Oman introduces economic stimulus plan
On 9 March 2021, the government of Oman declared an economic stimulus plan in response to the Covid-19 pandemic. The stimulus plan contains several tax incentives as follows: A 5-year income tax exemption for new businesses having main
See MoreSouth Africa: Finance Ministry presents Budget 2021 in Parliament
On 24 February 2021, the Finance Minister, Tito Mboweni, made 2021 budget speech in the Parliament. Most of that relief will reduce the tax burden on the lower and middle-income households. Some of the tax proposals in this budget are given
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 MorePeru issues Law on tax incentives for agribusiness
On 31 December 2020, Peru has issued Law No. 31110 in the official gazette modifying new regime and tax incentives for agribusiness. The new Law replaces previous Law No. 27360 and is effective from 1 January 2021. The Law aims to develop
See MorePanama declares revised tax rates for SMEs
On 17 December 2020, Panama has published Law No. 189 which introduces reduced income tax rates for companies and individuals qualifying as SMEs with effect from 1 January 2020, subject to the following conditions: The SME's gross annual
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 MoreTurkey: Parliament passes Law on certain tax amendments for 2021
On 11 November 2020, the Turkish Parliament approved Law No. 7256 on “Restructuring Public Receivables and Amending Certain Laws”, which was published on 17 November 2020 in the Official Gazette. With the aforementioned Law, finalized public
See MoreCroatia: Government presents four tax reform Bills to Parliament
On 12 November 2020, the Croatian Parliament announced that the Government sent four tax reform Bills, which provide changes in corporate income tax, personal income tax, and value added tax (VAT). Some of the changes including the Bills are given
See MorePanama declares 5% income tax rate
According to Executive decree No. 241, Companies with a multinational company headquarters (SEM) license may be eligible for a tax incentive of a reduced 5% income tax rate. To be eligible for the reduced tax rate the company must: Have executed
See MoreTurkey: Government submits bill to parliament for the corporate tax cut
On 16 October 2020, The Turkish Government has submitted a bill to reduce the Corporate Income Tax (CIT) rate to lower the corporate tax by up to 5%. As from 1 January 2018, the corporate income tax rate for all companies is 22% (applicable for
See MoreZambia: MOF presents the budget for 2021 to the National Assembly
On 25 September 2020, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2021: Corporate tax
See MoreVietnam issues Decree regarding 30% CIT reduction for 2020
On 15 October 2020, the Vietnamese Government has issued Decree No. 114/2020/ND-CP on reduction of payable corporate income tax (CIT) of the year 2020 for enterprises, cooperatives, non-business units and other organizations. Previously, The
See MorePoland: Council Ministers publishes draft bill amending CIT rules
On 16 September 2020, the Polish Council of Ministers published a draft bill amending the corporate income tax (CIT) rules to be in force from 1 January 2021. The bill includes the following tax measures; Limited partnerships in Poland are
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 MorePanama: Special tax regime for multinational companies
On 31 August 2020, Mr. Laurentino Cortizo, the president of Panama signed Law No. 159, introducing a new tax regime designed to encourage multinationals to establish and operate manufacturing services in Panama. The new law (EMMA) looking
See MorePanama considering tax cuts for SME sector amid Covid-19 pandemic
On 27 July 2020, Panama's National Assembly submitted two draft bills that contain measures in response to the Covid-19 pandemic. The bill No. 358 provides reduced income tax rates for companies and individuals qualifying as SMEs that would
See MoreRussia declares reduced rate for IT companies
On 31 July 2020, Russia has published Federal Law No. 265-FZ in the Official Gazette introducing "ultra-low tax regime" for IT companies, applies from 1 January 2021. The law provides following major benefits for qualifying IT
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