Germany issues guidance regarding the obligation to file tax returns for IP
On 14 July 2021, the Federal Ministry of Finance has issued a guidance letter extending the simplified procedure provided in a prior guidance letter dated 11 February 2021 for filing the tax returns in relation to intellectual property
See MoreSouth Africa: SARS issues an update regarding foreign dividend taxation
On 17 May 2021, the South African Revenue Service (SARS) issued an update Interpretation Note 93 (Issue 3) on the taxation of foreign dividends. This Note provides guidance on the interpretation and application of various provisions of the Act
See MoreIreland: Revenue publishes a guidance regarding ePSWT implementation
On 22 April 2021, the Revenue published a guidance, which was proposed to introduce electronic Professional Service Withholding Tax (ePSWT) from 1 July 2021. Section 13 of the Finance Act 2020 provides for an electronic Payment Notification through
See MoreIreland: Revenue issues eBrief to update dividend withholding tax
On 14 April 2021, the Revenue issued an eBrief No. 084/21 to announce a Tax and Duty Manual to update the guidance on dividend withholding tax (DWT). This manual has been updated following amendments made to Dividend Withholding Tax legislation by
See MoreHong Kong gazettes Inland Revenue Bill 2021
On 29 January 2021, the Hong Kong’s Government published the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the Bill) in the Gazette. The Bill aims to amend the Inland Revenue Ordinance (Cap. 112) to provide tax
See MoreSpain publishes state budget bill for fiscal year 2021
On 31 December 2020, Spain’s State Budget Bill for Fiscal Year (FY) 2021 (the Budget Bill) was published in the Spanish Official Gazette after its prior approval by the Spanish Congress and Senate. The main corporate tax measures are summarized
See MoreIndia: Direct Tax highlights for 2020
By Sachin Garg, Partner- Direct Taxation, Nangia Andersen LLP Sachin.garg@nangia-andersen.com+91 93502 93097 The year 2020 has already become an unforgettable year to the unprecedented global pandemic across the world, nation-wide
See MoreIndonesia president sign a law providing tax exemptions on dividends
On 2 November 2020, the Indonesian President Joko Jokowi Widodo has signed the Law on Job Creation (Law No. 11 of 2020). The law provides the following tax exemptions. If dividends received from domestic companies that are to be re-invested in
See MoreEgypt issues Law on taxation of capital gains and dividends distribution
On 30 September 2020, the Egyptian Government has published Law No. 199 in the official gazette. The Law contains amendments to the income tax law around capital gains and dividends distribution and certain articles of the stamp tax law with effect
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 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 MoreIndia: Finance Minister presents Union Budget for 2020-2021
On 1st February 2020, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. The budget includes the following key tax proposals: Abolishment of dividend distribution tax The budget proposes
See MoreUkraine: Parliament adopts draft law on amendments to the Tax Code
On 16 January 2020, the Ukrainian Parliament adopted Law No 1210 on amendments to the Tax Code of Ukraine with regard to improvement of tax administration, elimination of technical and logical discrepancies in tax legislation. The important
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 MoreFrance publishes interest rate for shareholder loan for FY ends between December 2019 and March 2020
Recently, France has published interest rates for entities whose financial year (FY) ended between 31 December 2019 and 30 March 2020, which are used to determine the deductibility of interest payments to shareholders. The portion of
See MoreNigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See MoreSouth Korea: National Assembly enacts tax reform bill for 2019
On 31 December 2019, South Korea’s National Assembly has enacted tax reform bill for 2019 with a number of new measures added to the existing proposals including changes in transfer pricing measures. The new and amended tax measures are
See MoreQatar publishes new regulations to amend income tax law
On 11 December 2019, Qatar published Executive regulations 39/2019 in the Official Gazette, introduced new Income Tax Law No. 24 of 2018. The new regulations are generally effective from 12 December 2019. Key features of the new regulations
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