Australia: ATO concerns over mischaracterized financial arrangements
On 25 May 2020, the Australian Taxation Office (ATO) issued Taxpayer Alert (TA) 2020/2, in relation to mischaracterised arrangements and schemes connected with direct foreign investment into Australian businesses. ATO is concerned that
See MoreIndonesia deposits ratification instrument for MLI
On 13 May 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, Indonesia deposited
See MoreSri Lanka revises tax return submission deadline
On 18 May 2020, the Inland Revenue Department (IRD) of Sri Lanka issued a public notice declaring further extension for the submission of returns up to 15 July 2020 except Transfer pricing disclosure form. However previous notice issued under
See MoreIndia: CBDT amends rules for resolution of tax disputes under MAP
On 6 May 2020, the Indian Central Board of Direct Taxes issued Notification No. 23/2020, amending the 2020 income tax rules on mutual agreement procedures (MAPs) regarding dispute resolution. Under the revised rules, the authorities can now try
See MoreAustralia: New proposals on Hybrid mismatch rule
On 13 May 2020, the Treasury Laws Amendment Bill 2020 was presented in the House of Representatives that would make technical changes to the hybrid mismatch rules addressing integrity of income tax laws and their application to multinational
See MoreAustralia extends lodgment due date amid COVID-19 pandemic
In response to COVID-19, the Australian taxation office (ATO) extended the lodgment day for 2018–19 company tax returns for many companies: Returns that were due on 15 May 2020 under the tax agent lodgment program have been automatically
See MoreCOVID-19: Malaysia publishes third amendment providing further extension of deadline
On 28 April 2020, Malaysian Inland Revenue Board (IRB) has published third amendment to the return form filing programme for the year 2020 with further extending the deadlines for the filing of tax returns and making tax payments for companies,
See MoreCOVID-19: Myanmar announces tax relief plan
On 27 April 2020, the Myanmar Government published its COVID-19 Economic Relief Plan in response to the coronavirus outbreak. The relief package includes the following tax relief measures. Defer Corporate Income Tax (Q2 payments expiring on 31
See MoreChina extends monthly tax returns filing deadline amid COVID-19 pandemic
On 27 April 2020, the State Taxation Administration (STA) has announced the extension of deadline for filing monthly tax returns and tax payment for May 2020 from 15 May 2020 to 22 May 2020, due to the COVID-19
See MoreCOVID-19: Malaysia extends again deadlines for filing CbC report and notification
On 21 April 2020, the Inland Revenue Board of Malaysia (IRBM) released an updated FAQ on tax matters during the movement control order period. The FAQ contains the further extension of country-by-country reporting deadlines in response to the
See MoreSri Lanka extends return filing deadlines amid COVID-19 pandemic
On 21 April 2020, the Inland Revenue Department (IRD) of Sri Lanka announced extended deadlines for certain tax returns to 31 May 2020 in response to COVID-19 pandemic. The IRD announced revise due date for the following tax returns: Annual
See MoreVietnam: Tax measure due to COVID-19 pandemic
On 8 April 2020, Prime Minister of Vietnam approved Decree No 41/2020/ND-CP about the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic. The main measures of the Decree are as
See MoreTaiwan: MOF extends tax return deadline due to COVID-19
On 13 April 2020, Taiwan’s Ministry of Finance (MOF) has extended tax filing and payment deadlines for corporate income tax and individual income tax amid COVID-19 pandemic. The main measures are as following: Corporate income tax original due
See MoreNew Zealand announces temporary loss carry-back scheme in response to COVID-19
On 15 April 2020, New Zealand has announced a temporary loss carry-back scheme in response to COVID-19 to support customers in the current uncertain economic environment. Businesses expecting to make a loss in either the 2020 year or the 2021
See MoreKorea extends individuals tax return filing and payment deadline amid COVID-19
On 9 April 2020, the South Korean Ministry of Economy and Finance has published an announcement regarding tax support in response to COVID-19 pandemic. In the announcement, South Korea’s government has extended tax return filing and payment
See MoreHong Kong: Tax payment deadline automatically extended by three months
On 8 April 2020, the Chief Executive announced that to ease the financial burden and cash flow of businesses and individuals arising from COVID-19, tax payment deadlines for salaries tax, personal assessment and profits tax demand notes for the
See MoreSri Lanka: WHT payment extension due to COVID-19 pandemic
Sri Lanka has issued a notice on an extension of the payment deadline for withholding tax (WHT) amid COVID-19 pandemic. According to the notice, those who are liable to make withholding tax payments for the month of February 2020 which was due on
See MoreCOVID-19: Malaysia extends deadline for filing CbC report and notification
On 10 April 2020, the Inland Revenue Board of Malaysia (IRBM) published an updated FAQ document related to the tax management issue in response to COVID-19 pandemic that includes the extension of the deadline for submitting country-by-country (CbC)
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