Uruguay revises list of low or no tax jurisdictions
On 21 February 2022, Uruguay has published DGI Resolution No. 223/022, which updates the list of low or no tax jurisdictions and regimes, with effect from same date. According to the Resolution No. 223/022 the updated list includes 36
See MoreRussia: Restaurants businesses will be exempt from VAT
On 17 February 2022, the State Duma published Guidance Letter No. 03-07-07/1908 and proposed that public catering companies are exempt from VAT under certain conditions. Accordingly, the companies involved in this project will be exempt from VAT
See MoreVietnam proposes incentive package for 2022
On 4 January 2022, the Government has proposed a package on reduction and exemption of tax and land use fees worth VND 64 trillion (US$2.81 billion) for 2022 with an aim to facilitate post-pandemic recovery and socio-economic development in 2022 and
See MoreBulgaria: Government imposes penalty for late application of tax treaty relief
On 18 November 2020, parliament passed amendments to the Tax and Social Security Procedure Code at first reading, which aims to ensure the payment of withholding tax on cross-border payments and the effectiveness of tax control in the event of
See MoreMalta: Finance Minister presents Budget for 2020
On 19 October 2020, the Minister for Finance, Edward Scicluna presented the Budget for 2021 to the Parliament. The budget has no tax increases. The key measures regarding tax and incentives are as follows: The tax refund check will be
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 MoreSingapore: Public Consultation on Proposed Income Tax (Amendment) Bill 2020 and Goods and Services Tax (Amendment) Bills 2020
On 20 July 2020, Singapore’s Ministry of Finance (MOF) launched a public consultation on the draft Income Tax (Amendment) Bill 2020. The stakeholders are invited to provide feedback on these legislative amendments from 20 July to 7 August
See MoreAustria: Government announces additional measures in response to COVID-19 outbreak
On 12 June 2020, the Government announced some additional measures in response to COVID-19 outbreak: VAT The Government is planning to finalize a reduced value-added tax (VAT) rate of 5% for the restaurant and culture sector due to the corona
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 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 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
See MoreArgentina: 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 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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