IMF staff report on Angola
On 21 September 2020 the IMF published a staff report on Angola in connection with the third review under an extended arrangement under the IMF’s extended fund facility. Angola’s economy has been hit in 2020 by the economic and health crisis
See MoreUruguay extends additional advance payment deadline for August 2020
The Directorate General of Taxation (DGI) of Uruguay has announced Resolution No. 1626/2020 of 9 September 2020 concerning additional advance payment deadline extensions in response to the Covid-19 pandemic. The taxpayers with taxable gross
See MoreEU: Sectoral Policies for Climate Change Mitigation
On 16 September 2016 the EU published a departmental paper entitled Sectoral Policies for Climate Change Mitigation in the EU. The paper examines climate mitigation policy in five sectors that in aggregate account for 95% of greenhouse gas
See MoreEU: Climate Mitigation Policy
On 16 September 2020 the European Union (EU) published on its website a departmental paper on EU Climate Mitigation Policy. The EU’s Emission Trading System (ETS) limits the total amount of emissions and allows participants to trade emission
See MoreNetherlands: Budget proposals for FY 2021
On 15 September 2020, the Dutch government published the budget proposals for fiscal year 2021. The proposals are currently subject to the review and discussions by the Dutch Parliament and as such may be subject to amendments. The final version of
See MoreVenezuela: Government introduces income tax relief in response to COVID-19 pandemic
On 31 August 2020, Government Officially published Resolution SNAT/2020/00057, which introduces exemption from weekly VAT return or VAT payment obligations, weekly VAT withholding returns for large taxpayers in response to COVID-19 pandemic.
See MoreAlgeria: Government provides policy measures amid COVID-19 pandemic
Due to COVID-19 pandemic, the Government is tackling by an oriented policy and a number of measures dedicated particularly to small business and small and medium enterprises (SMEs). The measures are given below: Postponement of the annual tax
See MoreCanada: The Tax Court makes a decision in a case regarding transfer pricing dispute
On 27 August 2020, the Tax Court of Canada made a decision in a case, Canada vs AgraCity Ltd. and Saskatchewan Ltd., in favor of Candian company AgraCity Ltd. and related company, Saskatchewan Ltd. The AgraCity Canada had entered into a Services
See MoreThailand extends half year corporate tax returns deadline
On 14 September 2020, the Thai Revenue Department has suggested non-listed companies to file half year corporate income tax returns (P.N.D. 51) for tax year 2020 which deadline was 31 August 2020 but has been extended to 30 September 2020 and
See MoreIMF: Government Support for Migrant Workers and Remittances
An IMF blog post publicised on 11 September 2020 notes that the COVID-19 crisis has had a disproportionate impact on migrant workers. Although the flow of remittances by migrant workers back to their home countries has been resilient through the
See MoreIndonesia: DGT publishes reporting requirements for companies eligible for reduced rate
On 1 September 2020, the Directorate General of Taxation (DGT) of Indonesia has published Regulation No. 123/PMK.03/2020 which provides the forms and procedures to claim the 3% corporate tax rate reduction that was introduced in June 2020. Under
See MoreHong Kong: IRD extends the due dates for filing profits tax returns for 2019/20
On 9 September 2020, the Inland Revenue Department (IRD) of Hong Kong has published a Circular Letter to Tax Representatives extending the deadline for filing Profits Tax returns. Accordingly, the Inland Revenue Department decided to extend the
See MoreArgentina: AFIP amends tax regularization scheme to support all taxpayers
On 26 August 2020, the Federal Administration of Public Revenue (AFIP) Officially published Law 27562, which amends the tax regularization scheme and made this available for all taxpayers amid COVID-19 pandemic. The scheme was previously
See MoreEU: Report on the VAT Gap in the EU Member States
In a press release of 10 September 2020, the European Commission presented the 2020 Study and Reports on the VAT Gap in the 28 EU Member States. The report presents figures on the VAT Gap in the 28 EU member states (including the UK) for
See MoreThailand reduces transfer pricing penalty amid Covid-19 pandemic
On 9 September 2020, the Revenue Department of Thailand announced to reduce fine for the late submission of the annual transfer pricing disclosure from THB 200,000 to THB 5,000 due to the Covid-19 pandemic, provided that the transfer pricing
See MoreUS: IRS announces tax relief for tropical storm ‘Isaias’ victims in Puerto Rico
On 10 September 2020, the Internal Revenue Service (IRS) has announced tax relief for tropical storm ‘Isaias’ victims in Puerto Rico. IRS states that tax returns and makes tax payments for individual and business has been extended until 30
See MoreWorld Tax Brief: September 2020
AngolaGAAR: The Government Officially published a Law to introduce a general anti-abuse rule allowing the tax authorities to disregard for tax purposes any acts aimed at obtaining a tax advantage with abuse of legal forms, and to apply standards of
See MoreUK: VAT on Early Termination Fees and Compensation Payments
On 2 September 2020 the UK issued Revenue and Customs Brief 12 (2020) in relation to VAT on early termination fees and compensation payments. The previous guidance was that payments charged to withdraw from agreements to receive goods or
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