| Argentina | Payment of tax: The Federal Administration of Public Revenue declared that application for including to the new tax payment facility regime needs to be done by 30 June 2020. The first installment will expire on 16 July 2020. See the story in Regfollower |
| Austria | Treatment of losses: The Government plans to introduce a loss carryback relief with the possibility of setting off losses incurred in 2020 against 2018 and 2019 profits. See the story in Regfollower |
| Bangladesh | Main corporate tax rates: The Finance Minister proposed in the Budget 2020-21 a 2.5% reduction in the tax rate of non-publicly traded companies to fix it at 32.5% from that of 35%. The rate is 25% for publicly traded companies. See the story in Regfollower |
| Belgium | Treatment of losses: The Parliament adopted a Bill providing provision for loss carry back applicable for companies in response to Covid-19 pandemic. See the story in Regfollower |
| Brazil | Payment of tax: The Ministry of Economy published a Resolution to extend the deadlines for tax installments due in May, June, and July 2020 for small business up to the last business days of August, October and December 2020. See the story in Regfollower |
| Canada | Filing return: The deadline of corporate tax return for businesses, trusts, or partnerships is extended until 1 September 2020, which are due in June, July and August 2020. See the story in Regfollower |
| Colombia | Advance payments due: The Ministry of Finance and Public Credit published a Decree to reduce the advance tax payment from 75% to 25% for taxpayers having certain economic activities. See the story in Regfollower Thin capitalization rules: The Government issued a Decree to establish the thin capitalization rules, which apply a debt to equity ratio of 2:1 taking into account debt transactions involving related local and foreign parties. See the story in Regfollower |
| Czech Republic | Treatment of losses: The Chamber of Deputies declared that entrepreneurs and companies will be able to repay tax loss for the two tax periods preceding the tax period in which the loss arose. See the story in Regfollower Filing return: Due to COVID-19 pandemic, the Finance Ministry announced that the deadline for filing corporate income tax return for 2019 is extended to 18 August 2020. See the story in Regfollower |
| Dominican Republic | Filing return: On 21 June 2020, the Directorate General of Internal Revenue announced to extend the filing deadlines of corporate tax return until 29 July 2020 for the fiscal year closed 31 December 2019. Advance payments due: The DGII also announced that the payment of advance taxes for those who have a monthly obligation for the fiscal period June 2020, whose due date is 15 July 2020. See the story in Regfollower |
| Germany | Treatment of losses: On 12 June 2020, the Cabinet approved economic relief packages, which increases tax loss carryback relief for losses incurred in 2020 and 2021. See the story in Regfollower |
| Greece | Filing return: The Ministry of Finance announced that the deadline of income tax return 2019 is to be extended until 29 July 2020 for legal entities. See the story in Regfollower |
| Malaysia | Incentives on industry/ manufacturing: On 5 June 2020, the Prime Minister announced a Short-Term Economic Recovery Plan to introduce new tax holiday incentives for manufacturers. Incentives for small business: The Prime Minister announced income tax rebate for first 3 years of assessment for SME. Incentives on services: Accordingly, the Prime Minister extended the service tax exemption for hotels until 30 June 2021. See the story in Regfollower |
| Nigeria | Late payments of tax due: The Federal Inland Revenue Service announced to extend deadline for interest and penalty relief on unpaid tax debts resulting from tax desk review, audit and/or investigation assessments. See the story in Regfollower |
| Peru | Filing return: On 29 May 2020, the Peruvian tax authorities issued a Resolution to declare the extension of some declaration of tax obligations on the basis of the tax units and last digit of RUC. Advance payments due: The tax authorities announced that the monthly advance tax declaration and payment is to be extended on the basis of the tax units, last digit of RUC, and the taxpayer’s category. See the story in Regfollower |
| Puerto Rico | Filing return: The Puerto Rican Office of the Governor announced an automatic extension to file their 2019 income tax return until 15 July 2020. Treatment of losses: The Puerto Rican Office of the Governor allowed losses of the tax year 2020 be carrying back to the previous 2 years with certain limitations for the taxpayers with annual turnover of up to USD 10 million. Withholding tax on technical service fees: The Governor Office established a relief from a 10% withholding tax rate for professional services rendered from 23 March to 30 June 2020. See the story in Regfollower |
| Qatar | Filing return: The Qatar General Tax Authority further extended the tax returns filing deadline for FY 2019 until 30 August 2020. Late payments of tax due: The Qatar General Tax Authority announced that a 5% interest would be charged of any late payments for the period starting 1 September 2020. See the story in Regfollower |
| Romania | Late payments of tax due: The Government extended interest and penalties relief regarding tax obligations up to 25 October 2020. See the story in Regfollower |
| Saudi Arabia | Taxation of capital gains: On 15 June 2020, the General Authority of Zakat and Tax published a Circular regarding income tax on capital gains from restructuring events. See the story in Regfollower |
| Taiwan | Filing return: The National Taxation Bureau of the Southern Area and Ministry of Finance stated to submit annual tax return within 30 June 2020 for business suspended in tax year 2019. See the story in Regfollower |
| Turkey | Taxation of capital gains: The Turkish Revenue Administration published a Decree through which the withholding tax on the portfolio income of the specific foreign exchange hedge funds is increased from 0% to 15%. See the story in Regfollower |
| Ukraine | Filing return: The President announced that from 1 January 2021, newly established taxpayers, agricultural producers, and taxpayers with having annual income equal to UAH 40 million (currently, UAH 20 million) are required to submit corporate tax return. Thin capitalization rules: The President signed a Law to introduce new thin capitalization rules. The new rule would apply to transactions with related and unrelated persons if the debt is more than 3.5 times the company’s equity. GAAR: On 23 May 2020, the President signed a Law, which introduces GAAR rules. The new rules will be effective from 23 May 2020. CFC rules: The President signed a Law to introduce CFC rules, which will be effective from 1 January 2021. See the story in Regfollower |
| United States | Late payments of tax due: The U.S. Internal Revenue Service announced that interest rates for overpaid and underpaid tax are reduced by 2% compared to the previous quarter for the calendar quarter beginning from 1 July 2020. See the story in Regfollower |
| Vietnam | Reduced rates: The National Assembly of Vietnam approved a reduced corporate income tax rate of 14% to all businesses if their total revenue does not exceed the VND 200 billion threshold in 2020. See the story in Regfollower |
World Tax Brief: July 2020
July 10, 2020
Share This
