US: Tax court ruled in favor of the IRS for Whirlpool vs Commissioner case
On 5 May 2020, the US tax court made a decision in favor of the IRS a case involving the Whirlpool Financial Corp. and related foreign affiliate corporations. The Court upheld the Internal Revenue Service's (IRS) application of the Subpart F
See MoreSaudi Arabia: Government hikes VAT to 15% as of July 2020
On 10 May 2020, the Saudi Arabia Government has decided to raise value-added tax (VAT) from 5% to 15% on all goods and services as of July 2020. The government will also suspend the cost of living allowance from June as part of the austerity steps.
See MorePeru extends carry forward loss period in response to COVID-19
On 8 May 2020, Peru has published Legislative Decree No. 1481 in the official gazette extending the carry forward loss period in response to COVID-19. It is established that loss incurred in the 2020 taxable year, can be carried forward for up to
See MoreSweden: Tax agency implements the OECD principles on financial transactions
On 24 April 2020, the Swedish tax agency has updated the financial transaction page. In February 2020, the OECD published a new Chapter X of the guidelines on financial transactions. Financial transactions between companies within a group are
See MoreOECD: Taxing Wages 2020
On 30 April 2020 the OECD issued the annual publication Taxing Wages 2020. This publication sets out details of taxes paid on wages in the OECD countries, covering personal income taxes and social security contributions paid by employees; social
See MoreOECD: Tax Talk Summarises Ongoing Tax Projects
A Tax Talk held by the OECD on 4 May 2020 summarised the position on the current tax work in connection with the Covid-19 crisis and on the base erosion and profit shifting (BEPS) project. Tax measures in the Covid-19 crisis The Forum on Tax
See MorePeru: SUNAT further modifies tax filing deadline amid COVID-19 pandemic
On 29 April 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 075-2020/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
See MoreGuatemala: SAT provides tax payment procedures amid COVID-19 pandemic
Recently, the Guatemala tax authority (SAT) has provided tax payment procedures for individual and corporate taxpayers in response to COVID 19 pandemic. Taxpayers will download form SAT-821; send to the corresponding email, according to their
See MoreDenmark: Tax authority publishes a guide regarding DAC6
On 17 April 2020, the tax authority published a guide regarding the mandatory disclosure and exchange of cross-border tax arrangements (DAC6) and will enter into force as from 1 July 2020. The guidelines describe the scope of the reporting
See MoreBulgaria: Government announced several tax relief measures regarding VAT exemption
The Government has taken some tax relief measures regarding Value Added Tax (VAT). These are: On 4 May 2020, a draft Bill was submitted in the Bulgarian Parliament for introducing a 9% reduced VAT rate from 20% rate to support the
See MoreTransfer Pricing Brief: May 2020
ArgentinaTransfer pricing information return: On 31 March 2020, the Government officially published General Resolution 4689/2020 of 30 March 2020, which provides a further extension of deadline for the transfer pricing return forms between 18 May
See MoreEgypt extends deadline submitting the electronic VAT return amid COVID-19
On 29 April 2020, the Egyptian Tax Authority has announced that the date for submitting the electronic value-added tax (VAT) return for February 2020 has been extended until 10 May 2020 in response to COVID-19
See MoreLatvia: Cabinet of Ministers approves the regulations to implement mandatory disclosure rules
On 17 April 2020, the Latvian Cabinet of Ministers approved the regulation “Rules on automatic exchange of information on reportable cross-border arrangements” to implement the European Union (EU) directive on mandatory disclosure and the
See MoreCOVID-19: Mozambique announces tax relief measures due to coronavirus
The Council of Ministers Mozambique approved the Decree No. 23/2020, of 27 April which includes a number of fiscal and customs measures in response to coronavirus pandemic. The Decree contains the following measures that are valid until 31
See MoreIreland: Revenue publishes guidelines on corresponding TP adjustments
On 24 April 2020, the Irish Revenue issued an eBrief No. 068/20 to announce about the publication of A new Tax and Duty Manual on corresponding transfer pricing (TP) adjustments. Guidelines for Article 9 Corresponding Adjustment claims This
See MoreMalta extends electronic filing extension of CIT returns amid COVID-19
On 29 April 2020, Malta’s Commissioner for Revenue has notified that the deadlines for the electronic filing of corporate income tax (CIT) returns for the have been extended as follows: Financial Year EndingManual Return DeadlineElectronic
See MoreColombia modifies deadlines for filing annual financial statements amid COVID-19
On 24 April 2020, Colombia has issued Circular Letter 100-000008 modifying the deadlines for filing financial statements for the year 2019 due to COVID-19 pandemic. The Circular Letter modifies the previous Circular Letter 100-000007 of 8 April
See MoreNigeria: FIRS announces new measures for coronavirus impact
The Federal Inland Revenue Service (FIRS) made some announcement of tax measures during COVID-19 outbreak: On 30 April 2020, the FIRS published a Public Notice, which provides that no interest and penalties will be charged to taxpayers having
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