India issues notification on transfer pricing tolerance range for 2019–20
On 19 October 2020, India’s Central Board of Direct Taxes has released the Notification No. 83/2020 setting the arm’s length pricing variation limit for assessment year 2020-21. Accordingly, the variation between the arm’s length price
See MoreThailand declares penalty relief for transfer pricing disclosure forms in response to Covid-19 pandemic
The Revenue Department of Thailand declared a reduction of the penalty from THB 200,000 to THB 5,000 for late submissions of the transfer pricing (TP) disclosure form due to Covid-19 pandemic. The reduced penalty is available for disclosure
See MoreAustralia: Guidance on Anti-abuse rules in tax treaties
On 12 October 2020, Australian taxation office (ATO) release new guidance about the general anti-abuse rules in any of Australia's tax treaties has been finalized and published. Law Administration Practice Statement PS LA 2020/2 Administering
See MoreAustralia: Parliament approves Federal Budget for 2020-21
On 9 October 2020, Mr. Scott John Morrison, the Prime Minister of Australia has issued a release announcing the approval of the Budget 2020-21 measures. On 6 October 2020, the Budget measures were included as part of the Treasury Laws Amendment
See MoreMalaysia issues ruling on appeal against assessment and application for relief
On 7 October 2020, the Malaysian Inland Revenue Board (IRB) has published Public Ruling No.7/2020 with the objective to explain the procedures with regard to appeal and application for relief in line with the provisions of the Income Tax Act 1967
See MoreIndonesia: DGT publishes regulation extending tax incentives
On 1 October 2020, the Directorate General of Taxation (DGT) of Indonesia published the Regulation No. 143/PMK.03/2020 extending tax incentives to December 31 for medical equipment and services necessary to fight the corona-virus pandemic. The
See MoreVietnam issues Decree regarding 30% CIT reduction for 2020
On 15 October 2020, the Vietnamese Government has issued Decree No. 114/2020/ND-CP on reduction of payable corporate income tax (CIT) of the year 2020 for enterprises, cooperatives, non-business units and other organizations. Previously, The
See MoreHong Kong: IRD updates CbC XML schema and user guide
On 6 October 2020, Inland Revenue Department of Hong Kong has published the updated CbC reports XML schema and user guide. The Department has developed a data schema in XML which is based on the CbC XML Schema issued by the OECD. The data schema
See MoreIndonesia: Directorate General of Taxation issues new regulations on APA
On 17 September 2020, the Indonesian Directorate General of Taxation posted online Regulation No. PER- 17/PJ/2020 regarding the procedures for completing applications, implementing, and evaluating an advance pricing agreement (APA). The
See MoreKazakhstan: BEPS MLI enters into force
On 29 September 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, MLI entered
See MoreHong Kong and Georgia enter into tax pact
On 5 October 2020, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government, signed a comprehensive avoidance of double taxation agreement (CDTA) with
See MorePakistan: FBR extends tax return filing deadline
On 30 September 2020, the Federal Board of Revenue (FBR) has declared the extended date for filing income tax returns. The companies who were required to file tax Returns of Total Income/Statements of final taxation for the tax Year 2020 which
See MoreSri Lanka declares final tax payment deadline for AY 2019-20
The Inland Revenue Department (IRD) has published a notice on making the final income tax payment by 30 September 2020 for the assessment year (AY) 2019-20. Corporate taxpayers, Individual taxpayers, and all other entities can pay their taxes
See MorePhilippines: BIR issues a Circular to extend the deadline of Form BIR 1709
On 15 September 2020, the Bureau of Internal Revenue (BIR) published Revenue Memorandum Circular (RMC) No. 98-2020 to extend the submission deadline of related party transaction Form, or the Form BIR 1709. The initial extended due date is 30
See MoreHong Kong: IRD commence TP documentation compliance reviews
In September 2020, the Hong Kong Inland Revenue Department (IRD) began conducting the first round of compliance reviews of the taxpayers' transfer pricing documentation and issuing requests for information in accordance with Section 51 (4) A and 51
See MoreThailand extends half year corporate tax returns deadline
On 14 September 2020, the Thai Revenue Department has suggested non-listed companies to file half year corporate income tax returns (P.N.D. 51) for tax year 2020 which deadline was 31 August 2020 but has been extended to 30 September 2020 and
See MoreIndonesia: DGT publishes reporting requirements for companies eligible for reduced rate
On 1 September 2020, the Directorate General of Taxation (DGT) of Indonesia has published Regulation No. 123/PMK.03/2020 which provides the forms and procedures to claim the 3% corporate tax rate reduction that was introduced in June 2020. Under
See MoreHong Kong: IRD extends the due dates for filing profits tax returns for 2019/20
On 9 September 2020, the Inland Revenue Department (IRD) of Hong Kong has published a Circular Letter to Tax Representatives extending the deadline for filing Profits Tax returns. Accordingly, the Inland Revenue Department decided to extend the
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