Switzerland: Review on international financial and tax matters of 2020
Switzerland’s Secretariat for International Finance (SIF) has published its annual review on international financial and tax matters for 2020. With respect to tax-related matters in particular, the review includes the following: Taxing
See MoreOECD: Public Consultation on Tax Challenges of the Digital Economy
A public consultation meeting was held by the OECD on 14 and 15 January 2021 to discuss the proposals in relation to Pillar One and Pillar Two of the tax challenges of the digital economy. Following the publication of Blueprints on Pillar One and
See MoreItaly extends DST deadlines for FY 2020
On 15 January 2021, the Italian tax authorities published Provision no. 13185/2021 regarding the implementation the procedures for the collection of the 3% digital services tax (DST). The DST is effective from 1 January 2020 in Italy. The
See MoreIndia: Direct Tax highlights for 2020
By Sachin Garg, Partner- Direct Taxation, Nangia Andersen LLP Sachin.garg@nangia-andersen.com+91 93502 93097 The year 2020 has already become an unforgettable year to the unprecedented global pandemic across the world, nation-wide
See MoreOECD publishes public comments on proposals on taxation of the digital economy
On 16 December 2020 the OECD published comments received on the Blueprints outlining the remaining issues involved in finalising the work on Pillar One and Pillar Two of the proposals on tax challenges arising from the digitalisation of the
See MoreKenya publishes final regulations to implement the digital services tax
On 16 December 2020, the Kenya Revenue Authority (KRA) published the final Income Tax (Digital Service Tax) Regulations, 2020 to implement the digital services tax. The DST rate is 1.5% of the gross transaction value and will be payable at the time
See MoreCanada: Finance Department introduces new GST/HST requirement for new DST
On 30 November 2020, the Finance Department published the Fall Economic Statement 2020 - Supporting Canadians and Fighting COVID-19, including prudent fiscal plan with proposed measures for a tax system for the digital economy. Under current rules,
See MoreFrance: Finance Ministry sends notices for DST collection
On 25 November 2020, the Ministry of Finance announced that French tax authorities have begun sending notices to demand millions of euros from large digital companies or US technology groups as they push ahead with a new 3% digital services tax
See MoreIndia: CBDT releases Equalisation levy (Amendment) Rules,2020
On 28 October 2020, the Central Board of Direct Taxes (CBDT) has published the Notification No.87/2020 Equalisation levy (Amendment) Rules, 2020 to further amend the Equalisation levy Rules, 2016. The rules amend the Equalisation levy Rules, 2016
See MoreCzech Republic: Government decides to introduce a domestic DST
The Government has recently decided to introduce a domestic DST following the delay in a unified approach at both the global (OECD) and regional level (European Union). The Czech DST is expected to apply temporarily, until an international approach
See MoreCzech Republic: Deputies agrees with the postponement of the electronic registration
On 16 October 2020, the deputies approved the proposal of the Ministry of Finance to postpone all four phases of the electronic registration of sales until 1 January 2023. The amendment to the Act on the Registration of Sales is now heading to the
See MoreFrance: Finance Minister announces to delay DST payments up to December 2020
The Minister of Finance, Bruno Le Maire, has recently declared that France intends to collect the country's digital services tax in December 2020, which was due in April and October 2020. The digital service tax in France will apply on the
See MoreSpain gazettes the law for digital services tax and financial transactions tax
On 16 October 2020, the Spanish Official Gazette published the Laws Nos. 4/2020 and 5/2020, implementing a digital services tax and a financial transactions tax. The law includes a 3 % tax on digital services including online advertising, online
See MoreOECD: Taxation of Virtual Currencies
On 12 October 2020 the OECD released a report on taxing virtual currencies that was prepared for the meeting of G20 Finance Ministers. The report looks at the tax treatment of virtual currencies, considering income tax, consumption tax and property
See MoreOECD: Tax Talk Summarises Latest Tax Developments
In a Tax Talk on 12 October 2020 the OECD gave an update of recent developments. Digital Economy The OECD’s Inclusive Framework met on 8 and 9 October 2020 and Blueprint reports on Pillar 1 and Pillar 2 of the proposals on taxation of 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 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 MoreOECD: Reports on Blueprints for Pillars One and Two of Digital Economy Tax Proposals
Following a meeting of the OECD’s Inclusive Framework on 8 and 9 October 2020 the OECD held a presentation on 12 October 2020 to introduce Blueprint reports on Pillar 1 and Pillar 2 of the proposals on taxation of the digital economy. Public
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