COVID-19: Icelandic parliament passes legislation providing postponement of tax payments
On 13 March 2020, the parliament of Iceland has passed a legislation that provides for the postponement of tax payments. Legal entities are permitted to postpone the payment of half of the social security tax, that was originally due on 16 March
See MoreEgypt issues Law on renewing tax dispute settlement
On 3 March 2020, Egypt has issued Law 16 on tax disputes resolution in the official gazette. The Law has amended the previous Law 79 of 2016 and extended the provision of tax dispute settlement until 30 June 2020. The Law added a new
See MorePortugal deposits MLI ratification instrument
On 28 February 2020, Portugal 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 Portugal on 1 June
See MoreCOVID-19: Hong Kong announces tax relief measures
The Hong Kong government has announced a series of measures in response to the coronavirus (COVID-19) pandemic. Taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for
See MoreSerbia: Ministry of Finance publishes safe harbor interest rates for 2020
The Serbian ministry of finance has published the Rulebook on arm’s length interest rates that are applicable for 2020, which apply to interest rates on loans and credits between associated parties. The Rulebook was published in the Official
See MoreLatvia publishes a law for the implementation of DAC6
On 5 March 2020, the Latvian Official Gazette published the law implementing the directive on the mandatory automatic exchange of information in tax matters connecting to cross-border arrangements. Any cross-border arrangement that falls under
See MoreCanada: Prime Minister announces a Plan to provide support for businesses during COVID-19 pandemic
On 13 March 2020, the Finance Minister, Bill Morneau, announced COVID-19 Economic Response Plan to help stabilize the economy and help Canadians affected by the impacts of the COVID-19 pandemic period. To support Canadian businesses during this
See MoreSouth Africa: Revenue Service publishes guide regarding capital gains tax
On 11 March 2020, the South African Revenue Service (SARS) published a guide regarding capital gains tax for companies. The guide provides a basic introduction to capital gains tax (CGT) and should not be used as a legal reference. The guide covers
See MoreECJ: Decision on State Aid and Turnover Tax
On 3 March 2020 the European Court of Justice (ECJ) issued a decision in Vodafone Magyarország Mobil Távközlési Zrt. The company was a subsidiary of Vodafone Europe B.V operating in the telecommunications market and set up under Hungarian law.
See MoreJamaica extends tax filing deadline due to COVID-19 pandemic
On 12 March 2020, Tax Administration Jamaica (TAJ) issued a press release extending the tax filing deadline due to COVID-19 pandemic. TAJ extends the income tax filing deadline from 15 March 2020 to Wednesday, 25 March 2020. This means that
See MoreECJ decision on compatibility of progressive turnover tax with EU law
On 3 March 2020 the European Court of Justice (ECJ) issued a decision in the case of Tesco-Global Áruházak Zrt. The company, a part of the Tesco plc group, was a public limited company set up under Hungarian law operating in the wholesale and
See MoreOECD: Comments on CbC Reporting Consultation
On 9 March 2020 the OECD published comments received from interested parties on the consultation on country by country reporting. The consultation was launched in relation to the 2020 review of the CbC reporting rules provided for by the OECD as
See MoreUK: Budget Announcements for 2020
The UK Budget for 2020/21 was announced on 11 March 2020. Coronavirus - Emergency relief measures As a temporary measure to help business during the COVID-19 outbreak the statutory sick pay (SSP) will be extended to those advised to
See MoreWorld Tax Brief: March 2020
NamibiaIncentives: On 19 February 2020, the Minister of Finance tabled the first income tax amendment bill of 2020 in Parliament that repeals the tax incentives applicable to registered manufacturers and export processing zones. See the
See MoreHong Kong and Mainland China sign an agreement for the exchange of CbC reports
On 4 March 2020, the Inland Revenue Department (IRD) of Hong Kong announced that Mainland China and Hong Kong have entered into a bilateral arrangement for the automatic exchange of country-by-country (CbC) reports. Under this, Hong Kong entities
See MoreIMF Blog Outlines Fiscal Policy Responses to the Health Crisis
An IMF blog published on 5 March 2020 is concerned with fiscal policy responses to the outbreak of coronavirus. The blog emphasises that the priority for governments is health spending for prevention and cure, and to ensure that health services
See MoreUK: Tax Tribunal Rules in Favour of HMRC on IR35 Rules
A tax tribunal ruling issued on 4 March 2020 concerned the IR35 rules as they apply to an individual operating through a service company providing services to a client. Under the IR35 intermediaries legislation the decision as to whether the
See MoreTransfer Pricing Brief: March 2020
ArgentinaDocumentation-Deadlines: On 29 February 2020, Government published General Resolution 4680/2020 of 28 February 2020 extending again the deadline for the submission of transfer pricing returns between 20 and 24 April 2020 for fiscal
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