Thailand 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
See MoreIndonesia releases regulation on tax incentives for R&D activities
On 9 October 2020, the Indonesian Ministry of Finance published Regulation No. 153 / PMK.010 / 2020 on the super deduction for R&D activities carried out in Indonesia. This regulation is one of the implementing regulations required under GR-45
See MoreIndia: CBDT extends deadline to make payment under Vivad Se Vishwas scheme
On 27 October 2020, India's Central Board of Direct Taxes has published a notification extending the deadline (third time) for making payment under the direct tax dispute settlement scheme 'Vivad Se Vishwas' by three months to March 31,
See MoreSri Lanka publishes TP disclosure form for AY 2019-20
The Inland Revenue Department (IRD) has published the transfer pricing (TP) disclosure form and guide for the assessment year (AY) 2019/2020. Taxpayers are required to file the TP disclosure form with their corporate income tax return if they have
See MoreIndia further extends the due date of furnishing of ITR and audit reports
On 24 October 2020, the Indian Finance Ministry published a notice regarding further extension of due date of furnishing of income tax returns and audit reports as a result of the challenges faced by taxpayers due to the COVID-19 outbreak. In
See MoreHong Kong: Chief Executive in Council make orders on CDTAs with Serbia and Georgia
On 21 October 2020, the Chief Executive in Council has made two orders under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Serbia and Georgia. The orders will be gazetted
See MoreVietnam increases tax administrative violations penalties
On 19 October 2020, the Vietnam Government has released Decree 125/2020/ND-CP on sanctioning of administrative violations of tax and invoices. The Decree has adjusted to increasing the sanction level for a number of tax-related administrative
See MoreSouth Korea: NTS releases updated MAP guidance
On 20 October 2020, South Korea's National Tax Service (NTS) has released updated Mutual Agreement Procedure (MAP) guidance on the official website. The guidance prescribes the following key areas: Overview of a Mutual Agreement Procedure
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