Oman introduces tax card system from 1 July 2020
On 18 May 2020, the tax authority of Oman issued Decision No. 27/2020 declaring that the tax card system will apply from 1 July 2020. The tax card system provides a specific tax identification number. The taxpayers will be required to pay an
See MoreArgentina: AFIP extends the transfer pricing documentation deadlines
On 5 June 2020, the Federal Administration of Public Revenue (AFIP) Officially published a General Resolution No. 4733 of 4 June 2020 to file affidavits under transfer pricing rules and postpones the previous starting due dates of June declared in
See MoreFrance: Tax authorities extend annual transfer pricing return up to 31 December 2020
On 10 June 2020, the Tax authority updated questions and answers regarding coronavirus outbreak and announced that the deadline for the annual transfer pricing return for companies whose fiscal year closed on 31 December 2019 is extended from 31
See MoreUkraine: Ukraine: National Bank reduces the interest rate from June 2020
On 11 June 2020, the National Bank of Ukraine has decided to reduce its key policy rate from 8% to 6% per annum with effect from 12 June 2020. The interest rate has a tax effect on the late tax payment interest and
See MoreSweden: Parliament approved Law implementing DAC6
On 4 June 2020, the Swedish parliament has approved Law implementing the Council Directive (EU) 2018/822 (commonly known as DAC6) which introduces disclosure obligations for intermediaries and taxpayers of certain reportable cross-border
See MoreOECD: Tax Administration Privacy, Disclosure and Fraud Risks
On 26 May 2020 the OECD Forum on Tax Administration (FTA) published a document entitled Tax Administration: Privacy, Disclosure and Fraud Risks Related to COVID-19. Tax administrations are introducing measures to support taxpayers in the current
See MoreOECD: Tax Administration Post-Crisis Planning
On 26 May 2020 the OECD’s Forum on Tax Administration (FTA) issued a document entitled Tax Administration Responses to COVID-19: Recovery Period Planning. This looks at issues that are relevant for tax administrations in planning for the recovery
See MoreSaudi Arabia: GAZT releases the second edition of transfer pricing guidelines
In May 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has released the second edition of Transfer Pricing Guidelines (translated version). The Guidelines includes most of the section of the first edition, which was released in
See MoreAustralia extends provision for instant asset write-off
On 9 June 2020, Australia’s federal government further announced plans to facilitate small business in response to the Covid-19 surge. That government will extend the AUD 150,000 instant asset write-off for six months to 31 December
See MoreNetherlands publishes guidance on mandatory disclosure Rules/DAC6
The Dutch Tax Authority has published an English-language version of its general guidance on Mandatory Disclosure Rules/DAC6. The European Directive Mandatory Disclosure Rules (MDR)/DAC6 will come into effect on 1 January 2021. As a result of
See MoreAustralia updates guidelines for resolving international tax disputes
The Australian Taxation Office (ATO) has updated the guidelines for the mutual agreement procedure (MAP) and arbitration arrangements. The updated guidelines reflect modifications made (or to be made) in some of Australia’s tax treaties made
See MoreBelgium: Investment allowance rates for AY 2021
On 22 May 2020, Belgium has published notice in the Official Gazette that contains investment allowance rates for the assessment year (AY) 2021. The following table summarizes the applicable allowance rates for specific investment types made by
See MorePhilippines: House of Representatives introduces a Bill regarding digital economy
On 19 May 2020, the Philippine House of Representatives introduced House Bill No. 6765 regarding an establishment of fiscal regime for the digital economy. The Bill includes digital advertising services, electronic commerce platform, network
See MoreNigeria: FIRS announces to extend deadline for interest and penalty relief
On 2 June 2020, the Federal Inland Revenue Service (FIRS) issued a public notice to extend the deadline for obtaining a waiver of interest and penalty on outstanding tax debts resulting from tax desk review, audit and/or investigation assessments.
See MoreBangladesh: National Budget for FY 2020-21
On 11 June 2020, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh has presented the national budget of Tk. 568,000 crore with an ambitious target of 8.2 percent GDP growth for the FY 2020-21 in Parliament. The revenue collection
See MorePeru: SUNAT modifies tax filing deadline again amid COVID-19 pandemic
On 29 May 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 099-2020/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 extends
See MoreCzech Republic: Finance Ministry announces liberation package III due to COVID-19 pandemic
On 9 June 2020, the Ministry of Finance announced on its website that the so-called next liberation package III has been approved to extend and extend certain tax exemptions, tax accessories and administrative fees due to an emergency caused by
See MoreSouth Korea deposits MLI ratification instrument
On 13 May 2020, South Korea deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The MLI will enter into force for South Korea on 1
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