Taiwan: NTBSA calls for annual tax return for business suspended in tax year 2019
On 19 June 2020, National Taxation Bureau of the Southern Area (NTBSA), Ministry of Finance of Taiwan has stated that profit-seeking enterprises which suspended business in the taxable year 2019 should file its annual income tax return to the tax
See MorePuerto Rico: Governor signs additional economic relief package for COVID-19
On 14 June 2020, the Puerto Rican Office of the Governor has signed Law 57-2020 "Complementary Law to Address the Effects of the Puerto Rican Economy Caused by the COVID-19 Emergency". The new legislation includes the following main tax
See MoreItaly introduces new dispute resolution mechanisms
On 10 June 2020, the Italian Government published Legislative Decree n. 49 enacting EU Directive No. 2017/1852 regarding tax dispute resolution mechanisms and in particular disputes arising from the interpretation and application of tax
See MoreGreece: Finance Ministry announces to extend the deadline of income tax return for 2019
On 18 June 2020, the Ministry of Finance announced that the deadline of income tax return 2019 is to be extended until 29 July 2020 for both individuals and legal entities. The extension was deemed necessary in order to make it easier for all
See MoreSaudi Arabia: GAZT publishes guidance on MAP
On 9 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published MAP Guidance (Request for Mutual Agreement Procedure –Taxpayer guidance). The purpose of this document is to set out the process through which taxpayers
See MoreKenya: National Budget for FY 2020/21
On 11 June 2020, the Cabinet Secretary for the National Treasury and Planning, Mr. Ukur Yatani Kanacho delivered the 2020/21 Budget to the National Assembly. The summary of proposed tax measures are following: Income Tax Measures Raised
See MoreNorway: Supreme Court issues rules in favor of Shell subsidiary in transfer pricing case
On 28 May 2020, the Norwegian Supreme Court issued a ruling in a transfer pricing case between the Shell group’s Norway subsidiary, A/S Norske Shell, and the Norwegian oil taxation office. A / S Norske Shell has petroleum activities on the
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 MoreIsrael: New Tax Circular on burden of proof related to TP audits
On 2 June 2020, the Israeli Tax Authority (ITA) published tax circular 1/2020 addressing the situations in which a transfer pricing (TP) study that is filed by a taxpayer will be considered as meeting the Israeli TP standards in accordance with
See MoreArgentina: AFIP extends the transfer pricing documentation deadlines
On 5 June 2020, the Federal Administration of Public Revenue (AFIP) Officially published a General Resolution No. 4733 of 4 June 2020 to file affidavits under transfer pricing rules and postpones the previous starting due dates of June declared in
See MoreFrance: Tax authorities extend annual transfer pricing return up to 31 December 2020
On 10 June 2020, the Tax authority updated questions and answers regarding coronavirus outbreak and announced that the deadline for the annual transfer pricing return for companies whose fiscal year closed on 31 December 2019 is extended from 31
See MoreSweden: Parliament approved Law implementing DAC6
On 4 June 2020, the Swedish parliament has approved Law implementing the Council Directive (EU) 2018/822 (commonly known as DAC6) which introduces disclosure obligations for intermediaries and taxpayers of certain reportable cross-border
See MoreSaudi Arabia: GAZT releases the second edition of transfer pricing guidelines
In May 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has released the second edition of Transfer Pricing Guidelines (translated version). The Guidelines includes most of the section of the first edition, which was released in
See MoreNetherlands publishes guidance on mandatory disclosure Rules/DAC6
The Dutch Tax Authority has published an English-language version of its general guidance on Mandatory Disclosure Rules/DAC6. The European Directive Mandatory Disclosure Rules (MDR)/DAC6 will come into effect on 1 January 2021. As a result of
See MoreAustralia updates guidelines for resolving international tax disputes
The Australian Taxation Office (ATO) has updated the guidelines for the mutual agreement procedure (MAP) and arbitration arrangements. The updated guidelines reflect modifications made (or to be made) in some of Australia’s tax treaties made
See MorePhilippines: House of Representatives introduces a Bill regarding digital economy
On 19 May 2020, the Philippine House of Representatives introduced House Bill No. 6765 regarding an establishment of fiscal regime for the digital economy. The Bill includes digital advertising services, electronic commerce platform, network
See MorePeru: SUNAT modifies tax filing deadline again amid COVID-19 pandemic
On 29 May 2020, the Peruvian tax authorities (SUNAT) issued Resolution No. 099-2020/SUNAT in the Official Gazette modifying previous Resolution No. 055-2020/SUNAT and 065-2020/SUNAT in response to COVID-19 pandemic. The Resolution further extends
See MoreCzech Republic: Finance Ministry announces liberation package III due to COVID-19 pandemic
On 9 June 2020, the Ministry of Finance announced on its website that the so-called next liberation package III has been approved to extend and extend certain tax exemptions, tax accessories and administrative fees due to an emergency caused by
See More