Indonesia: Tax agency issues regulation on MAP process
On 11 August 2020, the Indonesian Directorate General of Taxation posted online Regulation No. PER-16/PJ/2020, on the mutual agreement procedure (MAP) rules under DTAs. The regulation covers: 1) the scope and definition of MAPs; 2) the deadline
See MoreSingapore publishes transfer pricing guidance in response to the Covid-19 outbreak
On 8 September 2020, the Inland Revenue Authority of Singapore updated its website by including guidance regarding transfer pricing in response to the Covid-19 pandemic. The guidance is provided in a following question and answering
See MorePanama: Special tax regime for multinational companies
On 31 August 2020, Mr. Laurentino Cortizo, the president of Panama signed Law No. 159, introducing a new tax regime designed to encourage multinationals to establish and operate manufacturing services in Panama. The new law (EMMA) looking
See MoreCroatia: Finance Ministry publishes a draft Law to ratify BEPS MLI
The Finance Ministry published a draft Law for ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). Public consultation is required from the Ministry regarding the draft Law. Croatia must now deposit
See MoreOECD: Tax Policy for Economic Recovery
An OECD blog post on 3 September 2020 noted that countries have generally acted quickly to limit the economic consequences of the COVID-19 crisis, introducing fiscal packages of various sizes focusing on income support for households and
See MoreFrance: Finance Ministry announces tax payment plans for SMEs
Due to COVID-19 pandemic, on 17 August 2020, the Ministry of Economy and Finance announced some tax payment idea to assist very small enterprises (VSEs) and small and medium-sized enterprises (SMEs), who have faced economic consequences by the
See MoreEcuador: Government publishes Resolution regarding DST
On 22 August 2020, the Government published Resolution No. NAC-DGERCGC20-00000053 of 22 August 2020, which establishes rules for non-resident digital service providers regarding withholding VAT on digital services. According to this, non-resident
See MoreArgentina: AFIP extends tax filing and payment due date
Due to COVID-19 pandemic, on 27 August 2020, the Federal Administration of Public Revenue (AFIP) published General Resolution 4802/2020 of 27 August 2020, which introduced a tax filing and a payment facility and to extend these until 30 September
See MoreAustralia: ATO clarifying the operation of hybrid mismatch rules
Australia's hybrid mismatch rules have been updated with a number of technical amendments in order to clarify and improve the rules' operation. In the 2019–20 Budget on 2 April 2019, the Australian government announced the measure Tax
See MoreSingapore: IRAS publishes e-Tax Guide for Variable Capital Companies
The Inland Revenue Authority of Singapore has issued an e-Tax guide about tax framework for Variable Capital Companies (VCC). The e-Tax Guide explains the tax framework for variable capital companies (VCCs). The VCC is a new corporate structure
See MoreBelgium: Transfer pricing deadlines for FY 2019
The Belgian taxpayers should be aware of the transfer pricing documentation requirements and the applicable deadlines to comply with the requirements. The taxpayers have an obligation to prepare and file the following transfer pricing forms if
See MoreDenmark: Government presents draft Budget for the year 2021
On 31 August 2020, the Government presented the draft Budget 2021 or Finance Bill 2021 to the Parliament. The Government's proposal for a Finance Act for 2021 is marked by the corona pandemic, which continues to create both health and economic
See MoreChile: Government publishes Law regarding new COVID-19 tax incentives package
On 2 September 2020, Government Officially published Law 21.256 regarding new COVID-19 tax incentive packages for those who are badly affected by coronavirus pandemic. Previously, on 18 August 2020, the Senate approved this Bill. The measures
See MoreChile: SII publishes new transfer pricing reporting obligations
On 31 August 2020, the Internal Revenue Service (SII) published a Resolution No. 101, which establishes the obligations for companies to submit master file (Form 1950) and local file (Form 1951) respectively. The Resolution includes both Forms. The
See MoreSouth Korea: 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 South Korea. South Korea deposited its ratification instrument on 13 May
See MoreArgentina: AFIP releases new updated list of digital service providers
On 24 August 2020, the Federal Administration of Public Revenue (AFIP) published an updated list of digital service providers, who are subject to VAT withholding on supplies made to Argentine residents. The updated list effects from September
See MoreSweden proposes to deny deductions for interest expenses regarding debts to EU blacklist countries
On 3 September 2020, the Swedish Government has announced to deny deductions for interest expenses regarding debts to EU blacklist countries. The EU's work against tax planning and harmful tax competition has been going on for a long
See MoreHong Kong and Russia sign an agreement for the exchange of CbC report
On 3 September 2020, the Russian Federal Tax Service has announced that Hong Kong and Russia signed an agreement on the exchange of Country-by-Country (CbC) reports for the 2017 and 2018 reporting years. For reporting fiscal years beginning on or
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