Sweden: Countermeasures in the tax area against non-cooperating jurisdictions
On 13 October 2020, the Swedish Ministry of Finance has issued a press release, where they confirm that a draft bill was submitted to the Parliament to restrict deductions for interest expenses paid to non-cooperative jurisdictions. The
See MoreNigeria: President presents 2021 Budget proposals
On 8 October 2020, the President, Muhammadu Buhari, presented the Federal Budget proposals for the year 2021 at the Joint Session of the National Assembly. The recent developments in this draft Budget includes: The draft 2021 Budget, themed
See MoreIreland: Finance Minister delivers 2021 Budget Statement
On 13 October 2020, the Finance Minister, Paschal Donohoe, presented the 2021 Budget Statement. The Budget basically underpins the Government’s support for the economy in the face of Covid-19 pandemic. Some of the tax measures included in the
See MoreOECD: Report on Blueprint for Pillar Two of Digital Economy Taxation
On 12 October 2020 the OECD introduced a report on the Pillar Two Blueprint on digital economy taxation. Pillar Two aims to ensure that large multinational enterprises pay a minimum level of tax regardless of the location of their headquarters
See MoreAustralia: Parliament approves Federal Budget for 2020-21
On 9 October 2020, Mr. Scott John Morrison, the Prime Minister of Australia has issued a release announcing the approval of the Budget 2020-21 measures. On 6 October 2020, the Budget measures were included as part of the Treasury Laws Amendment
See MoreNigeria: President presents National Budget for 2021
On 8 October 2020, the President, Muhammadu Buhari, presented the National Budget for the year 2021 to a joint session of the National Assembly consisting of the Senate and the House of Representatives. The 2021 Budget is titled 'Economic Recovery
See MoreOECD: Report on Pillar One Blueprint on Digital Economy Taxation
On 12 October 2020 the OECD introduced a report on the Pillar One Blueprint on digital economy taxation. Pillar One consists of a new taxing right for market jurisdictions over a share of residual profit calculated at an MNE group or segment
See MoreFrance: Government publishes draft Finance Bill for 2021
On 28 September 2020, the Council of Ministers adopted the French Budget Bill for 2021 or Finance Bill 2021. The draft Bill also includes the recovery plan to restore the economy following the coronavirus pandemic. French Parliamentary discussions
See MoreWTO: Role of trade policies in addressing plastic pollution
On 30 September 2020 the WTO Deputy Director-General addressed the role of trade policy in combating plastic pollution. Trade regulations, border duties and taxes, domestic tax law and incentives in the form of subsidies are some of the tools that
See MoreBosnia and Herzegovina deposits ratification Instrument for convention on mutual administrative assistance in tax matters
On 21 September 2020, Bosnia and Herzegovina deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters, as amended by the 2010 protocol. The Convention will enter into force for
See MoreTax Inspectors Without Borders: Annual Report
On 28 September 2020 the Tax Inspectors Without Borders (TIWB) published their annual report, covering the period from January 2019 to June 2020. The report notes that the global heath and economic crisis is impacting the ability of developing
See MoreSweden: Government submits the Budget Bill for 2021 to the Riksdag
On 21 September 2020, the Government has submitted the Budget Bill for 2021 to the Riksdag (the national legislature and the supreme decision-making body of Sweden). The Budget proposes the following key tax measures: Temporary tax
See MoreOECD: Tax Policy Review of Kazakhstan
On 24 September 2020 the OECD issued a report on the tax policy review of Kazakhstan. The report covers income tax, social security contributions, value added tax (VAT) and corporation tax. The research was performed before the COVID-19 pandemic
See MoreDenmark: Tax Minister announces to exempt nonresident charitable organizations from WHT
On 14 September 2020, the Tax Minister announced that Government has a plan to release a Bill in December 2020 regarding the exemption of on non-resident charitable organizations from Danish withholding tax (WHT) on portfolio dividends. At present,
See MoreEl Salvador: Ministry of Finance publishes tax haven list for 2021
On 14 September 2020, the Ministry of Finance has released General Guide DG-02/2020 including the list of jurisdictions and territories that are considered tax havens for tax purposes for the 2021 fiscal year. The list includes the low and no tax
See MoreUK: Autumn Budget postponed
The UK budget that would normally be announced in the autumn will not take place this year. A government spending review will be carried out to establish the level of spending by government departments, but no long-term tax plans will be
See MoreIMF staff report on Angola
On 21 September 2020 the IMF published a staff report on Angola in connection with the third review under an extended arrangement under the IMF’s extended fund facility. Angola’s economy has been hit in 2020 by the economic and health crisis
See MoreNetherlands: Budget proposals for FY 2021
On 15 September 2020, the Dutch government published the budget proposals for fiscal year 2021. The proposals are currently subject to the review and discussions by the Dutch Parliament and as such may be subject to amendments. The final version of
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