Egypt: President approves unified tax procedures law
On 19 October 2020, Egyptian President Abdel Fattah El Sisi has approved a unified tax procedures law (Law no. 206 of 2020). The Law was published in the Official Gazette. The law will be applied to tax on income, added value tax, stamp duty, fees
See MoreGreece: Finance Ministry extends annual certificate of tax compliance deadline
On 27 October 2020, the Finance Ministry announced that the filing deadline of the annual certificate of tax compliance is extended from 31 October 2020 to 30 November 2020. The filing obligations of the certificate is mandatory for corporations
See MoreSwitzerland declares interest rates for 2021
The Federal Tax Administration of Switzerland has published Circular Letter 2-185-D-2020-f of 22 October 2020 declaring federal direct tax interest rates for the 2021 calendar year. According to the Circular letter, Federal Department of Finance
See MoreVietnam increases tax administrative violations penalties
On 19 October 2020, the Vietnam Government has released Decree 125/2020/ND-CP on sanctioning of administrative violations of tax and invoices. The Decree has adjusted to increasing the sanction level for a number of tax-related administrative
See MoreSaudi Arabia: GAZT extends tax relief measures up to 31 December 2020
On 6 October 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines and exemption from financial penalties for taxpayers until 31 December 2020 in response to the
See MoreOman extends relief provisions for late payment and late filing of tax returns
The tax authority of Oman declared extensions of certain tax relief measures due to the Covid-19 Outbreak. Previously, in response to the pandemic tax authority has granted relief from the imposition of interest for late payment of tax or late
See MoreOECD: Reports on Blueprints for Pillars One and Two of Digital Economy Tax Proposals
Following a meeting of the OECD’s Inclusive Framework on 8 and 9 October 2020 the OECD held a presentation on 12 October 2020 to introduce Blueprint reports on Pillar 1 and Pillar 2 of the proposals on taxation of the digital economy. Public
See MoreCosta Rica: MOF announces interest rate for late tax payment & overpayments refunds
On 16 September 2020, Costa Rica's Ministry of Finance has published Resolutions Nos. DGH-042-2020 and DGA-425-2020, reducing the interest rate to 10.5 percent from 12.2 percent for late tax payments and overpayment refunds. The resolution entered
See MoreUS: IRS announces interest rates for overpaid and underpaid tax for Q4
On 3 September 2020, the Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be: 3% for overpayments (2% in the case of a corporation);0.5% for the
See MoreEgypt issues law on penalty waiver and tax dispute settlement process
On 16 August 2020, the Government of Egypt has issued Law No. 173 of 2020 by waiving the consideration for the delay, additional tax, interest, and similar non-criminal financial sanctions, and to renew the application of Law No. 79 of 2016
See MoreSaudi Arabia: GAZT extends tax initiatives up to 30 September
On 17 August 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines initiative and exemption from financial sanctions for taxpayers until 30 September 2020 in
See MoreFinland: Tax authority publishes updated base and reference rate for tax purposes
On 31 July 2020, the Finnish Tax Authority has published updated guidelines on the base and reference rate for tax purposes One of the key aspects of the update is in regard to interest due for late payment, which includes that interest on arrears
See MoreTaiwan: MOF exempts from provisional income tax payment
On 31 July 2020, Taiwan’s Ministry of Finance (MOF) has issued a ruling prescribing that certain profit-seeking enterprises may apply for the exemption from their provisional income tax payment during the period from 15 January 2020 until 30 June
See MoreAngola amends the General Tax Code
On 9 July 2020, Angola has published Law no. 21/20 in the Official Gazette amending to the General Tax Code. Among the changes introduced, the following stand out: introduced a general anti-abuse rule (GAAR) allowing the tax authorities to
See MoreCanada: CRA extends payment deadline of income tax return
On 27 July 2020, the Canada Revenue Agency (CRA) announced that payment deadline for the year 2020 of the income tax returns, including installments for legal entities, trust, and individual is to be extended from 1 September 2020 to 30 September
See MoreKazakhstan: National Bank decides to reduce base interest rate
On 20 July 2020, the National Bank of Kazakhstan was made an announcement that they have decided to reduce the base rate from 9.5% to 9.0% per annum and it is effective from 21 July 2020. The rate is used in determining the late payment interest,
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 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
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