Philippines: 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
See MoreSingapore: Supportive tax measures in response to COVID-19 pandemic
On 26 March 2020, the Inland Revenue Authority of Singapore (IRAS) has declared a series of support measures for taxpayers in response to COVID-19 pandemic. I. Support for Companies All companies with Corporate Income Tax (CIT) payments due
See MorePakistan: Emergency tax measures in response to COVID-19 pandemic
On 24 March 2020, the Federal Board of Revenue (FBR) of Pakistan has declared emergency tax measures in response to COVID-19 pandemic. The key tax measures are following: The sales tax return submission deadline for January and February 2020 is
See MoreHong Kong: IRD announces an arrangement for the issuance of tax returns for 2019-20
On 30 March 2020, the Inland Revenue Department announced an arrangement for the issuance of tax returns for the year of assessment 2019-20. Accordingly, IRD will issue property tax returns and employer's returns for the year of assessment 2019-20
See MoreCOVID-19: Malaysia extends income tax filing deadline
The Malaysian Inland Revenue Board issued a series of releases 20-25 March 2020 that provides tax relief measures including postponed tax filing deadlines. Under this, taxpayers have been granted an extension of time two-month grace period to
See MoreSri Lanka extends deadline for transfer pricing disclosure
On 20 March 2020, the Inland Revenue Department (IRD) of Sri Lanka has announced that, the deadline for submission of the transfer pricing disclosure Form has extended to 30 April 2020. IRD also noted that, the persons who submit transfer
See MoreCOVID-19: Hong Kong announces CbCR notification deadline in response to coronavirus
On 27 March 2020, the Inland Revenue Department announced CbCR notification deadline in response to COVID-19. Under section 58H of the Inland Revenue Ordinance (Cap. 112), a Hong Kong entity of a reportable group is required to file a notification
See MoreCOVID-19: India announces tax relief measures due to coronavirus
On 24 March 2020, the Finance Minister Nirmala Sitharaman announced some tax measures that include tax relief in response to the coronavirus (COVID-19) pandemic. The extension of income tax return deadline for the 2018-2019 tax year to 30 June
See MoreTaiwan: Tax measures due to COVID-19 pandemic
On 25 February 2020, Taiwan’s Ministry of Finance (MOF) has issued several tax measures due to the outbreak of COVID-19. The main measures include the following: Taxpayers who are affected by a COVID-19 and are unable to pay their tax
See MoreBangladesh: NBR exempts import duty and taxes on emergency medical items
On 22 March 2020, the National Board of Revenue (NBR) issued an SRO and declared that the government has waived the import duty and taxes on 12 medical items in response to Covid-19 pandemic. It waived the full import duty, regulatory duty,
See MoreThailand announces tax incentive for Special Economic Zone
On 11 February 2020, the Thai Revenue Department made an announcement to launch a tax measure supporting investment in Special Economic Zone (SEZ). Corporate income tax rate for companies in the area will be reduced to 10% in order to
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