OECD: Ageing and Fiscal Challenges Across Levels of Government
A paper contributing to OECD Fiscal Federalism Studies published on 27 October 2020 looks at the fiscal challenges across levels of government resulting from an ageing population. Personal Tax Revenue and an Ageing Population Some tax systems
See MoreMalta: Finance Minister presents Budget for 2020
On 19 October 2020, the Minister for Finance, Edward Scicluna presented the Budget for 2021 to the Parliament. The budget has no tax increases. The key measures regarding tax and incentives are as follows: The tax refund check will be
See MoreMalaysia issues ruling on appeal against assessment and application for relief
On 7 October 2020, the Malaysian Inland Revenue Board (IRB) has published Public Ruling No.7/2020 with the objective to explain the procedures with regard to appeal and application for relief in line with the provisions of the Income Tax Act 1967
See MoreOECD: Tax Policy Review of Kazakhstan
On 24 September 2020 the OECD issued a report on the tax policy review of Kazakhstan. The report covers income tax, social security contributions, value added tax (VAT) and corporation tax. The research was performed before the COVID-19 pandemic
See MoreUK: Winter Economy Plan Released
On 24 September 2020 the Chancellor announced measures contained in the UK government’s Winter Economy Plan. The measures include a new Job Support Scheme, extensions to the Self-Employment Income Support Scheme and the loan schemes, deferrals of
See MoreOman: Sultan amends Income Tax Law
On 14 September 2020, Mr. Haitham Bin Tarik, the Sultan of Oman issued Royal Decree No. 118/2020, which amended certain provisions of the Income Tax Law (ITL). The major changes are following: For tax years starting on or after 1 January 2020,
See MoreIMF: Government Support for Migrant Workers and Remittances
An IMF blog post publicised on 11 September 2020 notes that the COVID-19 crisis has had a disproportionate impact on migrant workers. Although the flow of remittances by migrant workers back to their home countries has been resilient through the
See MoreArgentina: AFIP amends tax regularization scheme to support all taxpayers
On 26 August 2020, the Federal Administration of Public Revenue (AFIP) Officially published Law 27562, which amends the tax regularization scheme and made this available for all taxpayers amid COVID-19 pandemic. The scheme was previously
See MoreCosta Rica announces further extend the deadline for beneficial ownership filing
On 13 August 2020, Costa Rica has published Resolution DGT-ICD-R-19-2020 providing further relief from the beneficial ownership declaration requirements for 2020 due to the COVID-19 pandemic. Previously, the deadline for the annual
See MoreIMF: Aging Economies May Benefit Less from Fiscal Stimulus
An IMF blog posted to its website on 7 August 2020 suggests that economies with a higher proportion of older people may gain less momentum from a fiscal stimulus compared to countries with a younger demographic. The blog is based on research from
See MoreArgentina: FIRS publishes a Resolution to extend tax filing deadline
On 12 August 2020, the Federal Administration of Public Revenue (FIRS) Officially published General Resolution 4791/2020 of 10 August 2020, which provides extension of the submission of some returns and affidavits until 12 August 2020. The
See MoreUK: Capital Gains Tax Statistics
On 13 August 2020 HMRC released updated statistics on capital gains tax collection. UK capital gains tax (CGT) is charged on gains realised on the disposal of assets. Types of disposal can include sales, gifts, and exchanges but the death of an
See MoreCyprus: Tax department further extends deadlines for tax settlements of 2015
On 21 July 2020, the Cyprus tax department announced to further extends the deadlines for tax debt settlements for periods that ended by Dec. 31, 2015. The deadlines are extended to 14 January 2021 from 14 August 2020 to settle debts finalized by
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 MoreUK: Further Extension of Making Tax Digital
On 21 July 2020 the UK government outlined its plans for extending the digitalisation of tax returns, known as Making Tax Digital (MTD). The plans cover value added tax (VAT), income tax and corporation tax. The government considers that digital
See MorePuerto Rico extends certain filing and payment due dates due to ‘Isaias’
On 3 August 2020, the Puerto Rico Treasury Department has published Administrative Determination No. 20-20 of 31 July 2020 postponing all filing and payment deadlines until 7 August 2020 that were due 31 July 2020 due dates due
See MoreSlovenia extends individual tax return deadline for 2019
On 31 July 2020, Slovenia has extended the individual income tax returns deadline from 15 July 2020 to 31 August 2020. The extension has been announced due to the ongoing COVID-19
See MoreSouth Africa: SARS publishes a notice regarding submission of 2020 income tax returns
On 3 July 2020, the South African Revenue Service (SARS) published Notice 741 in terms of section 25 for submission of 2020 income tax returns for both legal entities and natural person. This notice provides information about eligible legal entity
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