Kenya 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 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 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
See MoreIndia: Central Board of Direct Taxes (CBDT) publishes finance act 2020
On 27 March 2020, the Central Board of Direct Taxes (CBDT) published the Finance Act 2020 that includes measures announced as part of the Union Budget 2020-2021 and others. The measures of the Finance Act generally apply from 1 April 2020 (or
See MoreKenya: President announces tax relief measures in response to COVID-19 pandemic
On 25 March 2020, the Kenyan president Uhuru Kenyatta outlined tax proposals intended to provide the following tax relief measures regarding the coronavirus (COVID-19) pandemic. A reduction in corporate tax for companies from 30% to 25%. It is
See MoreThailand: Summary of tax measures to counter COVID-19 outbreak
On 24 March 2020, the Cabinet of Thailand approved a new tax measures following the announcement of the stimulus package on 10 March 2020 in response to COVID-19 outbreak. The summary of a series of tax measures are following: Corporate
See MoreCOVID-19: Spain announces several tax measures
Spain has introduced following tax relief measures in response to the COVID-19 pandemic. The filing of tax returns, or pleas, derived from tax proceedings, is extended to 1 June 2020 (provided that the filing by electronic means is not
See MoreThailand announces tax incentive for Special Economic Zone
On 11 February 2020, the Thai Revenue Department made an announcement to launch a tax measure supporting investment in Special Economic Zone (SEZ). Corporate income tax rate for companies in the area will be reduced to 10% in order to
See MoreVenezuela: Government publishes a Resolution regarding the increase in tax value unit
On 13 March 2020, the government was published the Resolution SNAT/2020/00006 regarding the increase in tax value unit (TU) in the Official Gazette. In this Resolution, Venezuela has increased the tax unit from VES 50 to VES 1,500. The tax unit
See MoreUK: Additional Measures to Support Business
On 17 March 2020 the UK government announced further measures to support businesses hit by the health crisis. In announcing a package worth GBP 20 billion the Chancellor also confirmed that, as a result of government advice to people to avoid
See MoreEcuador: Internal Revenue publishes rules on dividend withholding tax
On 20 February 2020, the Internal Revenue Service published a Resolution NAC-DGERCGC20-00000013 of 20 February 2020 regarding rules of how to distribute the dividend withholding tax (WHT) by a resident company or a permanent establishment in
See MoreCOVID-19: Hong Kong announces tax relief measures
The Hong Kong government has announced a series of measures in response to the coronavirus (COVID-19) pandemic. Taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for
See MoreHong Kong: Financial Secretary presents the budget for 2020/21
On 26 February 2020, the Financial Secretary Paul Chan Mo-po announced the 2020/21 budget outlining the Hong Kong SAR Government’s plan for the economy and proposals for taxation developments. He proposed the following tax concessionary measures,
See MoreChile: Government publishes Tax Reform Law
On 24 February 2020, Government published Law No. 21.210 in the Official Gazette and effects as from 1 January 2020. This Law was approved by the Senate on 29 January 2020. The tax reform Law includes: Corporate income tax The Law includes a
See MorePhilippines: Senate approves the Corporate Income Tax and Incentives Reform Act
On 19 February 2020, the Senate approved a Bill, entitled “the Corporate Income Tax and Incentives Reform Act”. It was approved by the House of Representatives on 13 September 2019. The bill aims to change the National Internal Revenue Code and
See MoreSri Lanka implements proposed changes to the Inland Revenue Act
On 19 February 2020, the Sri Lankan tax authority published an amended version of a notice to the Implementation of Proposed Amendments to the Inland Revenue Act, No. 24 of 2017. Although the formal amendments are pending, the changes are
See MoreIndonesia: Tax reform bill submits to House of Representatives
On 31 January 2020, the Directorate General of Taxation has submitted the tax reform bill to the House of Representatives. The bill proposed to cut the corporate tax rate to 22% in 2021 and 2022 and to 20% from 2023, and further reduce the
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