IMF: Economic Policy Mix to Combat Climate Change
A blog post published by IMF Staff on 7 October 2020 noted that economic policy tools can facilitate the achievement of net zero carbon emissions by the year 2050 despite the effects of the COVID-19 crisis. The arguments put forward in the blog
See MorePoland: Parliament considers bills introducing Estonian tax regime for SMEs
On 30 September 2020, the Polish lower house of Parliament approved the Bill No.643 that provides for the introduction of an optional “Estonian” corporate income tax (CIT) regime for small and medium enterprises (SMEs). The new tax regime is
See MoreSpain: Finance Committee of Senate approves the draft bill for digital services tax
On 1 October 2020, the Finance Committee of the Spanish Senate passed the draft bills regarding digital services tax (DST) and financial transactions tax (FTT). The bill was approved by the Spanish Lower House of Parliament on 30 July
See MoreFrance: Government publishes draft Finance Bill for 2021
On 28 September 2020, the Council of Ministers adopted the French Budget Bill for 2021 or Finance Bill 2021. The draft Bill also includes the recovery plan to restore the economy following the coronavirus pandemic. French Parliamentary discussions
See MorePoland: Parliament approves a bill to amend various income tax rules
On 30 September 2020, the Polish lower house of Parliament (Sejm) approved a Bill No.642 amending various income tax rules for business. The measures of Bill No. 642 will apply from 1 January 2021. The bill includes a number of proposed tax
See MoreIndonesia: Directorate General of Taxation issues new regulations on APA
On 17 September 2020, the Indonesian Directorate General of Taxation posted online Regulation No. PER- 17/PJ/2020 regarding the procedures for completing applications, implementing, and evaluating an advance pricing agreement (APA). The
See MoreKazakhstan: BEPS MLI enters into force
On 29 September 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered
See MoreGreece: Government publishes a Decision to extend the deadline of CIT and WHT return
On 30 September 2020, the Government published Decision no. Α.1219/2020, which provides that the submission deadline of income tax returns of legal entities and legal entities under article 45 of law 4172/2013 and returns of withheld income
See MoreTurkey ratifies MCAA for the exchange of CbCR
On 1 October 2020, Turkish has published Decision No. 3038 for the ratification of the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country reports (CbCR). The Decision was published in the Official
See MoreArgentina: Government announces tax incentives for tourism industry
On 21 September 2020, Argentina Officially published Law No. 27563 providing a package of relief measures to tourism sector and related industries in response to the COVID-19 pandemic. The measures include: Services of travel and tourism
See MorePeru extends tax deferral applications submitting deadline due to COVID-19
On 28 September 2020, the Peruvian tax authorities (SUNAT) issued Supreme Decree No. 285-2020-EF in the Official Gazette. The Decree extends tax deferral applications submitting deadline to 31 December 2020 from 30 September 2020 due to the
See MoreWTO: Role of trade policies in addressing plastic pollution
On 30 September 2020 the WTO Deputy Director-General addressed the role of trade policy in combating plastic pollution. Trade regulations, border duties and taxes, domestic tax law and incentives in the form of subsidies are some of the tools that
See MoreMalta: CFR extends DAC6 notification deadline for non-disclosing intermediaries
On 18 September 2020, the Maltese Commissioner for Revenue (CFR) has notified that due to the deferral of the reporting deadlines as a result of the COVID-19 pandemic, the period allowed for notification by non-disclosing intermediaries is being
See MoreTransfer Pricing Brief: October 2020
AustraliaSpecial rules for hybrid instruments or entities: On 3 September 2020 amending legislation to clarifying the operation of the hybrid mismatch rules (amending legislation) received royal assent. The rules designed to prevent multinational
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2020 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. By monitoring tax relief schemes HMRC can examine the level of use of the schemes and gain some insight into the
See MoreColombia: DIAN issues resolution on Mutual Agreement Procedure
On 21 August 2020, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales, DIAN) has issued Resolution No. 000085 in the official gazette which establishes Mutual Agreement Procedure (MAP) to avoid double taxation and
See MoreUK: Statistics on Patent Box Tax Relief
The patent box legislation allows companies in the UK to apply a lower corporation tax rate to profits earned from qualifying patented inventions and specified equivalent types of intellectual property. The relief was first introduced from 1 April
See MoreBosnia and Herzegovina deposits ratification Instrument for convention on mutual administrative assistance in tax matters
On 21 September 2020, Bosnia and Herzegovina deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters, as amended by the 2010 protocol. The Convention will enter into force for
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