Argentina: Government announces tax measures in response to COVID-19 pandemic
The government has recently announced tax measures amid coronavirus outbreak. These measures are given below: Measures have been aimed at encouraging bank lending through (i) lower reserve requirements on bank lending to households and SMEs;
See MoreSweden: Tax measures to mitigate the financial impact on COVID-19 outbreak
On 16 March 2020, the Swedish Government presented additional measures to mitigate the financial impact of the COVID-19 outbreak. The crisis package presented, can depending on how the situation develops, encompass more than SEK 300 billion if
See MoreNew Zealand: Government releases economic package due to COVID-19 pandemic
O 17 March 2020, the New Zealand Government has unveiled a NZD 12.1 billion COVID-19 response package. From the package NZD 5.1 billion is allocated in wage subsidies for affected businesses in all sectors and regions, NZD 2.8 billion in business
See MoreCroatia: 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 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 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 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
See MoreMalaysia: IRB releases Transfer Pricing audit framework for 2019
On 15 December 2019, the Malaysian Inland Revenue Board (“MIRB”) published the TP audit framework (2019). The Transfer Pricing Audit Framework 2019 is effective from 15 December 2019 and replaces the Transfer Pricing Audit Framework 2013 which
See MoreFrance: Parliament adopts Finance Bill 2020
On 19 December 2019, The French parliament adopted the Finance Bill for the year 2020 but it is still require to review by the constitutional court. Provisions include in the Finance Bill are given below: Corporate Tax rate The draft Finance
See MoreCroatia: Parliament approves tax reforms
On 29 November 2019, the Croatian Parliament approved the Tax Reform. On 23 November 2019, the fourth tax reform round sent to Parliament for second reading. It will come into force from 1st January 2020. As for income tax, the non-taxable
See MoreFrance: National Assembly adopts first reading of Finance Bill for 2020
On 19 November 2019, the National Assembly adopted the first reading of the PLF (Finance Bill) for the year 2020. The Minister of Economy and Finance and the Minister of Action and Public Accounts presented the draft budget law for 2020 on 27
See MoreTurkey: Parliament passes laws on tax regulation
On 21 November 2019, the Turkish Parliament approved laws on tax regulation which includes new taxes, namely digital services tax (DST), valuable house tax and accommodation tax. The law increases tax rate from 30% to 40% for people earning
See MoreNigeria: Finance Bill 2019 passes second reading in parliament
On 6 November 2019, the Finance Bill 2019 passed its second reading at the Senate. Main proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate (CIT) applies for companies with turnover between NGN25-million and
See MoreSlovenia publishes amendments to the CITA in the Official Gazette
On 5 November 2019, the Slovenian government published the amendments to the Corporate Income Tax Act (CITA) in the Official Gazette.
See MoreColombia: MinHacienda issues decree on taxation of investment funds and PEs
On October 29, the Colombian Ministry of Finance and Public Credit (MinHacienda) has issued Decree 1973, which clarified measures regarding the taxation of private equity funds and collective investment funds and rules on the attribution of income
See MoreUS: Treasury department issues regulations removing documentation requirements
On 31 October 2019, the US treasury department issued final regulations (TD 9880), repealing section 385, which sets out minimum documentation requirements that must normally be met in order for certain related-party interests in a corporation to
See MoreAustria: The upper house approves the tax on digital advertising
On 10 October 2019, the upper house of Austria's Parliament passed a digital advertising tax bill. The bill was approved by the Austrian lower house of Parliament on 19 September 2019. The Bill includes the following changes: Under the Digital
See MoreFrance: Government publishes transposition order of DAC6
On October 22, 2019, Government published a French Ordinance No. 2019-1068 of 21 October 2019, regarding the Automatic and Compulsory Exchange of Information in the Field of Taxation in Relation to Cross-Border Devices for Reporting. The EU
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