Croatia: Government proposes tax relief measures for coronavirus
On 17 March 2020, the government proposed some tax relief measures for the coronavirus epidemic. The measures are given below: Deferment of paying income tax or to arrange an instalment payment plan for their tax liabilities, social
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 MoreIMF Recommends Further Tax Reform in Tanzania
The IMF issued a report on 5 March 2020 following consultations under Article IV of the IMF’s articles of agreement. The report notes that Tanzania currently has economic growth of around 6%, with adequate reserves and manageable pubic debt
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 MoreUK: Report on the management of tax expenditures
A report released by the National Audit Office issued on 14 February 2020 looked at the management of tax expenditures. There were 1,190 tax reliefs available in the UK tax system in October 2019, either structural reliefs such as the personal tax
See MoreNamibia introduces a bill to repeal tax incentives for manufacturing and export processing zones
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 (“EPZ”). For manufacturers, this
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 MoreMalaysia gazettes Labuan Business Activity Tax (Amendment) Act 2020
On 10 February 2020, Malaysia has gazetted the Labuan Business Activity Tax (Amendment) Act 2020 (“the Amendment Act”) which comes into operation on 11 February 2020. The following tax measures are included in the act. A company in Labuan
See MorePhilippines: Senate approves the Corporate Income Tax and Incentives Reform Act
On 19 February 2020, the Senate approved a Bill, entitled “the Corporate Income Tax and Incentives Reform Act”. It was approved by the House of Representatives on 13 September 2019. The bill aims to change the National Internal Revenue Code and
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
See MoreIndonesia: Tax reform bill submits to House of Representatives
On 31 January 2020, the Directorate General of Taxation has submitted the tax reform bill to the House of Representatives. The bill proposed to cut the corporate tax rate to 22% in 2021 and 2022 and to 20% from 2023, and further reduce the
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 MoreIndia: Finance Minister presents Union Budget for 2020-2021
On 1st February 2020, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. The budget includes the following key tax proposals: Abolishment of dividend distribution tax The budget proposes
See MoreBosnia and Herzegovina: Government adopts Law on Profit Tax
On 16 January 2020, Government adopted the amendment in Law on Profit Tax. The Law proposed to exclude leasing companies from the interest deduction limitations provisions. On the other hand, this Law stated that income statements are not necessary
See MoreCzech Republic: Government publishes final draft Bill of DST in Parliament
On 22 January 2020, the final draft Bill regarding the digital service tax (DST) was published in the Parliament. This Bill proposed to introduce a single digital tax of 7% for companies with a global revenue thresholds of EUR 750 million and
See MoreMexico publishes Annexes to Miscellaneous Tax Resolution 2020
On 9 January 2020, Mexico has published Annexes 3, 5, 7, 8 and 11 of the Miscellaneous Tax Resolution for fiscal year 2020 in the Official Gazette. Annexes refer to the following issues: Annex 3 of the Miscellaneous Tax Resolution 2020 The
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