UK: Capital Gains Tax Statistics
On 13 August 2020 HMRC released updated statistics on capital gains tax collection. UK capital gains tax (CGT) is charged on gains realised on the disposal of assets. Types of disposal can include sales, gifts, and exchanges but the death of an
See MoreUK: Statistics on creative industries tax relief
HMRC published updated statistics for creative industries tax relief for 2019/20 on 13 August 2020, showing that GBP 1.11 billion was paid out in tax relief for creative industries in 2019/20. Almost half the relief given related to film tax relief
See MoreChile: SII publishes a Letter regarding thin capitalization rules
On 31 July 2020, the Chilean tax Authority (SII) published a Letter Ruling No. 1475 of 31 July 2020, which addresses whether interest payments on a loan agreement concluded in 2014 between a Chilean resident company and a non-resident related party
See MoreIndia: CBDT publishes guidance on mutual agreement procedure (MAP)
On 7 August 2020, the Central Board of Direct Taxes (CBDT) has published new Mutual Agreement Procedure (MAP) Guidance. The Guidance comprises of four sections, including: (A) introduction and basic information; (B) access and denial of
See MoreUS: North Carolina announces voluntary corporate transfer pricing resolution initiative
On 30 July 2020, the North Carolina Department of Revenue announced that it is implementing a voluntary initiative to expedite the resolution of corporate intercompany pricing issues. The purpose of this initiative is to fairly and consistently
See MoreHong Kong: Tax relief measures for taxpayers facing difficulties in setting tax bills
On 12 August 2020, the Hong Kong Inland Revenue Department announced that taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for payment of tax by instalments before
See MoreMalaysia publishes updated guide on digital services tax
On 1 August 2020, the Royal Malaysian Customs Department issued an updated guide on digital services by foreign service providers. The Updated Guide replaced the earlier version dated 20 August 2019. Effective 1st January 2020, service tax
See MorePanama considering tax cuts for SME sector amid Covid-19 pandemic
On 27 July 2020, Panama's National Assembly submitted two draft bills that contain measures in response to the Covid-19 pandemic. The bill No. 358 provides reduced income tax rates for companies and individuals qualifying as SMEs that would
See MoreSri Lanka: Notice on first installment of tax payment for YA 2020-21
On 12 August 2020, Inland Revenue Department (IRD) issued a tax notice related to first installment of tax payment for the year of assessment (YA) 2020-21, required to be paid by individuals, partnerships, companies, which is due on 15 August
See MoreFinland: Tax authority publishes updated base and reference rate for tax purposes
On 31 July 2020, the Finnish Tax Authority has published updated guidelines on the base and reference rate for tax purposes One of the key aspects of the update is in regard to interest due for late payment, which includes that interest on arrears
See MoreCzech Republic: Chamber of duties publishes a Law regarding dispute resolution
On 6 August 2020, the Chamber of duties Officially published Law 335/2020, which provides rules to ensure about the effective implementation of dispute resolution mechanisms under EU Council Directive 2017/1852. This Law will enter into force on 15
See MoreTurkey reduces VAT rate for certain services until 31 December 2020
On 31 July 2020, the Turkish Revenue Administration has published Presidential Decree No. 2812, through which the value added tax (VAT) rate is reduced for certain services applicable from 31 July 2020 due to COVID-19 pandemic. Temporarily
See MoreRussia declares reduced rate for IT companies
On 31 July 2020, Russia has published Federal Law No. 265-FZ in the Official Gazette introducing "ultra-low tax regime" for IT companies, applies from 1 January 2021. The law provides following major benefits for qualifying IT
See MoreCosta Rica postpones VAT rules on cross-border digital services for two month
On 31 July 2020, Costa Rica published a directive that delayed the introduction of VAT rules on cross-border digital services by two months. Initially, the effective date was set for 1 August 2020. From October 1, 2020, VAT at 13% must be
See MoreLithuania defers MDR reporting deadlines for six months
On 30 July 2020, the Lithuanian State Tax Inspectorate released amendments to the Mandatory Disclosure Regime (MDR) rules to introduce a six-month postponement of the European Union (EU) Directive on Mandatory Disclosure and Exchange of
See MoreSouth Africa: National Treasury publishes draft 2020 Tax Law Amendment Bills
On 31 July 2020, the National Treasury published the 2020 Draft Taxation Laws Amendment Bill, which includes a proposed change to the definition of “affected transaction” for transfer pricing purposes. The proposed amended definition would be
See MoreColombia: DIAN starts a new system for the registration of commodity agreements
On 3 August 2020, the Colombian tax authority (DIAN) has launched an online system for registering commodities agreements for the purposes of carrying out commodity operations with related parties from abroad or in the Free Trade Zone or third
See MoreMexico modifies the General Customs Rules for 2020
On 24 July 2020, Mexico has published the first amendment to the General Customs Rules for 2020 in the Official Gazette. The amendments include changes to the Comprehensive Business Certification Scheme, in the VAT, VAT Certification and Authorized
See More