Argentina: AFIP prolongs payment facility for SMEs
On 17 May 2021, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4992/2021 of 17 May 2021 for extend a payment facility for small and medium enterprises (SMEs). This payment facility was scheduled to expire in
See MoreArgentina: Chamber of duties approves a bill regarding progressive CIT rates
On 20 May 2021, the Chamber of Duties approved a revised draft bill, which introduces new progressive corporate income tax rates starting from 1 January 2021. The bill has been sent to the Chamber of Senators for final approval. According to the
See MoreMalta introduce penalties for non-compliance with the CbC reporting rules
On 18 May 2021, Malta has issued Regulations (L.N. 213 of 2021) named ‘Cooperation with Other Jurisdictions on Tax Matters’. The Regulation has introduced penalties for non-compliance with Maltese country-by-country reporting (CbCr) reporting
See MoreArgentina: Government extends validity of incentives on production and use of biofuels
On 8 May 2021, the tax authority Officially published a Decree 322/2021 of 8 May 2021, to extend the time period of the Promotion Regime for the Sustainable Production and Use of Biofuels established by Law No. 26,093 of 12 May 2006, up to 12 July
See MoreOECD: Peer review reports on making tax dispute resolution more effective
On 25 May 2021 the OECD released a further batch of eight Stage Two peer review reports in relation to making dispute resolution mechanisms more effective under BEPS Action 14. The minimum standard under BEPS action 14 is concerned with
See MoreEU: Annual Report on Taxation 2021
On 18 May 2021 the European Union (EU) published the Annual Report on Taxation 2021 assessing progress made by EU Member States in aligning their tax policies with the EU’s tax priorities to promote innovation and productivity, encourage
See MoreEU: European Commission sets out future agenda for business taxation
On 18 May 2021 the European Commission adopted a Communication on Business Taxation for the 21st Century setting out its vision for supporting business during the economic recovery and achieving fairer taxation. Ensuring effective
See MoreSouth Africa: SARS issues an update regarding foreign dividend taxation
On 17 May 2021, the South African Revenue Service (SARS) issued an update Interpretation Note 93 (Issue 3) on the taxation of foreign dividends. This Note provides guidance on the interpretation and application of various provisions of the Act
See MoreOECD case study on combating international tax avoidance in Senegal
On 21 May 2021 the OECD published a Tax and Development Case Study entitled “Fighting International Tax Avoidance and Evasion to Finance the Emergence of Senegal”. Senegal aims to be an emerging economy by 2035, and a ten-year development
See MoreOECD: Conference of the Parties to the MLI approves an opinion on interpretation and implementation
On 3 May 2021 an opinion of interpretation and implementation was reached by a conference of the parties to the multilateral instrument (MLI) for inclusion in bilateral tax treaties of the tax treaty related provisions arising from the action plan
See MoreWorld Tax Brief: May 2021
AlgeriaFiling return: The Directorate General of Taxes has recently issued a communiqué, which provides an extension of the filing deadline of annual tax returns (including balance sheet and appendices) 2020 until 30 June 2021 for all
See MoreQatar releases FAQs on TP documentation requirements
Qatar’s General Tax Authority (GTA) has issued frequently asked questions (FAQs) regarding Transfer Pricing Declaration, Master File, and Local File on the Dhareeba tax portal. The FAQs provide clarification on several tax issues relating to
See MoreUAE amends provisions of tax penalties
On 28 April 2021, the United Arab Emirates (UAE) Cabinet of Ministers issued Resolution No. 49/2021, which amends Cabinet Resolution No. 40/2017 in relation to administrative penalties for the violation of tax laws in the UAE. Cabinet Resolution
See MoreArgentina: AFIP extends corporate return deadline
On 14 May 2021, the Federal Administration of Public Revenue (AFIP) Officially published a General Resolution 4988/2021, which extends the due date of submitting corporate tax return and the affidavit of tax on the earnings and the payment of the
See MoreBolivia: Tax Authority extends deadline for submitting financial reports
On 28 April 2021, the Tax Authority Officially published a Resolution No. 102100000006, which extends the deadline to submit financial reports and supporting documentation until 31 May 2021 related to their corporate income tax filing for fiscal
See MoreHungary: MOF extends filing deadline of corporate return
On 21 April 2021, the Finance Ministry of Hungary published a Decree extending filing deadlines for all major business income tax returns due to COVID-19. Accordingly, annual returns for corporate income tax, local business tax, and energy
See MoreIMF: Financing needs for Africa
On 18 May 2021 a talk by the Managing Director of the IMF at a summit on the financing of African countries noted that Africa needs to take full advantage of the shifts in the global economy toward digital-driven, low-carbon and climate resilient
See MorePeru: SUNAT clarifies interest deduction for thin capitalization rules
On 12 May 2021, the Peruvian Tax Administration (SUNAT) has issued Report No. 015-2021-SUNAT / 7T000 (the Guideline)regarding various queries related to the application of the limit for the deduction of interest expenses are answered, referred to
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