Ireland: Government publishes Finance Bill 2021
On 24 June 2021, the Government released the Finance Bill for 2021, which includes new and extended measures to support businesses as declared on 1 June 2021 in the government’s Economic Recovery Plan. The main highlighting points of the Bill is
See MorePakistan enacts Budget for FY 2021-22
On 30 June 2021, the Finance Act 2021 was enacted after passage by Pakistani Parliament and assent of the president. The Federal Board of Revenue (FBR) of Pakistan has published the Finance Act 2021 on their official website. Some of the key
See MoreKenya enacts Finance Act 2021
On 1 July 2021, Kenya published the Finance Act 2021 in the official gazette. The act was signed into law by the president on 29 June 2021. The act was presented to Parliament by the Kenyan Treasury Cabinet Secretary on 4 May 2021. The act
See MoreWorld Tax Brief: July 2021
ArmeniaIncentives on industry and manufacturing: On 26 May 2021, the Parliament of Armenia has approved a bill on extending the tax incentives for exporters to 31 December 2029. The provided incentive was scheduled for 31 December 2021 for resident
See MoreFrance: Filing due date extends for loss making companies in EEA to claim WHT refund
On 28 June 2021, the Tax Authority made an announcement that the submission deadline is postponed until 30 June 2021 for loss-making non-resident companies in the European Economic Area (EEA) to claim a refund for tax withheld on certain income,
See MoreNetherlands extends tax payment deadline on request
The Dutch government has announced to extend the period during which taxpayer can request a special tax payment extension from the Tax and Customs Administration until 1 October 2021. There are several possible situations: You already applied
See MoreUkraine issues draft laws on tax incentives for industrial park
Ukraine has issued Draft Law 5688 on 22 June 2021, and Draft Law 5688-1 on 7 July 2021 ‘on Amendments to the Tax Code of Ukraine to create favorable conditions for attracting large-scale investment in the industrial park’. The Draft Law
See MoreOECD: Communique Issued by the Meeting of G20 Finance Ministers
Following the meeting of the G20 finance ministers and central bank governors on 9 and 10 July 2021 a communiqué was issued summarising the issues discussed. The communiqué noted that the global outlook has further improved since the previous
See MoreOECD: Tax Report to G20 Finance Ministers and Central Bank Governors
The OECD Secretary-General has prepared a tax report for the July 2021 meeting of the G20 Finance Ministers and Central Bank Governors. Tax challenges of the digital economy On 1 July 2021 the OECD issued a Statement on the tax challenges of
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 MoreGreece: Tax administration issues a Circular on tax residency and PE rules
On 25 June 2021, the Tax Administration issued a Circular E. 2130 /2021, which includes additional guidelines in relation to the application of domestic law and double tax treaty provisions with respect to tax residency and permanent establishment
See MoreBrazil: Executive Branch sends second phase of draft tax reform to Congress
On 25 June 2021, the Executive Branch sent the second stage of the tax reform proposal to Congress. This Tax reform includes the following changes: Government proposed to reduce the corporate income tax rate from 15% to 12.5% in 2022 and to 10%
See MoreGreece: BEPS MLI entry into force
On 29 June 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into
See MoreIndia further extends the deadlines of tax compliances due to COVID-19
On 25 June 2021, India’s Central Board of Direct Taxes (CBDT) has issued Notifications No. 74 and No. 75, Circular No. 12/2021 granting further extension in timelines of certain tax compliances related to corporate taxation
See MoreTransfer Pricing Brief: July 2021
ArgentinaTransfer pricing information return: On 18 June 2021, the Federal Administration of Public Revenues (AFIP) officially published General Resolution 5010/2021, which extends the deadline for filing transfer pricing reports and related forms
See MoreMLI enters into force for Hungary
On 1 July 2021, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Hungary. The agreement has come to into effect from the first day of the fourth month
See MoreNigeria: FIRS extends the deadline of submitting CIT return
On 1 July 2021, the Federal Inland Revenue Service (FIRS) announced that the deadline of submitting corporate income tax return, which was due in June is to be extended until 31 July 2021. This announcement was made public in a notice on Wednesday
See MoreIreland: Government declares a second feedback statement on ATAD interest limitation rule
On 2 July 2021, the Finance Minister, Paschal Donohoe TD, launched a second Feedback Statement on transposition of the ATAD interest limitation ratio. The Anti-Tax Avoidance Directive (ATAD) requires Member States to introduce an interest
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