UK: New Financial Institution Notice Introduced
Under legislation included in the Finance Bill 2020/21 a new Financial Institution Notice (FIN) is to be used by HMRC to require financial institutions to provide relevant details about a specific taxpayer. Unlike the previous procedure the new
See MoreOECD: Report to the Meeting of G20 Finance Ministers
On 18 July 2020 the OECD published the tax report prepared for the virtual meeting of G20 Finance Ministers and Central Bank Governors hosted by Saudi Arabia. The OECD report notes that the tax agenda has been made even more relevant in the
See MoreOECD: Meeting of the Inclusive Framework on BEPS
On 1 July 2020 the OECD Secretary General delivered the opening address for the July 2020 meeting of the Inclusive Framework on base erosion and profit shifting (BEPS). The countries involved in the Inclusive Framework are working towards
See MoreOECD: Model Rules for Reporting by Platform Operators
On 3 July 2020 the OECD published Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy. This follows a consultation on draft proposals earlier in the year. The growth of online platforms that
See MoreOECD: Tax Transparency in Africa 2020
On 25 June 2020 the OECD’s Global Forum on Transparency and Exchange of Information launched Tax Transparency in Africa 2020 which is a Progress Report of the Africa Initiative up to and including 2019. The Africa Initiative was set up in
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 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 MoreOECD: Revenue Statistics in Latin America and the Caribbean 2020
Revenue Statistics in Latin America and the Caribbean 2020 was published om 7 May 2020 and covers 26 countries in the region. The publication is prepared jointly by the OECD’s Centre for Policy and Tax Administration, the OECD Development Centre,
See MoreUkraine: Parliament adopts law on tax benefits and the moratorium on tax audit
On 28 May 2020, the Ukrainian Parliament has published Law No. 591-IX “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Additional Support to Taxpayers for the Period of Measures to Prevent the Occurrence and Spread of
See MoreEgypt: Tax measures in response to COVID-19 pandemic
Recently, the Egyptian Government has announced several tax measures to mitigate the financial effect in response to the COVID-19 pandemic. The main tax measures are as following: Capital Gains: the extension of the suspension from the taxation
See MoreUkraine: National Bank reduces the interest rate from April 2020
On 23 April 2020, the National Bank of Ukraine has decided to reduce its key policy rate from 10% to 8% per annum with effect from 24 April 2020. The interest rate has a tax effect on the late tax payment interest and
See MoreMalta: Parliament enacts the Budget Measures Implementation Act 2020
On 20 March 2020, the Maltese Parliament has enacted the Budget Measures Implementation Act 2020. Through the enactment of this legislation, amendments were made to the Income Tax Act (ITA), Value Added Tax Act (VATA), Income Tax Management Act
See MoreOECD: Forum on Tax Administration publishes advice on business continuity considerations for tax administrations
On 7 April 2020 the OECD Forum on Tax Administration (FTA) published a document containing advice on business continuity considerations to be taken into account by tax administrations as they deal with the tax consequences of the COVID-19
See MoreOECD: Global Forum issues peer review reports on transparency and information exchange
On 6 April 2020 the OECD’s Global Forum on Transparency and Exchange of Information released eight new peer review reports containing assessments of how far the jurisdictions have complied with the international standard on transparency and
See MorePhilippines: Finance Department announces tax relief measures due to COVID-19 pandemic
On 30 March 2020, the Department of Finance issued Revenue Regulations (RR) No. 7-2020 regarding tax relief measures amid COVID-19 pandemic. The key measures are given below: The deadline to file the 2019 annual income tax returns for all
See MoreGuatemala passes Law to mitigate the effects of the COVID-19
On 25 March 2020, Guatemala has approved Decree 12-2020 on "Emergency Law to Protect Guatemalans from the effects caused by the COVID-19 pandemic". The Decree establishes initial sanitary, economic, financial and social measures necessary to
See MoreUganda: Tax measures due to COVID-19 pandemic
On 25 March 2020, the Uganda Revenue Authority (URA) has published a public notice unveiling tax measures to support taxpayers during the COVID-19 pandemic. The main measures in relation to tax obligations are: Taxpayers whose accounting period
See MorePuerto Rico: Additional tax filing deadlines due to COVID-19 outbreak
On 24 March 2020, Puerto Rico Treasury Department (PRTD) Administrative Determination No. 20-09 (AD 20-09) and Administrative Determination No. 20-10 (AD 20-10) extending the filing dates for tax returns and for tax payments due to the
See More