Puerto Rico extends tax returns and payments deadlines due to COVID-19 outbreak
On 23 March 2021, the Puerto Rico Treasury Department (PRTD) has issued Administrative Determination No. 21-04 extending the due date for income tax returns and tax payments due to the ongoing COVID-19 pandemic. As a general rule, individuals,
See MoreSlovenia extends the deadlines for annual reports and tax returns
On 17 March 2021, the Slovenian Ministry of Finance released an announcement providing the extension of deadlines for annual reports and tax returns by one month. Accordingly, the deadline for submitting reports to the Agency of the Republic of
See MoreMorocco declares maximum interest rate 1.63% on shareholder loans
On 18 March 2021, Morocco has published Ministerial Decree 423.21 in the Official Gazette regarding the reduction of maximum interest rate for loans granted by direct shareholders from 2.23% to 1.63% for FY 2021. Interest expense on loans will
See MoreUK adopts CbC reporting XML schema 2.0
The UK tax authority has updated the country-by-country (CbC) reporting schema to XML 2.0 for submissions to HM Revenue & Customs (HMRC). All CbC reports must use the new 2.0 XML format and submitted to HMRC on or after 1 January 2021. The
See MoreNamibia: MOF publishes the 2021/22 Budget Statement
On 17 March 2021, the Ministry of Finance has published the budget statement for 2021/22 providing the following tax reforms: There were no proposed increases or changes to the main tax brackets.Budgeted expenditure for the 2022 year will be
See MoreUK: Call for Evidence on the Tax Administration Framework
On 23 March 2021 the UK government published a call for evidence entitled: The Tax Administration Framework: Building a 21st Century Tax System. The government has already published a ten-year tax administration strategy called Building a
See MoreQatar: GTA extends tax filing deadlines for 2020
On 24 March 2021, the General Tax Authority (GTA) of Qatar published Circulars No. 1 and 2 of 2021 to extend the deadline for filing tax returns for the 2020 tax year in response to the Covid-19 pandemic. According to Circular 1 of 2021, the new
See MoreSweden: Parliament accepts Bill to implement EU ATAD reverse hybrid mismatches
On 16 March 2021, the Swedish Parliament (Riksdag) has accepted Bill No. 2020/21:111 to implement EU Anti-Tax Avoidance Directive (ATAD) reverse hybrid mismatches. In this bill, it is proposed that rules be introduced regarding the tax treatment
See MoreUK: Consultation on securitisation tax regime
On 23 March 2021 the UK government issued a consultation paper on the reform of the taxation of securitisation companies. Securitisation is used for the purpose of raising finance on the capital markets through the issue of asset-backed
See MorePhilippines: President signs the CREATE Act into Law
On 26 March 2021, the President, Rodrigo Duterte, signed into law the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and maintain fiscal prudence and stability. The CREATE Act introduces
See MorePeru announces the most appropriate method in the case of intra-group services
On 18 March 2021, the Peruvian tax authorities (SUNAT) has issued Report No. 135-2020-SUNAT/7T0000, through which SUNAT announced the use of the most appropriate method to determine the market value of services other than those classified as low
See MoreEcuador: National Tax Authority amends rules on submission request for APAs
On 11 March 2021, the Deputy General Director of the Internal Revenue Service (SRI) Officially issued and signed Resolution No. NAC-DGERCGC21-0000001 in Spanish, which provides several changes to the transfer pricing regime on advance pricing
See MoreArgentina: Government proposes progressive corporate tax reform
In mid-March the government led by the president, Alberto Fernández, sent a bill to Congress that lays out the details of a progressive reform to corporate income tax. The latest reform being proposed by the Fernández administration would
See MoreBelgium extends CIT return submission deadline for FY 2020
On 18 March 2021, the Belgian tax authorities extended the corporate income tax (CIT) return submission deadline to 28 October 2021 for financial years ended between 31 December 2020 and 28 February 2021 in response to the Covid-19 pandemic. As
See MoreUK: Summary of responses to call for evidence on tackling disguised remuneration
On 23 March 2021 the UK government published a summary of responses to a call for evidence on tackling disguised remuneration tax avoidance. The consultation which ran from 21 July 2020 to 30 September 2020 asked for information on the drivers
See MoreUK: Consultation on Transfer Pricing Documentation
On 23 March 2021 the UK government published a consultation paper on transfer pricing documentation. The closing date for comments is 1 June 2021. Following the final report on Action 13 of the OECD Action Plan on base erosion and profit
See MorePanama extends tax return submission deadline for 2020
The Ministry of Economy and Finance of Panama has extended the deadline to 3 May 2021 for the submission of income tax returns (natural and legal persons) for the tax year 2020 in response to the Covid-19
See MoreSerbia: MOF releases arm’s length interest rates for 2021
On 19 March 2021, the Serbian Ministry of Finance has published the Rulebook on Arm’s Length Interest Rates applicable for 2021 that applies on related parties’ loans. Rulebook comes into force on 27 March 2021. Taxpayers can use
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