India: CBDT once again extends the income tax return filing deadline for FY 2018-19
On 29 July 2020, the Central Board of Direct Taxes of India has published a Notification No 56/2020 providing further extension of income tax return for AY 2019-20. The deadline for filing the annual return (ITR) for FY 2018-19 (AY 2019-20) has
See MoreCOVID-19: Indonesia issues regulations expanding tax incentives
On 16 July 2020, the Ministry of Finance (MoF) issued Regulation No.86/PMK.03/2020 (PMK-86) providing the expansion of tax incentives in response to COVID-19. The regulation revokes and replaces MOF Regulation 44/PMK.03/2020. Tax incentives for
See MoreKazakhstan: National Bank decides to reduce base interest rate
On 20 July 2020, the National Bank of Kazakhstan was made an announcement that they have decided to reduce the base rate from 9.5% to 9.0% per annum and it is effective from 21 July 2020. The rate is used in determining the late payment interest,
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 MoreCOVID-19: Japan introduces special grace period for tax payments
On 29 July 2020, the National Tax Agency published the updated tax relief measures for taxpayers who face difficulty paying their national tax due to the influence of the novel coronavirus disease (COVID-19). Under this, a special grace period of
See MoreAustralia updates transfer pricing legislation in accordance with OECD guidelines
Australia's transfer pricing legislation has been updated to specify that it is to be interpreted to achieve consistency with the Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines for Multinational
See MoreKorea: MOEF proposes Tax Revision Bill 2020 amid COVID-19
On 22 July 2020, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2020 to overcome the economic crisis and enhancing economic vitality due to COVID-19 pandemic. The three main focuses
See MoreVietnam: Government issues Decree increasing cap on deductible interest expenses
On 24 June 2020, the Vietnamese Government has issued Decree No. 68/2020/ND-CP amending and supplementing Clause 3, Article 8 of Decree 20/2017/ND-CP (Decree 68). On 14 July 2020, the Vietnam Ministry of Finance (MOF) has also issued Official
See MoreChina reduces income tax rate for Hainan free trade port
The Chinese authorities have rolled out preferential income tax plans for companies and individuals in the southern island province of Hainan. According to a circular jointly issued by the Ministry of Finance and the State Taxation
See MoreNew Zealand increases individual tax write-off thresholds due to COVId-19
On 9 July 2020, New Zealand’s Inland Revenue (IR) has announced a temporary increase to the write-off threshold for individual taxpayers to help ease the financial stress caused by COVID-19. The threshold has been increased to NZD 200 from
See MoreSri Lanka: Further extension of tax return submission dates
On 3 July 2020, the Sri Lankan Inland Revenue Department has issued a notice on the further extension of following return/statement submission deadlines up to 31 December 2020 in line with the approval of "Tax Relief Measures to Facilitate Post
See MoreHong Kong: IRD publishes revised guidance concerning APA procedures
On 15 July 2020, the Inland Revenue Department (IRD) of Hong Kong released the DIPON 48 regarding advance pricing arrangement (APA) procedures. The Departmental Interpretation and Practice Notes No. 48 has been updated mainly to (a) reflect the
See MoreAustralia: Integrity rule law companion ruling finalized
In April 2019, Australian Taxation Office (ATO) released a draft Law Companion Ruling on the Organization for Economic Cooperation and Development (OECD) hybrid mismatch rules related to integrity rule. The ATO have now released draft LCR
See MorePhilippines: Tax authority issues a Resolution to guide of how to complete TP disclosure form
On 8 July 2020, the Tax authority issued Revenue Regulations No. 19-2020 dated July 8 2020, which provides guidelines of how to complete new transfer pricing (TP) disclosure form, Form BIR 1706. Also, this Resolution informs that taxpayers required
See MoreKazakhstan: Lower house pf Parliament approves Bill regarding DST
On 30 June 2020, the lower house of Parliament approved a Bill regarding digital service taxation (DST) and electronic sales of goods. The Bill describes some important terms like electronic services, electronic sale of goods, and online based
See MoreAustralia reduces tax rates for small businesses
Mr. Josh Frydenberg, the Australian Treasurer has issued a joint release on the reduction of the corporate income tax rate for businesses with turnover of less than AUD 50 million. From July 1 2020, small and family businesses will be paying less
See MoreCOVID-19: India further extends the deadlines of tax returns
On 24 June 2020, the Central Board of Direct Taxes of India has published a Notification No 35/2020 of 24 June 2020 providing the following extension of time limits under the Income Tax Act and related Acts due to COVID-19. The time for filing
See MoreThailand introduces e-Filing requirement
The tax authority of Thailand has issued a notice declaring that with effect from 1 July 2020, all taxpayers are required to file their income tax returns and make payments electronically. Certain individual taxpayers may continue to
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