Taiwan: NTBSA calls for annual tax return for business suspended in tax year 2019
On 19 June 2020, National Taxation Bureau of the Southern Area (NTBSA), Ministry of Finance of Taiwan has stated that profit-seeking enterprises which suspended business in the taxable year 2019 should file its annual income tax return to the tax
See MoreUS: IRS releases interest rates on overpaid and underpaid tax for third quarter
On 4 June 2020, the U.S. Internal Revenue Service announced that interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 July 2020, which are reduced by 2% compared to the previous quarter. The rates will
See MoreAustria: Government announces additional measures in response to COVID-19 outbreak
On 12 June 2020, the Government announced some additional measures in response to COVID-19 outbreak: VAT The Government is planning to finalize a reduced value-added tax (VAT) rate of 5% for the restaurant and culture sector due to the corona
See MoreEU: Consultation on Limiting the Impact of non-EU subsidies
A consultation on measures to limit the impact of non-EU subsidies was launched with the publication of a White Paper by the European Commission on 17 June 2020. The consultation will run until 23 September 2020 and the EU is looking at the
See MoreCzech Republic: The Chamber of Deputies passes anti-crisis tax package for second time
On 16 June 2020, the Chamber of Deputies passed the anti-crisis tax package for the second time aimed at mitigating the adverse economic effects of the pandemic on entrepreneurs and companies. The package is set to be signed by the president and
See MoreTanzania: Finance Minister presents Budget for 2020/21 to the Parliament
On 11 June 2020, the Finance Minister presents the Budget for 2020/21 to the National Assembly. The Minister indicated that the economic impact of the COVID-19 pandemic in Tanzania is not as severe as compared to other countries. This budget
See MorePlatform for Collaboration on Tax: Role of Tax in the Crisis
A blog post of 16 June 2020 on the website of the Platform for Collaboration on Tax (PCT) outlined the role of tax in dealing with the COVID-19 crisis. The PCT was set up by the OECD, IMF, World Bank and UN to cooperate and consult on the design
See MoreTaiwan: NTBNA clarifies about various tax acts and penalties income tax returns
On 15 June 2020, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance of Taiwan has issued a press release that clarifies about various tax acts and penalties as provided in various regulations shall not be allowed to be
See MorePuerto Rico: Governor signs additional economic relief package for COVID-19
On 14 June 2020, the Puerto Rican Office of the Governor has signed Law 57-2020 "Complementary Law to Address the Effects of the Puerto Rican Economy Caused by the COVID-19 Emergency". The new legislation includes the following main tax
See MoreItaly introduces new dispute resolution mechanisms
On 10 June 2020, the Italian Government published Legislative Decree n. 49 enacting EU Directive No. 2017/1852 regarding tax dispute resolution mechanisms and in particular disputes arising from the interpretation and application of tax
See MoreGreece: Finance Ministry announces to extend the deadline of income tax return for 2019
On 18 June 2020, the Ministry of Finance announced that the deadline of income tax return 2019 is to be extended until 29 July 2020 for both individuals and legal entities. The extension was deemed necessary in order to make it easier for all
See MoreSaudi Arabia: GAZT publishes guidance on MAP
On 9 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published MAP Guidance (Request for Mutual Agreement Procedure –Taxpayer guidance). The purpose of this document is to set out the process through which taxpayers
See MoreKenya: National Budget for FY 2020/21
On 11 June 2020, the Cabinet Secretary for the National Treasury and Planning, Mr. Ukur Yatani Kanacho delivered the 2020/21 Budget to the National Assembly. The summary of proposed tax measures are following: Income Tax Measures Raised
See MoreFrance: Government presents third amending Budget for 2020
On 10 June 2020, the Government announced that the Minister of Economy and Finance and the Minister of Action and Public Accounts have presented an amending finance bill for 2020. The Budget includes social contribution relief for affected sectors
See MoreNorway: Supreme Court issues rules in favor of Shell subsidiary in transfer pricing case
On 28 May 2020, the Norwegian Supreme Court issued a ruling in a transfer pricing case between the Shell group’s Norway subsidiary, A/S Norske Shell, and the Norwegian oil taxation office. A / S Norske Shell has petroleum activities on the
See MorePakistan: Federal Budget 2020-21
On 12 June 2020, the Finance Bill 2020 was presented to the national parliament with several tax measures that would affect certain income tax, indirect tax, and customs provisions. The outlay of the budget is: Total revenues are projected at
See MoreIsrael: New Tax Circular on burden of proof related to TP audits
On 2 June 2020, the Israeli Tax Authority (ITA) published tax circular 1/2020 addressing the situations in which a transfer pricing (TP) study that is filed by a taxpayer will be considered as meeting the Israeli TP standards in accordance with
See MoreOman introduces tax card system from 1 July 2020
On 18 May 2020, the tax authority of Oman issued Decision No. 27/2020 declaring that the tax card system will apply from 1 July 2020. The tax card system provides a specific tax identification number. The taxpayers will be required to pay an
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