaces the prior decree on rates
See MoreKenya publishes the law reversing the tax rates provided due to COVID 19
On 27 November 2020, the National Treasury has published the Tax Laws (Amendment) (No.2) Bill, 2020 (“the Bill”) in the Kenya Gazette Supplement No.216 (National Assembly Bills No.48). The law seeks to reverse the major tax concessions
See MorePhilippines: Finance Department issues Corporate Tax Reform
On 29 November 2020, the Department of Finance announced that the Senate passed of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was a redesigned version of corporate tax reform package. The CREATE Act as approved by
See MoreSri Lanka: Budget for 2021
On 17 November 2020, Mr. Mangala Samaraweera, the Finance Minister of Sri Lanka presented Budget for 2021. Finance Minister stated that tax law will be amended where it will be mandatory for all Companies to file their taxes only on an
See MoreCosta Rica: MOF declares fiscal measures due to COVID-19 pandemic
On 17 September 2020, the Costa Rican Ministry of Finance has announced a plan to overcome fiscal impact of the COVID-19 pandemic. Accordingly, the plan includes a reduction in social security contributions for companies by at least 5% over four
See MoreNetherlands: Budget proposals for FY 2021
On 15 September 2020, the Dutch government published the budget proposals for fiscal year 2021. The proposals are currently subject to the review and discussions by the Dutch Parliament and as such may be subject to amendments. The final version of
See MoreIndonesia: DGT publishes reporting requirements for companies eligible for reduced rate
On 1 September 2020, the Directorate General of Taxation (DGT) of Indonesia has published Regulation No. 123/PMK.03/2020 which provides the forms and procedures to claim the 3% corporate tax rate reduction that was introduced in June 2020. Under
See MoreBangladesh: National Parliament passes budget for 2020-21 FY
On 30 June 2020, national budget of Tk. 5680 billion for the fiscal year 2020-2021 has been passed in national Parliament and the National Board of Revenue (NBR) has published the Finance Act 2020 with effect from 1 July 2020. The Key tax
See MoreBangladesh: National Budget for FY 2020-21
On 11 June 2020, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh has presented the national budget of Tk. 568,000 crore with an ambitious target of 8.2 percent GDP growth for the FY 2020-21 in Parliament. The revenue collection
See MoreSri Lanka: Updated notice on implementation of amendments to the Inland Revenue Act 2017
On 8 April 2020, the Inland Revenue Department (IRD) of Sri Lanka published a revised version of a notice regarding the implementation of proposed amendments to the Inland Revenue Act, No. 24 of 2017. As instructed by the Ministry of
See MoreCOVID-19: Indonesia publishes further guidance in response to coronavirus outbreak
On 31 March 2020, Indonesia President signed the Government Regulation No. 1 for 2020 (PERPPU-1) in handling COVID-19 outbreak. The regulation includes the following tax measures. The CIT rate is reduced from 25% to 22% for tax years 2020
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