Russia 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 MoreAmendment in transfer pricing legislation in South Africa
Section 31 of the South African Income Tax Act and its proposed changes to the transfer pricing rules have created much discussion among finance directors, tax managers and tax advisors. The changes tabled in Section 56 of the 2010 Taxation Laws
See MoreGreece: Parliament published two Laws to introduce various changes in transfer pricing context
On 31 July 2020 and on 29 July 2020, the Greek Parliament Officially published two Laws, L. 4714/2020 and L. 4712/2020 respectively regarding various sections of transfer pricing. The two Laws cover the following changes: Tax dispute Resolution
See MoreKenya publishes proposed digital service tax regulations for consultation
On 7 August 2020, the Kenya Revenue Authority has published the proposed Income Tax (Digital Service Tax) Regulations, 2020 for consultation. To ensure wide circulation and public participation as stipulated in the Constitution of Kenya
See MoreArgentina: AFIP announces additional suspension regarding inspections, assessments, appeals
On 8 August 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4786 of 3 August 2020, which provides an additional postponement in case of inspections, assessments, appeals, reimbursements, other methods related
See MoreFrance: Government publishes third amending Finance Law for 2020
On 31 July 2020, the Government Officially published Law No. 2020-935, which was basically third amending Finance (Budget) Law for 2020. The Law includes the following changes: Deferral of DAC6 reporting obligations According to the Law, the
See MoreBulgaria: Parliament publishes a Law to extend the deadline for DAC6
On 4 August 2020, the National Assembly Officially published a Law to extend the due date of cross border arrangements (DAC6). According to the Law, the deadline to report arrangements, which was implemented between 25 June 2018 and 30 June 2020,
See MoreHungary releases guideline on DAC6 reporting
On July 20, 2020, the Hungarian National Tax and Customs Administration published guidelines on the new reporting obligation for cross-border tax planning agreements (DAC6). The guidelines provide an overview of the reporting legislation, the
See MoreIndonesia: MLI enters into force
On 22 July 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into
See MorePortugal publishes Supplementary 2020 Budget
On 24 July 2020, Portugal published Law No. 27-A/2020 in the Official Gazette and entered into force on 25 July 2020. The law provides for the Supplementary 2020 Budget and an economic and social stabilization program in response to the
See MoreCyprus: Tax department further extends deadlines for tax settlements of 2015
On 21 July 2020, the Cyprus tax department announced to further extends the deadlines for tax debt settlements for periods that ended by Dec. 31, 2015. The deadlines are extended to 14 January 2021 from 14 August 2020 to settle debts finalized by
See MoreWorld Tax Brief: August 2020
ArgentinaDue dates main corporate income tax: The Federal Administration of Public Revenue made an extension in the deadline to apply for the tax payment facility from 30 June 2020 to 31 July 2020.See the story in RegfollowerAustraliaReduced rate:
See MoreGreece: Parliament approves Law regarding deduction on R&D expenditures
On 27 July 2020, the Parliament approved a Law, which provides the increased deduction of research and development (R&D) expenditures. The increased deduction applies from 1 September 2020. To claim 100% deduction, supporting documentation for
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