Austria: Government announces tax measures regarding VAT payment & penalty scheme
The Government announced some tax relief measures in response to coronavirus pandemic on different date regarding VAT. These are: Announcement on 29 May 2020 The interest for VAT declarations not submitted on time, will not be automatically
See MoreNigeria: FIRS issues several Circulars on provisions of tax laws amended by Finance Act 2019
On 9 May 2020, the Federal Internal Revenue Service (FIRS) issued the following Information Circulars numbered through 2020/02 – 08. The Circulars provides guidance to stakeholders regarding the interpretation of the amendments to extant tax laws
See MoreSaudi Arabia: Government hikes VAT to 15% as of July 2020
On 10 May 2020, the Saudi Arabia Government has decided to raise value-added tax (VAT) from 5% to 15% on all goods and services as of July 2020. The government will also suspend the cost of living allowance from June as part of the austerity steps.
See MoreBulgaria: Government announced several tax relief measures regarding VAT exemption
The Government has taken some tax relief measures regarding Value Added Tax (VAT). These are: On 4 May 2020, a draft Bill was submitted in the Bulgarian Parliament for introducing a 9% reduced VAT rate from 20% rate to support the
See MoreCOVID-19: Norway announces new tax relief measures
On 28 March 2020, the Norwegian government has released new tax relief measures in response to coronavirus pandemic. Accordingly, the value-added tax (VAT) is further reduced from 8 per cent to 7 per cent from 1 April 2020 to 31 October 2020 for
See MoreGreece: Finance Ministry announces some measures amid COVID-19 pandemic
On 24 March 2020, the Finance Ministry, Christos Staikouras, announced some measures for trying to assist people in the coronavirus pandemic. The key measures are given below: VAT payment is to be suspended for four months.Labor Minister states
See MoreChile: Government publishes Tax Reform Law
On 24 February 2020, Government published Law No. 21.210 in the Official Gazette and effects as from 1 January 2020. This Law was approved by the Senate on 29 January 2020. The tax reform Law includes: Corporate income tax The Law includes a
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 MoreVenezuela: Government publishes decrees regarding tax reform
On 29 January 2020, three decrees were published in the Official Gazette for introducing a new tax code, amending the VAT Law and customs Law. It was approved by the Constituent Assembly on the similar day. Withholding taxes due One of three
See MoreCroatia: Government publishes tax reform effective as from 1 January 2020
On December 11, 2019, the Croatian Government published Law in the Official Gazette to require taxpayers/ intermediaries to report information on certain tax arrangements. Some of the changes are given below: Corporate income tax/Profit
See MoreNigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See MoreItaly enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
See MoreEcuador: President made objections on second tax reform bill
On 14 December 2019, the President, Moreno, made objections on the second tax reform bill approved by the National Assembly. Accordingly, he proposed to limit the application of the thin-capitalization rules to inter-company loans. Accordingly,
See MoreKazakhstan: Government extends deadline for new VAT obligations on digital service
On 6 November 2019, the government announced the extension of the deadline for applying VAT obligations. The new deadline is due on January 1, 2021, instead of January 1, 2020. Recently, the State Revenue Committee has proposed the introduction of
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 MoreNetherlands: Budget proposal for 2020
On 17 September 2019, the Dutch Government published the 2020 budget proposals, which includes the Tax Plan for 2020. The 2020 Tax Plan package consists of the following six bills: the 2020 Tax Plan Bill;the Other 2020 Tax Measures
See MoreBulgaria increases VAT registration threshold
Bulgaria is considering raising its VAT registration threshold. The current threshold will rise from BGN 50,000 to BGN 100,000 sales per annum. The new threshold will effective as from 1 January 2019. In addition, it is proposed a new reduced
See MoreChina aims to reduce taxes in 2019
On 5 March 2019, Mr. Li Keqiang, the Premier declared that the Chinese government is planning to reduce CNT 2 trillion in taxes and fees for companies during 2019. He also included that the government is planning to reduce Value Added Tax (VAT)
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