Serbia: Ministry of Finance adopts Rulebooks concerning CIT amendments
On 30 December 2020, the Rulebooks (as the regulations are referred to in Serbia) regarding corporate income tax amendments published in the official gazette. The Rulebooks are effective retroactively for tax periods starting in 2020 including
See MorePoland: Ministry of Finance postponed WHT collection system to 30 June 2021
On 30 December 2020, the Ministry of Finance issued a decree dated 28 December 2020, postponing the introduction of the withholding tax and refund system until June 30, 2021. This applies to both corporate tax and individual income tax
See MorePanama declares revised tax rates for SMEs
On 17 December 2020, Panama has published Law No. 189 which introduces reduced income tax rates for companies and individuals qualifying as SMEs with effect from 1 January 2020, subject to the following conditions: The SME's gross annual
See MoreWorld Tax Brief: January 2021
AustraliaTreatment of losses-carry back: The Australian Taxation Office (ATO) published guidance on the loss carry back offset relief introduced as part of measures for the 2020-21 Budget. Loss carry back provides a refundable tax offset that
See MoreKenya: President signs the Tax Law Amendment Act (No. 2) of 2020
On 23 December 2020, the President of Kenya signed the Tax Law Amendment Act (No. 2) of 2020 which amends the Income Tax Act and the Value Added Tax (VAT) Act of Kenya. Critical changes include reinstating corporation tax
See MoreJapan announces tax reform proposals for 2021
On 10 December 2020, the Liberal Democratic Party (LDP) and the New Komeito Party announced the tax proposals for the 2021 providing the following corporate tax measures. Either special depreciation of 30% or a tax credit of 3% or 5% tax
See MoreIndonesia expands tax incentives for special economic zones
On 30 December 2020, the Indonesian Ministry of Finance has issued a Regulation No. 237/PMK.010/2020 providing tax incentives for companies in special economic zones (SEZs). Accordingly, a 100% reduction in corporate income tax, which may
See MoreRomania publishes further tax relief measures for Covid-19 outbreak
On 30 December 2020, Romania has published Ordinance No. 226 in the Official Gazette with following measures in response to the Covid-19 outbreak: The extension of the deadline to 31 March 2021 for companies affected by Covid-19 to apply for
See MoreRussia updates mandatory audit thresholds
On 29 December 2020, Russia has published Federal Law No 476-FZ which amended the thresholds for mandatory tax audit with effect from 1 January 2021. The Federal Law increased the turnover threshold in the previous year to RUB 800 million
See MoreIreland: President signs the Finance Bill 2020 into Law
On 19 December 2020, the President signed the Finance Bill 2020 into Law, which underpins the Government’s support for the economy in the face of Covid-19 pandemic and the ongoing threat of a no-deal Brexit. The Finance Act 2020 provisions
See MoreSingapore issues advance ruling summary on determination of related parties
On 4 January 2021, the tax Authority of Singapore has published Advance Ruling Summary No. 1/2021, regarding the determination of related parties for transfer pricing (TP) purposes in cases involving a joint venture without majority control.
See MoreSingapore updates indicative margins for related party loans
The Inland Revenue Authority of Singapore (IRAS) has published updated indicative margins for related party loans. IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated
See MoreGhana updates tax appellate processes
Ghana’s Parliament has passed the Revenue Administration Act, 2020 (Act 1029) as an amendment to the tax procedures and administration rules. Previously, taxpayers only could appeal to the High Court of a tax decision made by the
See MoreMorocco revises TP documentation penalty
On 18 December 2020, the Ministry of Finance of Morocco has published the Finance Law for 2021 in the Official Gazette, apply from 1 January 2021. Morocco's Finance Law 2021 introduced new transfer pricing (TP) documentation
See MorePakistan: FBR launches e-filing of appeals
On 2 January 2021, Federal Board of Revenue (FBR) of Pakistan has published a notice regarding the launch of the e-Filing of Appeals with effect from 1 January 2021. Commissioner Inland Revenue (Appeals) is the first tier of appellate hierarchy
See MoreBolivia: Government publishes Budget Law for 2021
On 28 December 2020, the Government Officially published the Budget Law for 2021 and Law No. 1355, which effects from 1 January 2021. Under Law No. 1355, a 5% VAT refund is introduced on sales prices for low-income individuals with monthly income
See MoreBulgaria: Government reveals tax measures included in 2021 Budget
On 8 December 2020, the Government Officially published a Law, which provides tax measures included as part of the 2021 Budget. The key measures are given below: The Law introduced new deadline for filing annual corporate income tax returns up
See MoreArgentina: AFIP further extends the deadline for beneficial ownership declaration
On 31 December 2020, the Federal Administration of Public Revenue (AFIP) Officially published General Resolution 4897/2020 of 29 December 2020, which extends the initial reporting deadline of beneficial ownership declaration for 2019 and, with
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