Israel extends tax return submission deadline for the 2020 tax year
On 7 April 2021, the tax authority of Israel declared the extended deadline for submitting annual income tax returns in response to the Covid-19 pandemic. The declaration includes that the deadline is extended to 30 June 2021 for submitting annual
See MoreChina declares reduced tax rate for small enterprises
On 2 April 2021, the State Administration of Taxation (SAT) of China has published Announcement No. 12 of 2021 regarding income tax rate reduction for small and low-profit businesses and sole traders. The announcement includes that for the
See MoreIMF Blog Looks at Securing a Green Recovery
In an IMF blog post of 15 April 2021 the IMF Director General looks at policies to secure a green recovery. The blog notes that following the period of disruption due to the pandemic a few economies, led by the United States and China, are
See MoreChina declares 200% R&D deduction for manufacturing sectors
On 31 March 2021, the State Administration of Taxation of China has published Announcement No. 13 of 2021, regarding an increased R&D super deduction for manufacturing entities. The announcement include 200% deduction for R&D
See MorePeru: SUNAT reduces late payment interest rate from April 2021
On 30 March 2021, the Peruvian tax authorities (SUNAT) has issued Resolution 000044-2021/SUNAT in the Official Gazette, through which SUNAT has decided to reduce the late payment interest rate from 1% to 0.9% per month on the amount of tax due with
See MoreUN: Meeting of Committee of Tax Experts
On 19 to 28 April 2021 the twenty-second session of the UN Committee of Experts on International Cooperation in Tax Matters will be held in a series of virtual meetings. UN Model Treaty – Revised Royalty definition The Committee will
See MoreBrazil: Revenue extends the submission deadline of individual tax return
On 12 April 2021, the Federal Revenue Officially published the RFB Normative Instruction 1930/2020, which changed the deadline for reporting the Annual Adjustment Statement of the Individual’s Income Tax Return for 2021 from 30 April 2021 until
See MoreIMF and World Bank: Discussion of Digital Services Tax
On 13 April 2021 the IMF and World Bank tax conference on Minimum and Digital Taxation: Consensus or Divide discussed aspects of unilateral digital service taxes. The discussions covered the scope of the taxes, tax treaty issues and challenges for
See MoreSpain gazettes decree amending regulation on DAC6 reporting
On 7 April 2021, the Spanish Official Gazette published the Royal Decree No. 243/2021, amending the general regulation on the mandatory automatic exchange of financial account information (AEOI) in relation to reportable cross-border arrangements
See MoreIMF and World Bank: Discussion of Global Minimum Tax and Developing Countries
On 13 April 2021 the IMF and World Bank held a tax conference entitled Minimum and Digital Taxation: Consensus or Divide? Discussion of the minimum tax centred on the G20 and OECD Pillar Two proposals currently under discussion. There are two
See MoreKenya: Tax Appeal Tribunal issues rule on a case of management fees
On 1 April 2021, the Kenyan Tax Appeals Tribunal (TAT) ruled on tax disputes between McKinsey and Company Inc. Africa Limited (McKinsey / the Appellant) and the Kenya Revenue Authority (KRA / the respondent) in relation to withholding tax (WHT) on
See MoreWorld Tax Brief: April 2021
ArgentinaMain corporate tax rate: Argentina's government is reportedly finalizing a draft bill that would provide for the introduction of new progressive corporate income tax rates. The proposed amendments to the Income Tax Law would apply to
See MoreGermany: Ministry of Finance releases DAC6 reporting guidelines
On 29 March 2021, the German Ministry of Finance has published the final decree regarding the application of the mandatory disclosure rules relating to certain cross-border tax arrangements as per Council Directive (EU) 2018/822 of 25 May 2018.
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2020-21
On 1 April 2021, the Inland Revenue Department issued about 210,000 profits tax returns, 120,000 property tax returns and 320,000 employer's returns for the year of assessment 2020-21. About 2.6 million tax returns for individuals will be issued on
See MoreNorway extends the filing deadline for CIT returns
On 6 April 2021, the Norway extends the filing deadline for corporate income tax returns from 31 May 2021 to 20 August 2021 due to coronavirus pandemic. The extension does not apply for petroleum companies (that still must file by 30 April 2021).
See MorePoland: MOF publishes tax explanations on transfer pricing adjustment
On 2 April 2021, the Polish Ministry of Finance has published tax clarifications on transfer pricing regarding the adjustment of transfer prices within the meaning of Art. 11e of the CIT Act (Article 23q of the PIT Act), in relation to the
See MoreGhana enacts Budget for 2021
On 31 March 2021, Ghana’s 2021 budget statement and economic policy passed by the Parliament and having received presidential assent. There are measures allowing for waiver of tax penalties and interest on accumulated tax arrears up to 31
See MoreDenmark: MOF withdraws its litigation in significant transfer pricing cases
12 April 2021 On 25 March 2021, the Danish Ministry of Taxation has dismissed a case: SKM2018.511.LSR due to expectations that the company would succeed the case. The Ministry’s message that it admits defeat and will refrain from spending
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