Sri Lanka: Updated notice on implementation of amendments to the Inland Revenue Act 2017
On 8 April 2020, the Inland Revenue Department (IRD) of Sri Lanka published a revised version of a notice regarding the implementation of proposed amendments to the Inland Revenue Act, No. 24 of 2017. As instructed by the Ministry of
See MoreSingapore extends tax filing deadlines amid COVID-19 pandemic
The Inland Revenue Authority of Singapore (IRAS) has published COVID-19 Support Measures and Tax Guidance, as part of support measures to help taxpayers in light of the COVID-19 situation, Inland Revenue Authority of Singapore (IRAS) is providing
See MoreNew Zealand: Inland Revenue announced relief regarding APA during COVID-19
The New Zealand’s Inland Revenue (IR) has announced relief regarding advance pricing agreement (APA) during the COVID-19 outbreak. Inland Revenue has assured that customers do not need to take any specific action now to ensure that their
See MoreJapan announces emergency economic measures in response to COVID-19 pandemic
On 7 April 2020, the National Tax Agency of Japan announced tax relief measures in response to the coronavirus (COVID-19) pandemic. For almost all national tax liabilities of legal or individual taxpayers for which payment due dates fall
See MoreThailand extends tax returns filing deadlines in response to COVID-19 pandemic
The Ministry of Finance of Thailand has launched three Notifications to extend filing tax returns and submitting payments according to the Cabinet Resolution on 24 March 2020. This is to help people and entrepreneurs to increase liquidity referring
See MoreCOVID-19: Indonesia publishes further guidance in response to coronavirus outbreak
On 31 March 2020, Indonesia President signed the Government Regulation No. 1 for 2020 (PERPPU-1) in handling COVID-19 outbreak. The regulation includes the following tax measures. The CIT rate is reduced from 25% to 22% for tax years 2020
See MoreAzerbaijan: Tax measures due to COVID-19 outbreak
On 29 March 2020, the Azerbaijan Ministry of Economy issues press release clarifying deadlines for submission of tax returns and other measures due to COVID-19 outbreak. According to a decree of 25 March 2020, the period from 29 March to 3 April
See MoreIndia: Central Board of Direct Taxes (CBDT) publishes finance act 2020
On 27 March 2020, the Central Board of Direct Taxes (CBDT) published the Finance Act 2020 that includes measures announced as part of the Union Budget 2020-2021 and others. The measures of the Finance Act generally apply from 1 April 2020 (or
See MoreIndia introduces new equalization levy with effect from 1 April 2020
On 27 March 2020, the Central Board of Direct Taxes (CBDT) published the Finance Act 2020 which received the assent of the President on the same date that includes a new equalisation levy with effect from 1 April 2020. The levy will be charged at a
See MoreCOVID-19: Hong Kong extends tax deadlines
On 4 April 2020, Inland Revenue Department announced that in view of the latest situation of COVID-19, deadlines for tax payments and lodgement of objections and holdover applications as well as submission of tax returns and information that fall
See MorePhilippines: Finance Department announces tax relief measures due to COVID-19 pandemic
On 30 March 2020, the Department of Finance issued Revenue Regulations (RR) No. 7-2020 regarding tax relief measures amid COVID-19 pandemic. The key measures are given below: The deadline to file the 2019 annual income tax returns for all
See MoreKazakhstan: Tax relief measures due to COVID-19 pandemic
On 2 April 2020, the Government implemented some measures for coronavirus outbreak. These are: Corporate income tax Due to the COVID-19 outbreak, the submission of corporate income tax return is extended to 30 April 2020. Small and medium
See MoreHong Kong issues a revised DIPN 39 on taxation of e-commerce transactions and digital assets
On 27 March 2020, the Hong Kong Inland Revenue Department (IRD) published a revised version of Departmental Interpretation and Practice Notes No.39 (Profits Tax Digital Economy, Electronic Commerce and Digital Assets-revised DIPN 39). The revised
See MoreNew Zealand enacts tax bill in response to COVID-19 pandemic
On 25 March 2020, the New Zealand Government has passed COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020. The Act aims to support the package of economic and social measures needed to recover from the impact of the
See MoreKazakhstan: Government ratifies BEPS MLI
On 20 February 2020, the government ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). After the MLI enters into force, the procedure for the application of Kazakhstan
See MoreIndonesia publishes new regulations concerning advance pricing agreements
On 18 March 2020, the Indonesian Ministry of Finance released 22/PMK.03/2020 which updates the Advance Pricing Agreements (“APA”) regulations. The new regulations, effective 18 March 2020, include the following amendments: Previously
See MoreSouth Korea: Tax measures due to COVID-19 pandemic
On 17 March 2020, the Korean Ministry of Economy and Finance has announced a corporate income tax exemption for small and medium enterprises (SMEs) located in specific areas (Daegu, Gyeongsan, Bonghwa, and Cheongdo). Before that, on 28 February
See MoreThailand: Summary of tax measures to counter COVID-19 outbreak
On 24 March 2020, the Cabinet of Thailand approved a new tax measures following the announcement of the stimulus package on 10 March 2020 in response to COVID-19 outbreak. The summary of a series of tax measures are following: Corporate
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