IMF: Report Analyses the Economic Situation in Georgia
On 10 November 2020 the IMF and Georgia completed a staff-level agreement for the completion of the Seventh Review under the Extended Fund Facility. The IMF team expects GDP growth to rebound to 4.3% in 2021 as the effects of the pandemic
See MoreAustralia: ATO declares lodgment deferral for Local File, Master File, and CbC Report for FY 2019
The Australian Taxation Office (ATO) has issued a notice declaring a lodgment deferral for the Local file, Master file, and Country-by-Country (CbC) report for the year ended 31st December 2019. Significant Global Entities (SGEs) that have
See MoreSouth Africa: SARS extends the CbC filing deadline
On 12 November 2020, the South African Revenue Service (SARS) published a notice, which stated that the due date for submitting country-by-country (CbC) report is extended on the basis of some specified person. According to the notice, the
See MoreMalta: CFR publishes dispute resolution mechanisms
On 9 November 2020, the Maltese Commissioner for Revenue (CFR) has published new guidance regarding tax dispute resolution mechanisms. The guidance note provides a general overview of the European Union Dispute Resolution Mechanisms (Directive
See MoreMalaysia: Finance Minister tables the budget for 2021
On 6 November 2020, the Minister of Finance Tengku Datuk Seri Zafrul Abdul Tengku Abdul Aziz unveiled the annual budget speech in Parliament for 2021. The following tax measures has been proposed under the budget 2021. A new tax incentive
See MoreLithuania announces tax relief measures concerning second wave (COVID-19)
On 7 November 2020, the Lithuanian government ordered a “lockdown” in response to the “second wave” of coronavirus (COVID-19) cases. There are also tax relief measures in response to the coronavirus (COVID-19) pandemic in terms of tax
See MoreArgentina: AFIP provides further delay on inspections, assessments, appeals
In response to corona virus pandemic, on 9 November 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4856 of 9 November 2020, providing an additional suspension up to 29 November 2020 regarding inspections,
See MoreIreland: Revenue publishes eBrief regarding DAC6 reporting update
On 3 November 2020, the Irish Revenue published an eBrief No. 200/20, which provides EU mandatory disclosure of reportable cross-border arrangements. On the similar day, the Revenue also published a Tax and Duty Manual, providing general
See MoreUK: Draft Legislation on Plastic Packaging Tax
On 12 November 2020 the UK issued for consultation draft legislation to introduce a plastic packaging tax. The legislation when finalised would be included in the Finance Bill 2021 and the tax would be implemented from April 2022. The tax
See MoreBelgium further extends Local file and CIT return filing deadline
On 12 November 2020, the Belgian Minister of Finance (MoF) announced a further extension of the filing corporate income tax (CIT) returns to 30 November 2020 for the Assessment Year 2020. Previously, the deadline for filing corporate income tax
See MoreIsrael introduces depreciation relief
On 9 November 2020, the Finance Committee of the parliament approved regulations regarding depreciation relief in response to the Covid-19 pandemic. The regulations include the straight-line depreciation rates for assets that purchased from 1
See MoreVietnam: MoF issues new transfer pricing Decree
On 5 November 2020, the Vietnamese Ministry of Finance (MoF) has issued new transfer pricing Decree No. 132/2020/ND-CP. The new Decree replaces the existing Transfer Pricing (TP) regulations (Decree No. 20/2017/ND-CP) and provides the following new
See MoreUK: Changes to the Research and Development Tax Credit for SMEs
On 12 November 2020 the UK government published draft legislation aiming to prevent the abuse of research and development (R&D) tax relief by small and medium companies (SMEs). This follows extensive consultation on the issue. The SME
See MoreUK: Further draft legislation published for Finance Bill 2021
On 12 November 2020 the UK government published for consultation further draft legislation in relation to the Finance Bill 2021. Comments are invited by 7 January 2020. This follows the publication of draft legislation on 21 July 2020 in
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UK: Updated Statistics on Transfer Pricing and Diverted Profits Tax
On 12 November 2020 HMRC published updated statistics relating to transfer pricing and the diverted profits tax for 2019/20 (the year to 31 March 2020). In 2019/20 a total of 125 transfer pricing enquiries were settled, with an average
See MoreUK: Consultation on Making Tax Digital for Corporation Tax
On 12 November 2020 HMRC published a consultation document concerning Making Tax Digital (MTD) for corporation tax (CT). The closing date for comments from interested parties is 5 March 2021. Under MTD for CT all entities within the charge
See MoreSri Lanka: Notice on second installment of tax payment for AY 2020-21
On 9 November 2020, Inland Revenue Department (IRD) of Sri Lanka issued a notice declaring the second installment payment of income tax for the assessment year (AY) 2020/2021, which is due on 15 November
See MoreCroatia: Government presents four tax reform Bills to Parliament
On 12 November 2020, the Croatian Parliament announced that the Government sent four tax reform Bills, which provide changes in corporate income tax, personal income tax, and value added tax (VAT). Some of the changes including the Bills are given
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