South Africa: Call for comments regarding 2021 draft Tax Bills
On 28 July 2021, the National Treasury and the South African Revenue Service (SARS) have invited the public to comment by no later than 28 August 2021 on the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax
See MoreEcuador: SRI extends administrative deadlines due to COVID-19 pandemic
In this COVID-19 outbreak, on 29 July 2021, the Internal Revenue Service (SRI) published Resolution NAC-DGERCGC21-00000036. The SRI extends the suspension of the periods and terms of all tax administrative processes and the limitation periods of
See MoreUK: Powers to tackle electronic sales suppression
On 20 July 2021 the UK issued draft legislation and an explanatory note on new powers to deal with tax evasion through the use of electronic sales suppression (ESS). This is aimed at businesses that undertake ESS to hide or reduce the value of
See MoreUK: New proposals to combat the promotion of tax avoidance schemes
On 20 July 2021 the UK government published for consultation new proposals aiming to restrict the activities of promoters of tax avoidance schemes, together with draft legislation. The consultation will close on 14 September 2021. The government
See MoreUkraine: National Bank increases the interest rate from July 2021
On 22 July 2021, the National Bank of Ukraine has decided to increase its key policy rate from 7.5% to 8% per annum with effect from 23 July 2021. The interest rate has a tax effect on the late tax payment interest and
See MoreSouth Africa: SARS updates guidance on capital gains tax for individual and legal entities
On 1 July 2021, the South African Revenue Service (SARS) published latest ABC of Capital Gains Tax for Individuals (Issue 12) and ABC of Capital Gains Tax for Companies (Issue 10). Guide of capital gains tax for individuals This guide
See MoreTanzania: Revenue Authority publishes Finance Act 2021
On 30 June 2021, the Revenue Authority Officially published the Finance Act 2021. Some of the tax measures, which generally applies from 1 July 2021 are given below: Permanent establishment According to Finance Act 2021, the definition of the
See MoreUK: OTS to Consider Changing the Tax Year End
On 8 June 2021 it was reported that the UK’s Office for Tax Simplification (OTS) is to begin a review of the costs and benefits of moving the UK’s tax year end from 5 April to either 31 March or 31 December. The OTS has issued a review
See MoreUK: HMRC investigates the use of business support schemes
It was reported on 28 June 2021 that the UK tax authority HMRC has begun around 13,000 investigations concerning the use of the UK coronavirus business support schemes. The investigations relate to fraud and other breaches of rules. It is
See MoreUK: Employee Share Scheme Statistics for 2019/20
On 24 June 2021 the UK published the 2019/2020 statistics on employee share schemes. Employee Share Schemes (ESS) are available to companies that want to award shares directly to their employees or to grant them options to buy shares. There
See MoreUK: Statistics for Funds raised under EIS, SEIS and SITR
On 27 May 2021 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). The latest statistics set out the amount of funds raised by
See MoreHungary: MOF extends filing deadline of corporate return
On 21 April 2021, the Finance Ministry of Hungary published a Decree extending filing deadlines for all major business income tax returns due to COVID-19. Accordingly, annual returns for corporate income tax, local business tax, and energy
See MoreJordan: ISTD invites taxpayers to file 2020 income tax return & payment
On 16 May 2021, Jordan’s Income and Sales Tax Department (ISTD) called the taxpayers required to submit income tax returns for the fiscal year 2020 who did not submit them during the legal period that ended at the beginning of this week and the
See MoreOECD: Taxing Wages 2021
On 29 April 2021 the OECD issued the annual publication Taxing Wages 2021. This publication sets out details of taxes paid on wages in the OECD countries, covering personal income taxes and social security contributions paid by employees; social
See MoreGreece: Finance Ministry announces tax relief measures due to COVID-19 outbreak
In response to covid-19 outbreak, the Finance Ministry announced tax relief measures for households and businesses, including: The provision for the possibility of paying the income tax of natural and legal persons of the tax year 2020, in eight
See MoreIreland: Revenue extends e-filing deadline for specific customers
On 28 April 2021, the Irish Revenue made an announcement to extend the return e-filing and e-payment date through ROS for self-assessment income tax customers and customers responsible for Capital Acquisition Tax (CAT). According to the
See MoreOECD: Sharing and gig economies and VAT/GST
On 19 April 2021 the OECD released a report entitled The Impact of the Growth of the Sharing and Gig Economy on VAT/GST Policy and Administration. Some industries have been transformed by the sharing and gig economy in recent years, with the
See MoreFinland extends filing deadline for CIT returns by one month
On 9 April 2021, Finnish Tax Administration has published an announcement providing one-month extension of filing deadline for corporate income tax returns. Due current pandemic situations, the Tax Administration is giving corporate entities and
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