COVID-19: Serbia provides new interest rate for underpayments or overpayments of tax
On 20 March 2020, Serbia published a decree No.38/2020 that includes tax relief measures to mitigate the economic consequences of the coronavirus (COVID-19) pandemic. The decree provides for a reduction in the default interest rate for underpaid or
See MoreAustria: Finance Ministry publishes a Decree regarding tax relief due to COVID-19
On 14 March 2020, the Finance Ministry published a Decree regarding the support for companies during the period of coronavirus effect. Finance Ministry also published a Form by which businesses can apply for tax relief in this situation. The tax
See MoreCzech Republic: Government approves measures to mitigate Coronavirus effect
On 16 March 2020, the Government approved the tax measures to mitigate the effects of COVID-19. Basic measures to be implemented are: No penalty and late-payment interest will apply, as long as the tax return is filed by 1 July 2020. In fact,
See MoreMalaysia gazettes Labuan Business Activity Tax (Amendment) Act 2020
On 10 February 2020, Malaysia has gazetted the Labuan Business Activity Tax (Amendment) Act 2020 (“the Amendment Act”) which comes into operation on 11 February 2020. The following tax measures are included in the act. A company in Labuan
See MoreRussia amends penalty provision for tax evasion
On 26 December 2019, the Russian President introduced draft Law no. 871811-7 revising the thresholds for the tax evasion committed by legal and natural persons. According to the draft Law, the tax evasion thresholds for criminal liability have been
See MoreCosta Rica gazettes moratorium on penalties for non-compliance of ultimate beneficiary register
On 30 January 2020, the Costa Rican Official Gazette published a law introducing a three-month moratorium on the Registry of Transparency and Final Beneficiaries (RTBF) registration penalties for the 2019 tax year. The Registry was established as
See MoreUK: Press Release on Diverted Profits Tax and Compliance Facility
An HMRC press release of 27 January 2020 noted that more than GBP 5 billion in extra tax has collected from large multinational companies since 2015 owing to the introduction of the diverted profits tax (DPT). The DPT was introduced in the UK
See MoreZambia: Parliament enacts Tax Amendment Act 2020
On 27 December 2019, Zambian Parliament has enacted the Tax Amendment Act 2020 regarding the decree of the National Budget 2020. Income tax amendment is included in Act No. 15 of 2019 which is effective from 1 January 2020. The amendments regarding
See MoreTaiwan issues final regulations on tax incentive for substantive investments
On 8 January 2020, Taiwan Ministry of Finance issues the final ‘Regulations on Deduction of Undistributed Earnings and Application for Tax Refund for Substantive Investment Made by a Profit-seeking Enterprise or a Limited Partnership’. The
See MoreUS: IRS publishes interest rate on overpaid and underpaid for first quarter of 2020
On 6 December 2019, The Internal Revenue Service announced interest rates for overpayments and underpayments that will remain the same for the calendar quarter beginning January 1, 2020. Accordingly, 5% for overpayments (4% in the case of a
See MoreCyprus amends the company law introducing administrative penalties
On November 1, 2019, the Registrar of Companies published a notice regarding the implementation of Law 149 (1) / 2018 (the Act). The law amends company law and company law regulations with the introduction of administrative penalties on certain
See MoreItaly updates tax criminal penalty provisions
On 26 October 2019, Law Decree No. 124 was published in the Official Gazette No. 252, which entered into force on 27 October 2019. The Law provision introduced with the 2020 Budget with major amendments to the criminal penalty regime that are
See MoreRussia reduces the Interest rate from October 2019
On 25 October 2019, the Russian Central Bank announced the decision to reduce the key rate from 7% to 6.5% with effect from 28 October 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
See MoreMalaysia: IRBM issues income tax penalties for late return
On 16 October 2019, the Inland Revenue Board of Malaysia issued Operational Guideline No. 5/2019, which sets out the penalties for taxpayers who fail to file the tax returns within the prescribed timelines under the Income Tax Act 1967, the
See MoreMexico: Congress approves legislation considering tax fraud as organized crime
On 15 October 2019, Mexico’s Congress has passed legislation considering tax fraud as organized crime. Purchase or sale of false tax invoice, unlawfully obtains a tax subsidy, fails to include accrued income in a tax return or fails to remit VAT
See MoreTurkey amends interest rate for late payment of tax
On 2 October 2019, the Revenue Administration of Turkey has published Decree No. 1592 of 1 October in the official gazette amending Law No. 6183. The decree reduces monthly interest rate for late payment of tax from 2.5% to 2.0%. The Decree entered
See MoreRussia publishes amendments related to corporation tax
On 29 September 2019, the Russian Government signed a Law no. 325-FZ (Amendments to the Tax Code of the Russian Federation) and published in the Official Gazette. The main amendments relating to corporate income tax are as follows: Limitation
See MoreZambia presents the budget for 2020
On 27 September 2019, 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 2020: Corporate tax
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