Egypt: President approves unified tax procedures law
On 19 October 2020, Egyptian President Abdel Fattah El Sisi has approved a unified tax procedures law (Law no. 206 of 2020). The Law was published in the Official Gazette. The law will be applied to tax on income, added value tax, stamp duty, fees
See MoreEgypt deposits ratification instrument for MLI
On 30 September 2020, Egypt 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 Egypt on 1 January
See MoreLithuania: Parliament adopts new incentive for large scale FDI projects
The Parliament of Lithuania has approved a new incentive for large investment projects in any area of Lithuania.The new package of laws offers tax incentives and cuts the red-tape. Large-scale investment project that meets the
See MoreSri Lanka publishes TP disclosure form for AY 2019-20
The Inland Revenue Department (IRD) has published the transfer pricing (TP) disclosure form and guide for the assessment year (AY) 2019/2020. Taxpayers are required to file the TP disclosure form with their corporate income tax return if they have
See MoreGreece: Finance Ministry extends annual certificate of tax compliance deadline
On 27 October 2020, the Finance Ministry announced that the filing deadline of the annual certificate of tax compliance is extended from 31 October 2020 to 30 November 2020. The filing obligations of the certificate is mandatory for corporations
See MoreExtension of tax compliance due dates amid COVID-19 pandemic
CountryCompliance IssueDue dateExtended Related NewsArgentinaTransfer pricing return24-Apr-2014-Oct-20See MoreBelgiumCIT Return24-Sep-2029-Oct-20See MoreCanadaCIT Return31-May-20to Aug-201-Sep-20See MoreDenmarkCIT & Transfer pricing
See MoreBulgaria: Cabinet approves draft Budget Bill 2021
On 28 October 2020, the Bulgarian Cabinet approved the 2021 Budget bill drafted by the Finance Ministry at a Cabinet meeting. The President made clear that this is not an electoral Budget. This is a Budget for after the elections, so that there are
See MoreCzech Republic: Government decides to introduce a domestic DST
The Government has recently decided to introduce a domestic DST following the delay in a unified approach at both the global (OECD) and regional level (European Union). The Czech DST is expected to apply temporarily, until an international approach
See MoreIndia further extends the due date of furnishing of ITR and audit reports
On 24 October 2020, the Indian Finance Ministry published a notice regarding further extension of due date of furnishing of income tax returns and audit reports as a result of the challenges faced by taxpayers due to the COVID-19 outbreak. In
See MoreCroatia: Prime Minister extends Wage Subsidy Scheme amid COVID-19 pandemic
On 20 October 2020, the Prime Minister and Minister of Labor, Pension System, Family and Social Policy presented the continuation of tax relief measures to preserve jobs due to the crisis caused by the coronavirus pandemic. The main objective of
See MoreSwitzerland declares interest rates for 2021
The Federal Tax Administration of Switzerland has published Circular Letter 2-185-D-2020-f of 22 October 2020 declaring federal direct tax interest rates for the 2021 calendar year. According to the Circular letter, Federal Department of Finance
See MoreAustralia: Federal Court rules on tax position of UK citizen in Australia with a Working Holiday Visa
In a judgment of 6 August 2020 the Australian Federal Court ruled in favour of the Commissioner of Taxation in a case involving the residency test for a UK citizen staying in Australia on a Working Holiday Visa (WHV). The Court found that the UK
See MoreArgentina: AFIP extends the deadline for beneficial ownership declaration
On 22 October 2020, the Tax Administration (AFIP) published General Resolution 4839/2020 of 22 October 2020 providing further relief from the beneficial ownership declaration for 2019 and disclosures on financial and non-financial trusts introduced
See MoreItaly declares urgent measures on tax collection
On 18 October 2020, Italy's Council of Ministers issued a release declaring its approval of the draft bill that contains the Budget for the year 2021. On 20 October 2020, Italy has published Decree-Law No. 129 in the Official Gazette
See MoreVietnam increases tax administrative violations penalties
On 19 October 2020, the Vietnam Government has released Decree 125/2020/ND-CP on sanctioning of administrative violations of tax and invoices. The Decree has adjusted to increasing the sanction level for a number of tax-related administrative
See MoreECJ: Ruling on Transfer Pricing Treatment of Bank Transfers Between Branch and Parent
On 8 October 2020 the European Court of Justice (ECJ) ruled on Romania’s transfer pricing rules in relation to bank transfers from a branch to a head office that is located in another EU Member State. Impresa Pizzarotti concluded two loan
See MoreCzech Republic: Deputies agrees with the postponement of the electronic registration
On 16 October 2020, the deputies approved the proposal of the Ministry of Finance to postpone all four phases of the electronic registration of sales until 1 January 2023. The amendment to the Act on the Registration of Sales is now heading to the
See MoreSouth Korea: NTS releases updated MAP guidance
On 20 October 2020, South Korea's National Tax Service (NTS) has released updated Mutual Agreement Procedure (MAP) guidance on the official website. The guidance prescribes the following key areas: Overview of a Mutual Agreement Procedure
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