IMF Country Focus on Nigeria
On 8 February the IMF published a country focus analysing Nigeria’s economy, based on the findings of consultations with Nigeria in relation to Article IV of the IMF’s articles of association. Nigeria is expected to have only a weak and
See MoreIMF: Economic Outlook in Sweden
On 2 February 2021 the IMF issued a report following discussions with Sweden in relation to article IV of the IMF’s articles of agreement. Sweden has been hit hard by the pandemic but has introduced effective support measures for individuals
See MorePhilippines: CREATE Bill sends to President for signature to make it Law
On 3 February 2021, the House of Representatives announced in a release that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to
See MoreArgentina: AFIP further extends suspension of prosecution proceedings for tax collection
In response to COVID-19 pandemic, on 29 January 2021, the Federal Administration of Public Revenue (AFIP) published General Resolution 4926/2021 of 29 January 2021, providing further suspension up to 28 February 2021 regarding the suspension of the
See MoreSri Lanka launches online tax payment platform
The Inland Revenue Department (IRD) of Sri Lanka has published a notice introducing Online Tax Payment Platform (OTPP) with effect from 8 February 2021, to make tax payment with the collaboration of below mentioned banks, in addition to the
See MoreQatar introduces TP declaration with tax return
The General Tax Authority (GTA) of Qatar has confirmed that taxpayers filing their income tax returns via the tax authority’s Dhareeba tax portal must also file a transfer pricing (TP) declaration of related-party transactions along with their
See MoreMalaysia releases updated tax guide on digital services
On 1 February 2021, the Royal Malaysian Customs Department published an updated Guide on Digital Services by Foreign Service Provider (FSP), which replaces the prior guide dated 1 August 2020. Effective 1st January 2020, service tax shall be
See MoreHungary: MOF publishes guidance on Mandatory Disclosure Rules
On 28 January 2021, the Hungarian Ministry of Finance published guidance on DAC6 reporting, which expands upon earlier guidance first issued in July 2020. The guidance serves as a general explanation on the provisions of the Hungarian MDR
See MorePoland: MOF announces a draft law introducing new advertising tax
On 2 February 2021, the Polish Government issued a draft introducing a new advertising tax (premium) on digital (internet) advertising and conventional advertising. The online advertising premium rate will be 5%. It will apply to advertisers whose
See MoreMexico sets threshold for reporting customized transactions under MDR
On 2 February 2021, Mexico has published Agreement 13/2021 in the Official Gazette. The Agreement sets threshold for reportable cross-border arrangements under the Mandatory Disclosure Regime (MDR). This Agreement is applicable from 3 February
See MoreBotswana: Finance Minister presents Budget for 2021 to the National Assembly
On 1 February 2021, Dr. Thapelo Matsheka, Botswana’s Minister of Finance and Economic Development has presented National Budget for the fiscal year 2021 to the National Assembly. The Budget contains a number of important tax measures. The key
See MoreSingapore updates guidance on tax residence rules of a company and PE
The Inland Revenue Authority of Singapore (IRAS) issued updated guidance on the tax residence status of companies and permanent establishments (PE) in light of the Covid-19 pandemic. Tax Residence Status of a Company Where a company is not
See MoreIndia: Finance Minister presents the Union Budget 2021-22
On 1 February 2021, the Finance Minister presented the Union Budget 2021-22 containing following tax proposals. The budget proposed to reduces the length of time for assessment procedures from 24 months to 21 months (measured from the end of the
See MoreHow are asset reconstruction companies and their investors taxed?
Sunil Gidwani, Partner – Nangia Andersen LLPSunil.gidwani@nangia-andersen.com09821131945 Background Looking at the increased stress on lending institutions in recent past resulting in increased defaults by the borrowers, one cannot
See MoreHong Kong gazettes Inland Revenue Bill 2021
On 29 January 2021, the Hong Kong’s Government published the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the Bill) in the Gazette. The Bill aims to amend the Inland Revenue Ordinance (Cap. 112) to provide tax
See MoreTransfer Pricing Brief: February 2021
AustraliaScope of transfer pricing rules: Australian Taxation Office (ATO) expanded the definition of “significant global entity (SGE)”. The SGE concept determines whether an entity is subject to a number of tax integrity and reporting
See MoreGreece publishes a Law for the ratification of BEPS MLI
On 26 January 2021, the Government Officially published Law No. 4768 to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Greece must now deposit its ratification
See MoreDominican Republic: DGII publishes thresholds for TP reporting and some tax issues
On 4 February 2021, the Directorate General of Internal Revenue (DGII) published Resolution No. DDG- AR1-2021-00002, which provides various tax issues, including new transfer pricing thresholds and updates to its tax haven list. Transfer pricing
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