Sri Lanka: TP documentation requirement for domestic controlled transactions
According to the notice of 25 November 2020, under the Regulation 1 of the TP Gazette, transfer pricing regulations inter alia, are applicable to the local transactions made between associated enterprises (AE) as referred to in section 77 of the
See MoreIndonesia notifies the confirmation of the completion of its internal procedures for MLI
On 26 November 2020, the Republic of Indonesia deposited a notification confirming the completion of its internal procedures for the entry into effect of the provisions of BEPS MLI. Indonesia signed the agreement on 7 June 2017 and it became
See MoreKazakhstan deposits notifications on its tax agreements
On 27 November 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, on 26 November
See MoreSingapore extends deadline for TP documentation
In response to the Covid-19 pandemic, for this group of companies which faced genuine difficulties in preparing and e-Filing the YA 2020 Corporate Income Tax (CIT) Returns due to the COVID-19 situation, the IRAS would grant them a 1-month extension
See MorePapua New Guinea: Department of Treasury publishes taxation bills for 2021
With a theme of “Consolidation for Growth”, on 17 November 2020, the government of Papua New Guinea has presented Budget 2021 that focuses on fiscal consolidation and stimulating economic growth with the aim of rebuilding the living standards
See MoreMalaysia: IRBM issues updated tax audit framework for finance and insurance
The Inland Revenue Board of Malaysia (“IRBM”) has published an updated Tax Audit Framework for Finance and Insurance (“the Framework”) which revokes Tax Audit Framework - Finance and Insurance dated 1 Jun 2015. The Framework comes into
See MoreSri Lanka: Budget for 2021
On 17 November 2020, Mr. Mangala Samaraweera, the Finance Minister of Sri Lanka presented Budget for 2021. Finance Minister stated that tax law will be amended where it will be mandatory for all Companies to file their taxes only on an
See MoreThailand publishes new transfer pricing regulation
On 6 November 2020, Mr. Apisak Tantivorawong, the Minister of Finance issued Ministerial Regulation No. 369, published in the official bulletin 2556. The regulation sets basic rules to be followed by the tax authority when evaluating transactions
See MoreAustralia: ATO declares lodgment deferral for Local File, Master File, and CbC Report for FY 2019
The Australian Taxation Office (ATO) has issued a notice declaring a lodgment deferral for the Local file, Master file, and Country-by-Country (CbC) report for the year ended 31st December 2019. Significant Global Entities (SGEs) that have
See MoreMalaysia: Finance Minister tables the budget for 2021
On 6 November 2020, the Minister of Finance Tengku Datuk Seri Zafrul Abdul Tengku Abdul Aziz unveiled the annual budget speech in Parliament for 2021. The following tax measures has been proposed under the budget 2021. A new tax incentive
See MoreVietnam: MoF issues new transfer pricing Decree
On 5 November 2020, the Vietnamese Ministry of Finance (MoF) has issued new transfer pricing Decree No. 132/2020/ND-CP. The new Decree replaces the existing Transfer Pricing (TP) regulations (Decree No. 20/2017/ND-CP) and provides the following new
See MoreSri Lanka: Notice on second installment of tax payment for AY 2020-21
On 9 November 2020, Inland Revenue Department (IRD) of Sri Lanka issued a notice declaring the second installment payment of income tax for the assessment year (AY) 2020/2021, which is due on 15 November
See MoreSouth Korea postpones the enforcement of a lower threshold for capital gains tax
On 3 November 2020, South Korea has decided to postpone the enforcement to lower the standard for large shareholders subject to stock capital gains tax to KRW 300 million. At present, a shareholder who owns more than KRW 1 billion is considered
See MoreSingapore declares simplified corporate tax filing process
On 5 November 2020, the Inland Revenue Authority of Singapore has announced the simplification of corporate tax filing for companies. Corporate Tax Filing Simplified for Companies: Simplified Corporate Income Tax Return for Small CompaniesNew
See MoreUS and Singapore sign agreement on exchange of CbC reports
On 4 November 2020, IRS published the updated page on CbC reporting jurisdiction status table. Accordingly, on 6 October 2020, U.S. and Singapore have entered into a CAA for the automatic exchange of CbC reports. Pursuant to the provisions of
See MoreTaiwan: NTBSA issues press release on COVID-19 relief measure
On 3 November 2020, Minxiong Office, Taiwan’s National Taxation Bureau of the Southern Area (NTBSA), Ministry of Finance indicated that, in accordance with Article 9-1 of the Special Act for Prevention, Relief and Revitalization Measures for
See MoreSri Lanka declares penalty relief for late return filing
On 3 November 2020, in response to the Covid-19 pandemic Inland Revenue Department (IRD) of Sri Lanka has published a notice declaring penalty relief for late return submission for the assessment year 2019/2020. Under the provisions of the
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
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