UN: Meeting of Committee of Tax Experts
On 19 to 28 April 2021 the twenty-second session of the UN Committee of Experts on International Cooperation in Tax Matters will be held in a series of virtual meetings. UN Model Treaty – Revised Royalty definition The Committee will
See MoreBrazil: Revenue extends the submission deadline of individual tax return
On 12 April 2021, the Federal Revenue Officially published the RFB Normative Instruction 1930/2020, which changed the deadline for reporting the Annual Adjustment Statement of the Individual’s Income Tax Return for 2021 from 30 April 2021 until
See MoreIMF and World Bank: Discussion of Digital Services Tax
On 13 April 2021 the IMF and World Bank tax conference on Minimum and Digital Taxation: Consensus or Divide discussed aspects of unilateral digital service taxes. The discussions covered the scope of the taxes, tax treaty issues and challenges for
See MoreSpain gazettes decree amending regulation on DAC6 reporting
On 7 April 2021, the Spanish Official Gazette published the Royal Decree No. 243/2021, amending the general regulation on the mandatory automatic exchange of financial account information (AEOI) in relation to reportable cross-border arrangements
See MoreIMF and World Bank: Discussion of Global Minimum Tax and Developing Countries
On 13 April 2021 the IMF and World Bank held a tax conference entitled Minimum and Digital Taxation: Consensus or Divide? Discussion of the minimum tax centred on the G20 and OECD Pillar Two proposals currently under discussion. There are two
See MoreKenya: Tax Appeal Tribunal issues rule on a case of management fees
On 1 April 2021, the Kenyan Tax Appeals Tribunal (TAT) ruled on tax disputes between McKinsey and Company Inc. Africa Limited (McKinsey / the Appellant) and the Kenya Revenue Authority (KRA / the respondent) in relation to withholding tax (WHT) on
See MoreWorld Tax Brief: April 2021
ArgentinaMain corporate tax rate: Argentina's government is reportedly finalizing a draft bill that would provide for the introduction of new progressive corporate income tax rates. The proposed amendments to the Income Tax Law would apply to
See MoreGermany: Ministry of Finance releases DAC6 reporting guidelines
On 29 March 2021, the German Ministry of Finance has published the final decree regarding the application of the mandatory disclosure rules relating to certain cross-border tax arrangements as per Council Directive (EU) 2018/822 of 25 May 2018.
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2020-21
On 1 April 2021, the Inland Revenue Department issued about 210,000 profits tax returns, 120,000 property tax returns and 320,000 employer's returns for the year of assessment 2020-21. About 2.6 million tax returns for individuals will be issued on
See MoreNorway extends the filing deadline for CIT returns
On 6 April 2021, the Norway extends the filing deadline for corporate income tax returns from 31 May 2021 to 20 August 2021 due to coronavirus pandemic. The extension does not apply for petroleum companies (that still must file by 30 April 2021).
See MorePoland: MOF publishes tax explanations on transfer pricing adjustment
On 2 April 2021, the Polish Ministry of Finance has published tax clarifications on transfer pricing regarding the adjustment of transfer prices within the meaning of Art. 11e of the CIT Act (Article 23q of the PIT Act), in relation to the
See MoreGhana enacts Budget for 2021
On 31 March 2021, Ghana’s 2021 budget statement and economic policy passed by the Parliament and having received presidential assent. There are measures allowing for waiver of tax penalties and interest on accumulated tax arrears up to 31
See MoreDenmark: MOF withdraws its litigation in significant transfer pricing cases
12 April 2021 On 25 March 2021, the Danish Ministry of Taxation has dismissed a case: SKM2018.511.LSR due to expectations that the company would succeed the case. The Ministry’s message that it admits defeat and will refrain from spending
See MoreEU: BASIC countries express concern at the proposed Carbon Border Adjustment Mechanism
A Joint Statement issued on 8 April 2021 at the conclusion of the 30th BASIC Ministerial Meeting on Climate Change has expressed concern about the insufficiency and inadequacy of the support provided by developed countries; and is concerned that
See MoreIMF press briefing discusses World Economic Outlook for April 2021
The IMF press briefing following the publication of the World Economic Outlook for April 2021 clarified some issues arising. Phasing out support The fiscal support provided by countries during the pandemic should be well targeted to affected
See MoreIMF: World Economic Outlook for April 2021
The IMF publication World Economic Outlook for April 2021 notes that the global economic outlook is still uncertain, with potential downside effects from new virus mutations balanced by optimism owing to the vaccines. Global growth is projected to
See MorePanama further extends tax return submission deadline for 2020 tax year
According to Decree No. 110 of 31 March 2021, Panama's Ministry of Economy and Finance has extended the deadline for the submission of income tax returns to 17 May 2021 for the 2020 tax year, which follows a previous extension to 3 May 2021. In
See MoreIMF: Fiscal Monitor Looks at Tax Policy for the Recovery
The IMF Fiscal Monitor for April 2021 entitled A Fair Shot discusses actions in response to COVID-19 and looks at policies that can prepare for a greener and more durable recovery. Low-income countries currently have large budget deficits and
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