ArgentinaDue dates main corporate income tax: The Federal Administration of Public Revenue made an extension in the deadline to apply for the tax payment facility from 30 June 2020 to 31 July 2020.
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AustraliaReduced rate: The corporate tax rate for small business is reduced from 27.5% to 26% for the financial years 2020-2021.
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BangladeshMain corporate tax rate: The national budget for 2020-2021 announced that the corporate income tax rate for non-publicly traded companies is reduced from 35.0% to 32.5%.
Surcharge: The budget 2020-2021 announced a 2.5% surcharge is introduced on all types of tobacco-manufacturing companies.
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BelgiumFiling return: The Minister of Finance granted an extension of the deadline for filing the corporate tax return until 29 October 2020.
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ChileAdvance payments due: The tax authority suspended the provisional corporate tax payments obligations for the months July, August, and September 2020 respectively.
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ChinaReduced rates: The Finance Ministry announced that corporate income tax rates will be reduced to 15% for Hainan-registered eligible companies in certain industries.
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Dominican RepublicFiling return: The submission deadline of corporate tax return for the tax year closed on 31 March 2020 is extended until 31 August 2020.
Due dates main corporate income tax: Accordingly, the due date of the payment of taxes is extended until 31 August 2020 for the tax year closed on 31 March 2020.
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GermanyTreatment of losses: The parliament approved an increased threshold from EUR1m to EUR5m for 2020 and 2021 for tax loss carrybacks.
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Hong KongFiling return: The Inland Revenue Department announced that the filing deadline of profit tax return is extended until 15 September 2020 for accounting date falls within 1 December 2019 to 31 December 2019.
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HungaryLate payments of tax due: The central bank reduced the base interest rate from 0.9% to 0.75% in order to maintain price stability and support economic recovery from the COVID-19 pandemic.
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IndiaFiling return: The deadline of filing corporate income tax return for the year 2020-2021 is extended up to 30 November 2020 and the due date is extended until 31 July 2020 for the tax year 2019-2020.
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IrelandTreatment of losses: The Irish Revenue published a manual to describe the principles of allowable losses.
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Korea, Rep OfTreatment of losses: The Ministry of Economy and Finance proposed through a Bill to extend the deduction period of tax losses carry-forward from 10 years to 15 years for net operating losses.
Taxation of capital gains: In addition, the Bill was proposed a 20% separate tax for residents and a 10% withholding tax of sale value or 20% of capital gains from 1 January 2021 for foreigners.
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OmanLate payments of tax due: The tax authority announced to postpone the late payments penalty up to 30 September 2020.
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PanamaFiling return: On 16 July 2020, Government extended the deadline of annual tax return submission for the year 2019 until 31 July 2020.
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PolandWHT rates on interest/dividends: The Finance Ministry introduced a 19% withholding tax rate (WHT) rate to non-resident entities for making the payments of interest, dividends, or royalties, which will effective from 31 December 2020.
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Saudi ArabiaWithholding taxes due: The General Authority of Zakat and Tax announced that the deadline for submitting declarations and paying for withholding tax is extended until 10 July 2020.
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Incentives: The Government issued a Royal Decree providing an exemption of income taxes for oil and hydrocarbon production non-Saudi companies listed in the Saudi financial market.
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SpainSubmission of returns: The Government released an Order to give approval of the corporate income tax return Form and guidance for periods starting between 1 January and 31 December 2019.
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Sri LankaFiling return: The Inland Revenue Department issued a Notice to declare that PAYE tax return submission for the years 2019/2020 is extended up to 31 December 2020.
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United KingdomThin capitalization rules: The Government published a draft legislation to amend the limitation on the interest deduction for corporation tax as part of the Finance Bill for 2020/21.
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United StatesTreatment of losses: The Department of the Treasury and the Internal Revenue Service proposed guidance for consolidated groups regarding net operating losses.
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UruguayAdvance payments due: The Directorate General of Taxation announced that taxpayers with gross income of up to 6 million indexed units can pay their advance tax payment in September and October 2020 for the months June, July and August.
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VietnamTreatment of losses: The Government announce that non-deductible interest expenses are allowed to be carried forward for five years counting from the year following the year the non-deductible interest expense arise.
Thin capitalization rules: The Government increased cap on deductible interest expenses from 20% to 30% of earnings before interest, tax, depreciation and amortization.
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