Nigeria: 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
See MoreFrance: FTA publishes additional guidance regarding DAC6
On 29 April 2020, the French Tax Authority (FTA) published additional guidelines concerning the mandatory disclosure and exchange of cross-border tax arrangements (DAC6). The guidelines describes the scope of the reporting obligations, including
See MoreEgypt: Tax measures in response to COVID-19 pandemic
Recently, the Egyptian Government has announced several tax measures to mitigate the financial effect in response to the COVID-19 pandemic. The main tax measures are as following: Capital Gains: the extension of the suspension from the taxation
See MorePortugal extends transfer pricing documentation deadline
On 24 April 2020, the government of Portugal published an order n.º 153/2020-XXII postponing the deadline to prepare and submit transfer pricing documentation to 31 August 2020 due to COVID-19
See MoreCOVID-19: Malaysia publishes third amendment providing further extension of deadline
On 28 April 2020, Malaysian Inland Revenue Board (IRB) has published third amendment to the return form filing programme for the year 2020 with further extending the deadlines for the filing of tax returns and making tax payments for companies,
See MoreCOVID-19: Myanmar announces tax relief plan
On 27 April 2020, the Myanmar Government published its COVID-19 Economic Relief Plan in response to the coronavirus outbreak. The relief package includes the following tax relief measures. Defer Corporate Income Tax (Q2 payments expiring on 31
See MoreChina extends monthly tax returns filing deadline amid COVID-19 pandemic
On 27 April 2020, the State Taxation Administration (STA) has announced the extension of deadline for filing monthly tax returns and tax payment for May 2020 from 15 May 2020 to 22 May 2020, due to the COVID-19
See MoreCOVID-19: Poland extends the deadline for local transfer pricing documentation
On 17 April 2020, the President signed the law on special aid instruments in connection with the spread of the SARS-CoV-2 virus, or the so-called Anti-Crisis Shield 2.0. Under the law, the deadline for submitting local transfer pricing
See MoreCOVID-19: Norway extends the filing deadline for corporate tax return
On 16 April 2020, the Norwegian Ministry of Finance announced that the deadline for submitting the tax return is postponed from 31 May 2020 to 31 August 2020. The ministry also announced that there will be no further extensions. However,
See MoreUkraine: National Bank reduces the interest rate from April 2020
On 23 April 2020, the National Bank of Ukraine has decided to reduce its key policy rate from 10% to 8% per annum with effect from 24 April 2020. The interest rate has a tax effect on the late tax payment interest and
See MoreMexico extends individual tax return filing deadline amid COVID-19
On 22 April 2020, the Mexican Tax Administration (SAT) has issued a press release extending tax return filing deadline for individual amid COVID-19 pandemic. SAT has extended the period of submitting tax returns from 30 April 2020 to 30 June
See MoreCanada: CRA announces some tax relief measures during COVID-19 pandemic
The Canada Revenue Agency (CRA) has recently announced few tax relief measures. These includes: On 21 April 2020, the CRA launched general guidance concerning the Canada Emergency Wage Subsidy (CEWS) and a calculator for determining the subsidy
See MoreUS: IRS publishes FAQs on transfer pricing documentation best practices
On 14 April 2020, the United States (US) Internal Revenue Service (IRS) has posted on its website new frequently asked questions (FAQs) outlining best practices and common error in preparing transfer pricing documentation. The IRS states that
See MoreSouth Africa: National Treasury announces additional VAT relief for COVID-19
On 23 April 2020, the National Treasury issued a statement regarding value added tax (VAT) relief measures due to coronavirus pandemic. This includes: Implement a VAT refund tracking procedure by the help of smaller VAT vendors, which
See MoreCOVID-19: Serbia postpones the deadlines for filing corporate income tax returns
On 16 April 2020, the government of Serbia has adopted a decree that postponed the deadlines for filing corporate income tax returns and for submitting annual financial statements or for other actions required of certain regulated companies. The
See MoreDenmark: President announces to postpone a Bill for amending CFC rules
On 15 April 2020, the Prime Minister informed the president of the parliament that some of proposed legislation need to be postponed during COVID-19 pandemic. One of the proposed legislation is Bill L48, which provides the transpose in existing CFC
See MoreCOVID-19: Malaysia extends again deadlines for filing CbC report and notification
On 21 April 2020, the Inland Revenue Board of Malaysia (IRBM) released an updated FAQ on tax matters during the movement control order period. The FAQ contains the further extension of country-by-country reporting deadlines in response to the
See MoreSri Lanka extends return filing deadlines amid COVID-19 pandemic
On 21 April 2020, the Inland Revenue Department (IRD) of Sri Lanka announced extended deadlines for certain tax returns to 31 May 2020 in response to COVID-19 pandemic. The IRD announced revise due date for the following tax returns: Annual
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