Colombia: Abbreviated tax refund procedure due to COVID-19 Pandemic
On 10 April 2020, Colombia has published Decree 535 regarding the abbreviated procedure of return and/or compensation of balances in favor of taxpayers of income and complementary tax and of sales tax (VAT), within the framework of the state of
See MoreQatar declares revised rate of late payment charge and compensation
On 30 March 2020, the Qatar Financial Centre (QFC) announced that the rate of late payment charge in respect of the late payment of tax referred to in Article 143 of the QFC Tax Regulations will be set at 0% from 1 March 2020 until 31 August 2020.
See MoreSwitzerland: Tax measures in response to the economic impact of COVID-19 outbreak
On 20 March 2020, the Federal Council of Switzerland has approved several tax measures to mitigate the economic impact of COVID-19 outbreak, as follows: Enterprises are allowed to postpone tax, VAT, certain customs duties and special consumption
See MorePanama: Emergency tax measures amid COVID-19 outbreak
A Decree No. 251 of 24 March 2020 has published in the official gazette in response to COVID-19 pandemic. The Decree extended the income tax return submission deadline for the fiscal year 2019, until 30 May 2020. The tax amnesty related relief
See MoreEstonia suspends interests on tax arrears due to COVID-19 outbreak
On 19 March 2020, Estonia tax authority has suspended the calculation of interests on their tax arrears for the period of emergency with retroactive effect as from 1 March 2020 to 1 May 2020. However, all tax returns must be submitted on time
See MoreSouth Africa: President announces tax relief measures amid COVID-19
On 23 March 2020, the President, Ramaphosa, made the announcement about some tax relief measures in response to the coronavirus pandemic. Some of the key measures are given below: Using the tax system, the government will provide a tax subsidy
See MoreCOVID-19: Latvia announces tax relief measures to support businesses
On 20 March 2020, the Latvian Parliament passed a special law on support measures related to the COVID-19 pandemic. The law took effect retrospectively on March 12, 2020, when a state of emergency was declared in Latvia. Companies on a state-
See MoreCOVID-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
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