France: 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 MoreOECD: Tax Administration Privacy, Disclosure and Fraud Risks
On 26 May 2020 the OECD Forum on Tax Administration (FTA) published a document entitled Tax Administration: Privacy, Disclosure and Fraud Risks Related to COVID-19. Tax administrations are introducing measures to support taxpayers in the current
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 MoreUkraine updates its blacklist adding Panama
On 27 May 2020, the Ukrainian Cabinet of Ministers has published Order No. 582-r updating the blacklist of non-cooperative tax jurisdictions. Through the Order, the Cabinet of Ministers has added Panama to the list. Pursuant to an explanatory note,
See MoreColombia modifies thin capitalization rule
On 29 May 2020, the Government of Colombia has issued Decree 761 of 2020, through which the thin capitalization rule established in article 118-1 of the Tax Statute is modified. The decree was substantially ratified by the Law 2010 of 2019 as Law
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 MoreKenya submits the finance bill 2020 to parliament
On 6 May 2020, the finance bill for 2020 was presented to the National Assembly National Assembly for its consideration. The bill includes the following proposals related to corporate income tax; Introduction a minimum tax payable at 1% of gross
See MoreAlgeria: Council of Ministers organizes a meeting regarding draft Finance Bill 2020
On 10 May 2020, the Council of Ministers arranged a meeting by video conference regarding the discussion and approval of draft Finance Bill 2020. In that meeting, following issues were coming up: The deadline extension of the 50% reduction in
See MoreBrazil: A draft Bill published to introduce digital service tax
On 4 May 2020, Mr. João Maia, a Brazilian politician and Brazilian Congressman, proposed a Bill no. 2358/2020 to introduce the digital service tax (DST) and was submitted it in the Chamber of Deputies. The proposed tax, known as the contribution
See MoreDenmark: President announces to postpone a Bill for amending CFC rules
On 15 April 2020, the Prime Minister informed the president of the parliament that some of proposed legislation need to be postponed during COVID-19 pandemic. One of the proposed legislation is Bill L48, which provides the transpose in existing CFC
See MorePuerto Rico: Governor signs amendments to the Tax Reform
On 19 April 2020, the Puerto Rican Office of the Governor has announced that Governor Wanda Vázquez Garced has signed tax reform bill for individuals and businesses. The bill includes the following tax measure: an additional reduction of 3% on
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 MorePlatform for Collaboration on Tax Launches Website
A new website has been launched by the Platform for Collaboration on Tax (PCT). The PCT is a joint initiative of the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN), and
See MoreIMF: Fiscal Monitor discusses policies to support individuals and businesses
The April 2020 issue of the IMF’s Fiscal Monitor discusses policies to support individuals and businesses through the coronavirus crisis and the resulting economic problems. The Fiscal Monitor looks at certain temporary and targeted fiscal
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 MoreNew Zealand enacts tax bill in response to COVID-19 pandemic
On 25 March 2020, the New Zealand Government has passed COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020. The Act aims to support the package of economic and social measures needed to recover from the impact of the
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