Portugal publishes Supplementary 2020 Budget
On 24 July 2020, Portugal published Law No. 27-A/2020 in the Official Gazette and entered into force on 25 July 2020. The law provides for the Supplementary 2020 Budget and an economic and social stabilization program in response to the
See MoreBangladesh: National Parliament passes budget for 2020-21 FY
On 30 June 2020, national budget of Tk. 5680 billion for the fiscal year 2020-2021 has been passed in national Parliament and the National Board of Revenue (NBR) has published the Finance Act 2020 with effect from 1 July 2020. The Key tax
See MoreSouth Africa: Finance Minister delivers 2020 Supplementary Budget review
On 24 June 2020, the Finance Minister presented the supplementary Budget review for the year 2020. The key points of the review are given below: To build a bridge to recovery beyond COVID-19.Revision to in-year spending plans and the division of
See MoreTanzania: Budget 2020 proposes tax relief to employees
On 11 June 2020, the Finance Minister proposed amendments in the Income Tax Act, while tabling the budget 2020/2021 in the Parliament. The Minister is proposed to increase the salary of the employee that will increase the income threshold from
See MoreTanzania: Finance Minister presents Budget for 2020/21 to the Parliament
On 11 June 2020, the Finance Minister presents the Budget for 2020/21 to the National Assembly. The Minister indicated that the economic impact of the COVID-19 pandemic in Tanzania is not as severe as compared to other countries. This budget
See MoreKenya: National Budget for FY 2020/21
On 11 June 2020, the Cabinet Secretary for the National Treasury and Planning, Mr. Ukur Yatani Kanacho delivered the 2020/21 Budget to the National Assembly. The summary of proposed tax measures are following: Income Tax Measures Raised
See MoreFrance: Government presents third amending Budget for 2020
On 10 June 2020, the Government announced that the Minister of Economy and Finance and the Minister of Action and Public Accounts have presented an amending finance bill for 2020. The Budget includes social contribution relief for affected sectors
See MorePakistan: Federal Budget 2020-21
On 12 June 2020, the Finance Bill 2020 was presented to the national parliament with several tax measures that would affect certain income tax, indirect tax, and customs provisions. The outlay of the budget is: Total revenues are projected at
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 MoreNorway issues revised budget for the fiscal year 2020
On May 12, 2020, the Norwegian government submitted a proposal for a revised budget for 2020. The revised budget includes increased flexibility for taxpayers to request an extension of tax obligations due to difficulties related to the COVID 19
See MoreEstonia: Parliament passes supplementary budget amid COVID-19 pandemic
On 15 April 2020, The Estonian Parliament has issued a press release announcing that the Act on the supplementary budget has been passed to implement the economic measures related to the spread of the COVID-19. The aim of the measures is to
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 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 MoreUK confirms date of Finance Bill 2020
In a written ministerial statement of 25 February 2020 the UK confirmed that the Finance Bill 2020 is to be published on 19 March 2020, in the week following the announcement of the budget proposals on 11 March. The statement confirmed the
See MoreHong Kong: Financial Secretary presents the budget for 2020/21
On 26 February 2020, the Financial Secretary Paul Chan Mo-po announced the 2020/21 budget outlining the Hong Kong SAR Government’s plan for the economy and proposals for taxation developments. He proposed the following tax concessionary measures,
See MoreSouth Africa: Finance Minister delivers draft Budget for 2020-2021
On 26 February 2020, the Finance Minister, Tito Mboweni, delivered National Budget for the year 2020-2021. Some provisions of budget 2020-2021 include: Corporate income tax The standard corporate income tax rate was proposed to remain
See MoreGhana: Parliament approves Budget for 2020
The parliament of Ghana approved the Acts for the implementation of the 2020 Budget and published on 30 December 2019. The Act introduces tax holidays (exemptions) for the income of a manufacturer or assembler in respect of the manufacture or
See MoreUK: 2020 budget date confirmed
The date of the UK budget has been confirmed as 11 March 2020. As this is the first budget of the new government the announcements could contain a number of important measures. Pension tax deductions The UK government is reported to be
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