Slovenia: Financial Administration publishes new guidance on DAC6
On 2 April 2020, the Slovenian Financial Administration published new guidance on the mandatory disclosure and exchange of cross-border tax arrangements (DAC6). The guidelines describe the scope of the reporting obligations, including the hallmarks
See MoreCOVID-19: Finland reduces interest rate for late payment of taxes
On 2 April 2020, the Finnish Ministry of Finance released an announcement that reduces the interest rate on late payments of taxes in response the coronavirus pandemic. The government proposed that the default interest rate is temporarily reduced
See MoreLuxembourg issues Draft Law on the deduction of interest and royalties expenses
On 30 March 2020, the Luxembourg government has presented a Draft Law N°7547 to the Parliament introducing a non-deductibility of interest or royalties paid to associate enterprises established in countries that are “blacklisted” as being
See MoreCOVID-19: Norway announces new tax relief measures
On 28 March 2020, the Norwegian government has released new tax relief measures in response to coronavirus pandemic. Accordingly, the value-added tax (VAT) is further reduced from 8 per cent to 7 per cent from 1 April 2020 to 31 October 2020 for
See MoreRomania: Up to 10% discount for advance payment of tax
On 26 March 2020, the Ministry of Finance of Romania announced that taxpayers who pay the corporate income tax for the first quarter of 2020 before 25 April 2020 will be entitled for tax reduction. This includes a 5% discount for large enterprises
See MoreCOVID-19: Cyprus extends the deadline for submitting income tax returns
On 30 March 2020, the Cyprus tax department published an announcement to extend the corporate and personal income tax return deadlines in response to the coronavirus (COVID-19) pandemic. A two-month extension to the filing deadline for income tax
See MoreAustria: Government publishes a decree to update the information during COVID-9
On 24 March 2020, the Government published a Decree, which replaces the previous Decree published on 14 March 2020. Under the new Decree, the following changes are included: Corporate income tax According to the Decree, a reduction of CIT
See MoreCOVID-19: Georgia announces tax relief measures due to coronavirus
On 23 March 2020, Georgian government has announced following tax relief measures due to coronavirus pandemic. Business entities connected with the tourism industry have had four months of property and income tax payment deferred until 1
See MoreCOVID-19: Cyprus defers VAT payment until 10 November 2020
On 27 March 2020, the Cyprus parliament proceeded with the voting of the relevant tax and VAT laws in response to the coronavirus. The law includes the deferral of VAT payment until 10 November 2020 without invoking penalties or interest. The
See MoreMalta: Tax measures due to COVID-19 pandemic
On 20 March 2020, Malta's Commissioner for Revenue has issued a press release on 'Postponement of Payment of Certain Taxes'. Recently, the Maltese Government has also announced guidelines on the tax deferral scheme due to COVID-19. The main
See MoreEstonia suspends interests on tax arrears due to COVID-19 outbreak
On 19 March 2020, Estonia tax authority has suspended the calculation of interests on their tax arrears for the period of emergency with retroactive effect as from 1 March 2020 to 1 May 2020. However, all tax returns must be submitted on time
See MoreSouth Africa: President announces tax relief measures amid COVID-19
On 23 March 2020, the President, Ramaphosa, made the announcement about some tax relief measures in response to the coronavirus pandemic. Some of the key measures are given below: Using the tax system, the government will provide a tax subsidy
See MoreFrance: Tax authorities publishes additional guide regarding DST
On 23 and 30 March 2020, the tax authority published additional instructions regarding digital service tax (DST), which applies as from 1 January 2019. The new guidelines complete the submission obligations and rules of how to collect DST published
See MoreCOVID-19: Latvia announces tax relief measures to support businesses
On 20 March 2020, the Latvian Parliament passed a special law on support measures related to the COVID-19 pandemic. The law took effect retrospectively on March 12, 2020, when a state of emergency was declared in Latvia. Companies on a state-
See MoreCOVID-19: Poland extends income tax filing deadline until 31 May 2020
On 25 March 2020, the Ministry of Finance announced that the deadlines for submitting CIT-8 returns by corporate taxpayers and paying the corporate tax due for 2019 for all taxpayers are extended until 31 May 2020. For taxpayers that have only
See MoreCOVID-19: Hungary announces tax relief measures in response to coronavirus
On 23 March 2020, the Government of Hungary has announced the implementation of new tax relief measures to curb the negative effects of COVID-19 crisis on the Hungarian economy. Small business sectors grant tax exemption from the obligation to
See MoreBosnia and Herzegovina: Government declares emergency tax measures due to COVID-19 pandemic
On 27 March 2020, the government of the Republic of Srpska officially announced some essential tax measures during coronavirus pandemic period. The measure contains deferral of the corporate income tax returns or payments until 30 June 2020. Also,
See MoreBelgium: TP Circular on OECD guidelines
On 25 February 2020, the Belgian tax authorities published the final version of the transfer pricing (TP) Circular No. 2020/C/35 in French on their website on transfer pricing guidelines for multinational enterprises and tax
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