Philippines: President signs the CREATE Act into Law
On 26 March 2021, the President, Rodrigo Duterte, signed into law the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and maintain fiscal prudence and stability. The CREATE Act introduces
See MoreIndia further extends the deadlines for audit, reassessment and penalty proceedings
On 27 February 2021, the Central Board of Direct Taxes (CBDT) released a Notification No. 10/2021 that provides the further extension of deadlines for the completion of audit, reassessment, and penalty proceedings due to COVID-19
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MoreAustralia: ATO publishes guidance on claiming loss carry back
The Australian Taxation Office (ATO) has published guidance on claiming loss carry back for early balancers and claims for partial years. Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who
See MoreThailand requires TP disclosure form to be submitted electronically
On 14 January 2021, the Revenue Department of Thailand has published a notice making it mandatory for companies to submit their transfer pricing (TP) disclosure forms via the Revenue Department's website or the Ministry of Finance's electronic tax
See MoreVietnam: MoF proposes extension of certain tax payment deadline due to COVID-19
On 17 February 2021, the Vietnamese Ministry of Finance (MoF) has issued a press release regarding the extension of certain tax payment deadline due to the COVID-19 pandemic. MoF proposes to the Government to extend the deadline of certain tax
See MoreSingapore: Summary of tax changes in Budget 2021
On 16 February 2021, the following tax changes were announced by Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat, in his Budget Statement for the Financial Year 2021. Tax measures in the budget 2021 concern: Investment
See MorePhilippines: CREATE Bill sends to President for signature to make it Law
On 3 February 2021, the House of Representatives announced in a release that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to
See MoreSri Lanka launches online tax payment platform
The Inland Revenue Department (IRD) of Sri Lanka has published a notice introducing Online Tax Payment Platform (OTPP) with effect from 8 February 2021, to make tax payment with the collaboration of below mentioned banks, in addition to the
See MoreMalaysia releases updated tax guide on digital services
On 1 February 2021, the Royal Malaysian Customs Department published an updated Guide on Digital Services by Foreign Service Provider (FSP), which replaces the prior guide dated 1 August 2020. Effective 1st January 2020, service tax shall be
See MoreSingapore updates guidance on tax residence rules of a company and PE
The Inland Revenue Authority of Singapore (IRAS) issued updated guidance on the tax residence status of companies and permanent establishments (PE) in light of the Covid-19 pandemic. Tax Residence Status of a Company Where a company is not
See MoreIndia: Finance Minister presents the Union Budget 2021-22
On 1 February 2021, the Finance Minister presented the Union Budget 2021-22 containing following tax proposals. The budget proposed to reduces the length of time for assessment procedures from 24 months to 21 months (measured from the end of the
See MoreHong Kong gazettes Inland Revenue Bill 2021
On 29 January 2021, the Hong Kong’s Government published the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the Bill) in the Gazette. The Bill aims to amend the Inland Revenue Ordinance (Cap. 112) to provide tax
See MoreAzerbaijan introduces CbC Reporting requirements
Recently, Azerbaijan has introduced Country-by-Country (CbC) reporting requirements and notification requirements for multinational entity groups (MNE groups) headquartered or operating in Azerbaijan. The CbC reporting rules are effective for
See MoreJapan and Georgia enter into tax pact
On 29 January 2021, “Convention between Japan and Georgia for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance” (hereinafter referred to as the New Convention) was signed in
See MoreAustralia: ATO introduces guidance on Covid-19 and PE
The Australian Taxation Office (ATO) updated guidance on whether the presence of employees in Australia, due to the impacts of Covid-19, may create a permanent establishment (PE). The updated guidance states that the ATO will not apply
See MoreMalaysia: IRBM reduces documentation submission timeline on request
On 2 February 2021, the Inland Revenue Board of Malaysia (IRBM) updated its transfer pricing guidelines including new guidance on submission of transfer pricing documentation and penalties. With the introduction of Section 113B of the ITA1967 which
See MoreSingapore: IRAS issues updated tax guide on R&D tax measures
On 29 January 2021, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (6th Edition). The Guide sets out the relevant R&D tax measures as announced in Budgets
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