Spain: Senate approves the law for the ratification of BEPS MLI
On 2 December 2020, the Spanish Senate adopted the law for the ratification of BEPS MLI. On 7 June 2017, Spain signed the Multilateral Instrument (MLI). Spain will need to deposit its ratification instrument to bring the MLI into force for its
See MoreSingapore publishes income tax amendment Act 2020
On 7 December 2020, Singapore published the Income Tax (Amendment) Act 2020 and the Goods and Services Tax (Amendment) Act 2020 in the Official Gazette. The two Acts were approved in parliament on 3 November and assented to by the President on 25
See MoreDenmark: Government publishes an Act to set the timeline for filing TP documentation
On 9 December 2020, the Ministry of Taxation Officially published L 28 Proposal for a Law No. 1835 of 8 December 2020 to establish the timeline for filing transfer pricing (TP) documentation and amends the Corporation Tax Act and various other acts
See MoreBrazil: Revenue sets thresholds for simplified tax regime in 2021
On 18 November 2020, the Revenue published an Ordinance No. 30 of 18 November 2020, setting the revenue limits for the purpose of paying state tax on the sale of goods, interstate and inter-municipal transportation and communication services (ICMS)
See MoreAustralia: ATO releases final guidance on related party loan
On 10 December 2020, the Australian Taxation Office (ATO) issued final transfer pricing guidance on interest-free loans between related parties, in “Schedule 3 – Interest-free loans” to the ATO’s financing Practical Compliance Guideline
See MoreOECD: Assessing Compliance by Financial Institutions with Automatic Exchange of Information
On 8 December 2020 the OECD published a document entitled Automatic Exchange of Information: Guide on Promoting and Assessing Compliance by Financial Institutions. The guide has been put together with the help of the of the tax administrations of
See MorePhilippines: Finance Department issues Corporate Tax Reform
On 29 November 2020, the Department of Finance announced that the Senate passed of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was a redesigned version of corporate tax reform package. The CREATE Act as approved by
See MorePoland publishes law amending corporate income tax act
On 30 November 2020, the act amending the Corporate Income Tax Act was published in the Polish Journal of Laws and thus entered into force. The amendment introduces compliance of limited partnership having their management or registered office in
See MoreWorld Tax Brief: December 2020
BelgiumFiling return: On 12 November 2020, the Belgian Minister of Finance announced a further extension of the filing corporate income tax returns to 30 November 2020 for the Assessment Year 2020.See the story in RegfollowerBulgariaFiling return:
See MoreNigeria: FIRS issues a notice regarding interest and penalties relief
On 1 December 2020, the Federal Inland Revenue Service (FIRS) issued a notice stated that taxpayers can apply for a relief from interest and penalties until 31 December 2020 on outstanding taxes arising from audit related tasks, investigations, or
See MoreAustralia updates APA guidance
On 3 December 2020, the Australian Taxation Office (ATO) published an updated law administration practice statement about the advance pricing arrangements (APA) program. The updated guidance (PS LA 2015/4) reflects changes to the APA
See MoreOECD: Enhancing International Tax Debt Management
On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) issued a report entitled Enhancing International Tax Debt Management, looking at challenges around international tax debt collection. Problems faced in international tax debt
See MoreDenmark: Parliament adopts a Law regarding transfer pricing
On 3 December 2020, the Parliament adopted the draft Bill No. L 28, which proposes to implement the OECD's recommendations on permanent establishment, so that the Danish rules are brought into line with the latest international standards. The
See MoreGermany publishes a law for the ratification of BEPS MLI
On 27 November 2020, Germany published the law in the Official Gazette to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Germany must now deposit its ratification
See MoreOECD: How Tax Administrations Can Support SMEs with Tax Compliance
On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) released a report on Strategic Planning as part of a planned series called Supporting SMEs to Get Tax Right. The report aims to support tax administrations in the development and
See MoreOECD: Digital Transformation of Tax Administration
On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) released a paper entitled Tax Administration 3.0: The Digital Transformation of Tax Administration outlining a concept for digital development of tax administrations that leads over
See MoreUS: IRS announces interest rates for overpaid and underpaid tax for 1st quarter of 2021
On 3 December 2020, the Internal Revenue Service announced that interest rates for overpaid and underpaid tax for 1st quarter of 2021 which are unchanged from the previous quarter. The rates will be: three (3) percent for overpayments (two (2)
See MoreOECD: Forum on Tax Administration Agrees Action on Administrative Challenges
On 8 December 2020 representatives of the members of the OECD’s Forum on Tax Administration (FTA) agreed on an agenda for 2021 focusing on tax certainty and digital enhancement of tax administration. The FTA is a global forum on tax
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