UK: 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 MoreUK: Consultation on basis periods for income tax
HMRC has issued a consultation document setting out a proposed simplification of the income tax system in relation to basis periods for computing income tax. This would be intended to simplify compliance procedures for small unincorporated
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 MoreArgentina: AFIP establishes reporting regime for e-payment services
On 22 July 2021, the Federal Administration of Public Revenue (AFIP) Officially published Resolution 5029/2021 to announce that online payment service providers have to comply with new information regime for electronic payment processing services,
See MoreIreland: Revenue issues an eBrief to announce the reopening of DAC6 reporting portal
On 20 July 2021, the Revenue published an eBrief 142/21 and a tax and duty manual, which amend filing guidelines for DAC6 at Section 7.4 to include a revised date for the re-opening of the portal of 17 August 2021. This portal will be temporarily
See MoreCanada: The Budget implementation Bill 2021 receives Royal Assent
On 29 June 2021, the 2021 Budget Implementation Act (“Bill C-30”) received Royal Assent, which includes certain tax measures that were proposed in the 2021 Federal Budget, the 2020 Fall Economic Statement, and the 2019 Federal Budget. Bill
See MoreOECD: Remote working for tax administrations after the pandemic
On 19 July 2021 the OECD’s Forum on Tax Administration published a document entitled Tax Administration: Towards Sustainable Remote Working in a post COVID-19 Environment. During the pandemic many tax administrations needed to introduce remote
See MoreIMF: Seizing the opportunity for growth after the pandemic
On 20 July 2021 an IMF blog discussed how to seize the opportunity to achieve economic growth following the pandemic. The IMF blog notes that since March 2020 governments throughout the world have spent around USD 16 trillion to support
See MoreIndonesia: DGT extends COVID-19 support measures to December 2021
The Indonesian Directorate General for Taxes (DGT) has extended the COVID-19 support measures to 31 December 2021, which had previously been extended to 30 June 2021 by Regulation No. 239 / PMK.03 / 2020. The changes are made by Regulation No. 82
See MoreSri Lanka amends transfer pricing regulations
Sri Lanka has published amended Transfer Pricing (TP) Regulations that update the existing regulations of 2018. The amended regulations were published in the Official Gazette on 2 March 2021 and apply retroactively from 1 April 2020. The
See MoreATAF statement on OECD plans on tax challenges of the digital economy
On 1 July 2021 the African Tax Administration Forum (ATAF) issued a statement on the OECD/G20 two-pillar solution to address the tax challenges arising from the digitalization of the economy and its implications for Africa. ATAF has actively
See MoreTurkey extends the effective time of 0% entertainment tax rates
On 13 July 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4273 regarding the entertainment tax rates applied for showing domestic and foreign films. The Decision extends the effective time of 0% entertainment tax
See MoreOman further clarifies about suspension of CbC reporting
On 7 July 2021, Oman’s tax authority published an announcement suspending the requirement to file a country-by-country (CbC) report until further notice On 14 July 2021, tax authority clarifies that the CbC reporting suspension is applicable
See MoreOman suspends Local filing requirements
On 7 July 2021, the tax authority of Oman published an announcement suspending the country-by-country local filing requirement until further notice. All relevant entities operating in Oman are required to continue to comply with all other
See MoreAustralia extends Local file Part A lodgment
The Australian Taxation Office (ATO) has provided 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they are taking up the local file
See MoreAustralia: ATO publishes Local File instructions for 2021
The Australian Taxation Office (ATO) has published the Local file instructions for 2021. These instructions apply to the local file for 2021. This relates to reporting periods starting on or after 1 January 2020. Updates to the instructions
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 MoreGermany: MOF issues new guidance on transfer pricing
On 14 July 2021, the German Ministry of Finance (MoF) published a decree providing updated administrative principles on transfer Pricing. The new decree replaces several decrees that were passed in the past at transfer prices, in particular the
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