Philippines: House of Representatives introduces a Bill regarding digital economy
On 19 May 2020, the Philippine House of Representatives introduced House Bill No. 6765 regarding an establishment of fiscal regime for the digital economy. The Bill includes digital advertising services, electronic commerce platform, network
See MoreNigeria: FIRS announces to extend deadline for interest and penalty relief
On 2 June 2020, the Federal Inland Revenue Service (FIRS) issued a public notice to extend the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments.
See MoreBangladesh: National Budget for FY 2020-21
On 11 June 2020, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh has presented the national budget of Tk. 568,000 crore with an ambitious target of 8.2 percent GDP growth for the FY 2020-21 in Parliament. The revenue collection
See MorePeru: SUNAT modifies tax filing deadline again amid COVID-19 pandemic
On 29 May 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 099-2020/SUNAT in the Official Gazette modifying previous Resolution No. 055-2020/SUNAT and 065-2020/SUNAT in response to COVID-19 pandemic. The Resolution further extends
See MoreCzech Republic: Finance Ministry announces liberation package III due to COVID-19 pandemic
On 9 June 2020, the Ministry of Finance announced on its website that the so-called next liberation package III has been approved to extend and extend certain tax exemptions, tax accessories and administrative fees due to an emergency caused by
See MoreSouth Korea deposits MLI ratification instrument
On 13 May 2020, South Korea deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The MLI will enter into force for South Korea on 1
See MoreBrazil: Government extends the installment terms of tax deadlines for small business
On 18 May 2020, the Ministry of Economy published a Resolution No. 155 of 15 May 2020 to extend the deadlines for tax installments due in May, June, and July 2020 within the scope of the simplified (Simples Nacional) regime up to the last business
See MoreArgentina: Government publishes a Resolution regarding new tax payment facility
On 16 May 2020, the Federal Administration of Public Revenue published a General Resolution 4718/2020 of 15 May 2020, to implement a new tax payment facility regime in order to allow the regularization of tax obligations, customs, and social
See MoreLuxembourg: MOF extends deadlines for DAC6 reporting amid COVID-19
On 4 June 2020, the Luxembourg Ministry of Finance (MOF) has published a statement extending the reporting deadline of EU directive on reporting requirements for certain cross-border transactions (DAC6) amid COVID-19 pandemic. On 3 June 2020, EU
See MoreUkraine updates its blacklist adding Panama
On 27 May 2020, the Ukrainian Cabinet of Ministers has published Order No. 582-r updating the blacklist of non-cooperative tax jurisdictions. Through the Order, the Cabinet of Ministers has added Panama to the list. Pursuant to an explanatory note,
See MoreColombia reduces advance of income tax for 2020 amid COVID-19 pandemic
On 29 May 2020, the Colombian Ministry of Finance and Public Credit has published Decree 766, through which it reduces the advance payment to be made by income taxpayers in the year 2020, as a consequence of the emergency generated by
See MoreArgentina: Government extends individual income tax return in response to COVID-19 outbreak
On 21 May 2020, the Federal Administration of Public Revenue published a General Resolution 4721/2020 of 21 May 2020 to extend the filing deadline of the individual tax return to between 27 and 29 July 2020 for the 2019 fiscal period. It also
See MoreColombia modifies thin capitalization rule
On 29 May 2020, the Government of Colombia has issued Decree 761 of 2020, through which the thin capitalization rule established in article 118-1 of the Tax Statute is modified. The decree was substantially ratified by the Law 2010 of 2019 as Law
See MoreTurkey increases withholding tax on capital gains from specific FX hedge funds
On 3 June 2020, the Turkish Revenue Administration has published Presidential Decree No. 2604 in the official gazette, through which the withholding tax on the portfolio income of the specific foreign exchange hedge (Also called FX hedge) funds has
See MoreCanada: The CRA extends tax return deadline until 1 September 2020
On 1 June 2020, the Canada Revenue Agency (CRA) published updated information on their website regarding the extension of corporate tax return or information return submission deadline for businesses, trusts, or partnerships until 1 September 2020
See MoreTurkey: Parliament considers bill to ratify BEPS Multilateral Instrument (MLI)
On 2 June 2020, a draft ratification law has been submitted to the Turkish Parliament for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI). The following day,
See MoreDenmark: Government proposes to extend the payment deadline of wage tax and VAT
On 28 May 2020, the Ministry of Taxation issued a release where the Government and the economic group proposed to extend the payment deadlines for wage tax, labor market contributions, and VAT. With the proposal, Danish companies can look
See MorePuerto Rico extends sales tax exemption in response to COVID-19 pandemic
On 2 June 2020, the Puerto Rico Treasury Department has announced a new period of exemption from payment of sales and use tax in response to COVI-19 pandemic. Through Administrative Determination 20-16, the Treasury Department extends the sales
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