Russia: Federal Tax Service proposes to remove Turkey and Nigeria from the list of non-cooperative jurisdictions
The Russian Federal Tax Service proposes to remove Turkey and Nigeria from the list of non-cooperative jurisdictions that do not automatically exchange tax related information with Russia. The proposal was made for the purpose of updating the list
See MoreCzech Republic: BEPS multilateral instrument (MLI) enters into force
On 1 September 2020, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Czech Republic. Czech Republic deposited on 13 May 2020 its ratification
See MoreOman introduces CbC Reporting requirements
On 27 September 2020, Oman published Ministerial Decision No. 79/2020 in the Official Gazette announcing the introduction of Country-by-Country (CbC) reporting and notification requirements for multinational entity groups (MNE groups) headquartered
See MoreTax Inspectors Without Borders: Annual Report
On 28 September 2020 the Tax Inspectors Without Borders (TIWB) published their annual report, covering the period from January 2019 to June 2020. The report notes that the global heath and economic crisis is impacting the ability of developing
See MoreCosta Rica: MOF declares fiscal measures due to COVID-19 pandemic
On 17 September 2020, the Costa Rican Ministry of Finance has announced a plan to overcome fiscal impact of the COVID-19 pandemic. Accordingly, the plan includes a reduction in social security contributions for companies by at least 5% over four
See MorePoland: Council Ministers publishes draft bill amending CIT rules
On 16 September 2020, the Polish Council of Ministers published a draft bill amending the corporate income tax (CIT) rules to be in force from 1 January 2021. The bill includes the following tax measures; Limited partnerships in Poland are
See MoreSweden: Government submits the Budget Bill for 2021 to the Riksdag
On 21 September 2020, the Government has submitted the Budget Bill for 2021 to the Riksdag (the national legislature and the supreme decision-making body of Sweden). The Budget proposes the following key tax measures: Temporary tax
See MoreUkraine introduces loss carry-back provisions
On 15 September 2020, The Ukrainian Parliament has accepted for consideration Draft Bill No. 4101, which introduces loss carry-back provisions. The loss carry-back provisions would allow taxpayers to carry back losses up to 5 years. The Bill
See MoreOECD: Tax Policy Review of Kazakhstan
On 24 September 2020 the OECD issued a report on the tax policy review of Kazakhstan. The report covers income tax, social security contributions, value added tax (VAT) and corporation tax. The research was performed before the COVID-19 pandemic
See MoreIMF: Securing China’s Post-Pandemic Recovery
On 24 September 2020 a blog post by the IMF’s First Deputy Managing Director Forum on National Affairs looked at reforms needed to ensure China’s recovery from the economic problems caused by the pandemic. Global Economic Outlook The blog
See MoreUK: Winter Economy Plan Released
On 24 September 2020 the Chancellor announced measures contained in the UK government’s Winter Economy Plan. The measures include a new Job Support Scheme, extensions to the Self-Employment Income Support Scheme and the loan schemes, deferrals of
See MoreOman: Sultan amends Income Tax Law
On 14 September 2020, Mr. Haitham Bin Tarik, the Sultan of Oman issued Royal Decree No. 118/2020, which amended certain provisions of the Income Tax Law (ITL). The major changes are following: For tax years starting on or after 1 January 2020,
See MoreSri Lanka declares final tax payment deadline for AY 2019-20
The Inland Revenue Department (IRD) has published a notice on making the final income tax payment by 30 September 2020 for the assessment year (AY) 2019-20. Corporate taxpayers, Individual taxpayers, and all other entities can pay their taxes
See MoreBrazil: Government submits a Bill to introduce a special tax arbitration process
On 3 September 2020, the Bill No. 4468/2020, was published in Senate to introduce a special tax arbitration procedure. The Bill proposed that during the time of tax audit, this special tax arbitration process would be available to deal with tax
See MoreDenmark: Tax Minister announces to exempt nonresident charitable organizations from WHT
On 14 September 2020, the Tax Minister announced that Government has a plan to release a Bill in December 2020 regarding the exemption of on non-resident charitable organizations from Danish withholding tax (WHT) on portfolio dividends. At present,
See MorePhilippines: BIR issues a Circular to extend the deadline of Form BIR 1709
On 15 September 2020, the Bureau of Internal Revenue (BIR) published Revenue Memorandum Circular (RMC) No. 98-2020 to extend the submission deadline of related party transaction Form, or the Form BIR 1709. The initial extended due date is 30
See MoreOECD: Phase 3 Peer Review Reports on Country by Country Reporting
On 24 September 2020, the OECD published a compilation of Phase 3 peer review reports on Country by Country (CbC) Reporting under Action 13 of the action plan on base erosion and profit shifting (BEPS). The OECD/G20 Inclusive Framework on BEPS,
See MoreTurkey publishes transfer pricing General Communiqué No. 4
On 1 September 2020, the Turkish Revenue Administration has published transfer pricing General Communiqué No. 4 on disguised profit distribution in the Official Gazette No. 31231. The Communiqué explains information regarding new transfer pricing
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