WTO: Role of trade policies in addressing plastic pollution
On 30 September 2020 the WTO Deputy Director-General addressed the role of trade policy in combating plastic pollution. Trade regulations, border duties and taxes, domestic tax law and incentives in the form of subsidies are some of the tools that
See MoreMalta: CFR extends DAC6 notification deadline for non-disclosing intermediaries
On 18 September 2020, the Maltese Commissioner for Revenue (CFR) has notified that due to the deferral of the reporting deadlines as a result of the COVID-19 pandemic, the period allowed for notification by non-disclosing intermediaries is being
See MoreTransfer Pricing Brief: October 2020
AustraliaSpecial rules for hybrid instruments or entities: On 3 September 2020 amending legislation to clarifying the operation of the hybrid mismatch rules (amending legislation) received royal assent. The rules designed to prevent multinational
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2020 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. By monitoring tax relief schemes HMRC can examine the level of use of the schemes and gain some insight into the
See MoreColombia: DIAN issues resolution on Mutual Agreement Procedure
On 21 August 2020, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales, DIAN) has issued Resolution No. 000085 in the official gazette which establishes Mutual Agreement Procedure (MAP) to avoid double taxation and
See MoreUK: Statistics on Patent Box Tax Relief
The patent box legislation allows companies in the UK to apply a lower corporation tax rate to profits earned from qualifying patented inventions and specified equivalent types of intellectual property. The relief was first introduced from 1 April
See MoreBosnia and Herzegovina deposits ratification Instrument for convention on mutual administrative assistance in tax matters
On 21 September 2020, Bosnia and Herzegovina deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters, as amended by the 2010 protocol. The Convention will enter into force for
See MoreBosnia and Herzegovina deposits MLI ratification instrument
On 21 September 2020, Bosnia and Herzegovina deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the OECD. Based on the dates of
See MorePakistan: FBR extends tax return filing deadline
On 30 September 2020, the Federal Board of Revenue (FBR) has declared the extended date for filing income tax returns. The companies who were required to file tax Returns of Total Income/Statements of final taxation for the tax Year 2020 which
See MoreRussia: Federal Tax Service proposes to remove Turkey and Nigeria from the list of non-cooperative jurisdictions
The Russian Federal Tax Service proposes to remove Turkey and Nigeria from the list of non-cooperative jurisdictions that do not automatically exchange tax related information with Russia. The proposal was made for the purpose of updating the list
See MoreCzech Republic: BEPS multilateral instrument (MLI) enters into force
On 1 September 2020, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Czech Republic. Czech Republic deposited on 13 May 2020 its ratification
See MoreOman introduces CbC Reporting requirements
On 27 September 2020, Oman published Ministerial Decision No. 79/2020 in the Official Gazette announcing the introduction of Country-by-Country (CbC) reporting and notification requirements for multinational entity groups (MNE groups) headquartered
See MoreTax Inspectors Without Borders: Annual Report
On 28 September 2020 the Tax Inspectors Without Borders (TIWB) published their annual report, covering the period from January 2019 to June 2020. The report notes that the global heath and economic crisis is impacting the ability of developing
See MoreCosta Rica: MOF declares fiscal measures due to COVID-19 pandemic
On 17 September 2020, the Costa Rican Ministry of Finance has announced a plan to overcome fiscal impact of the COVID-19 pandemic. Accordingly, the plan includes a reduction in social security contributions for companies by at least 5% over four
See MorePoland: Council Ministers publishes draft bill amending CIT rules
On 16 September 2020, the Polish Council of Ministers published a draft bill amending the corporate income tax (CIT) rules to be in force from 1 January 2021. The bill includes the following tax measures; Limited partnerships in Poland are
See MoreSweden: Government submits the Budget Bill for 2021 to the Riksdag
On 21 September 2020, the Government has submitted the Budget Bill for 2021 to the Riksdag (the national legislature and the supreme decision-making body of Sweden). The Budget proposes the following key tax measures: Temporary tax
See MoreUkraine introduces loss carry-back provisions
On 15 September 2020, The Ukrainian Parliament has accepted for consideration Draft Bill No. 4101, which introduces loss carry-back provisions. The loss carry-back provisions would allow taxpayers to carry back losses up to 5 years. The Bill
See MoreOECD: Tax Policy Review of Kazakhstan
On 24 September 2020 the OECD issued a report on the tax policy review of Kazakhstan. The report covers income tax, social security contributions, value added tax (VAT) and corporation tax. The research was performed before the COVID-19 pandemic
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