China introduces additional tax relief measures to tackle Coronavirus epidemic
China has declared additional tax relief measures due to Coronavirus epidemic. These measures are following: An exemption from consumption tax, VAT and import duties on imported of goods and equipment donated for Coronavirus
See MoreChile: Senate approves Tax Reform Bill
On 29 January 2020, the Senate approved a Tax Reform Bill. Once in force, the proposed measures will generally apply as from 1 January 2020, except the VAT requirements for digital services, which will be implemented three months after the law is
See MoreTurkey: Tax administration publishes Draft General Communiqué on DST
On 5 February 2020, the Turkish tax administration has published the Draft General Communiqué on the Implementation of the Digital Services Tax (DST) on its website. The Turkish Parliament enacted Law No. 7194 on 5 December 2019 regarding DST at a
See MoreKazakhstan: Senate approves the ratification of BEPS MLI
On 6 February 2020, the Senate approved the ratification of multilateral convention to implement tax treaty related measures to prevent BEPS (MLI). After the ratification process, Kazakhstan will need to deposit its ratification instrument to bring
See MoreUruguay extends deadline for CbC reporting
The Directorate General of Taxation of Uruguay has published Resolution No. 234/2020 of 31 January 2020 to extend the Country-by-Country (CbC) reporting deadline to 15 March 2020 for reporting fiscal years ending between 1 January 2019 and 28
See MoreCosta Rica gazettes moratorium on penalties for non-compliance of ultimate beneficiary register
On 30 January 2020, the Costa Rican Official Gazette published a law introducing a three-month moratorium on the Registry of Transparency and Final Beneficiaries (RTBF) registration penalties for the 2019 tax year. The Registry was established as
See MoreGreece: Public Revenue Authority publishes a Circular for clarifying about dividend tax rate
The Public Revenue Authority (AADE) published Circular E. 2012 of 30 January 2020, which provides guidance on reducing the withholding tax (WHT) rate from 10% to 5% under the provisions of article 24 of Law 4646/2019. This also states that this
See MorePeru: SUNAT explains carry forward loss rules for R&D incentives
On 23 January 2020, the Peruvian Tax Administration (SUNAT) has published Report No. 200-2019-SUNAT/7T0000 on its website regarding tax carry forward loss rules for research and development (R&D) incentives. SUNAT clarifies that the R&D
See MoreSweden: Government submits final draft law to implement DAC6 to Parliament
On 4 February 2020, the Swedish Government has submitted final draft law on implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning arrangements (DAC6) to Parliament. The Ministry of Finance
See MoreUkraine: Parliament approves draft law to implement BEPS provisions
On 16 January 2020, the Ukrainian Parliament approved draft laws on the improvement of the administration of taxes and elimination of certain inconsistencies in tax legislation (Law No 1209-1 and Law No 1210) to implement the Base Erosion and
See MoreRomania enacts EU mandatory disclosure regime (DAC6)
On 28 January 2020, the Government of Romania has published Ordinance no. 5 of 28 January 2020 in the Official Gazette for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning
See MoreBulgaria: Finance Ministry publishes an Order to incentive purposes
On 30 January 2020, the Finance Ministry published Order No. ZMF-89 of 30 January 2020 regarding lists the municipalities with unemployment rates, which is used to provide tax incentives for manufacturing companies including complete corporate
See MoreVenezuela: Government publishes decrees regarding tax reform
On 29 January 2020, three decrees were published in the Official Gazette for introducing a new tax code, amending the VAT Law and customs Law. It was approved by the Constituent Assembly on the similar day. Withholding taxes due One of three
See MoreIreland: Tax Revenue publishes e-Brief No. 029/20 on “main benefit test” under DAC6 legislation
On 4 February 2020, the Tax Revenue published a manual, entitled “e-Brief No. 029/20”, relating to the “main benefit test. The manual has been updated to include a reference to the EU mandatory disclosure regime (DAC6), which comes into force
See MoreTransfer Pricing Brief: February 2020
FinlandRequirements-Rule: On 30 December 2019, Finnish President approved the Law 1559/2019 for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reporting requirements for cross-border tax planning arrangements.
See MoreUkraine: National Bank reduces the interest rate from January 2020
On 30 January 2020, the National Bank of Ukraine decided to reduce its key policy rate from 13.5% to 11% per annum with effect from 31 January 2020. The interest rate has a tax effect on the late tax payment interest and
See MoreThailand declares tax incentive for machinery investment
Thailand has published Royal Decree No. 690, which allows 50% deduction for investments in machinery between 1 September 2019 and 31 May 2020, with following conditions: The machinery is located in ThailandThe machinery has to be
See MoreEcuador: SRI publishes Resolution regarding temporary corporate income tax
On 29 January 2020, the Internal Revenue Service (SRI) published an Administrative Resolution in the Supplement of the Official Registry 131, which specifies the procedure for filing the tax return and the annual payment of the temporary tax for
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