| Namibia | Incentives: On 19 February 2020, the Minister of Finance tabled the first income tax amendment bill of 2020 in Parliament that repeals the tax incentives applicable to registered manufacturers and export processing zones. See the story in Regfollower |
| South Africa | Treatment of losses: On 26 February 2020, the Finance Minister delivered National Budget for the year 2020-2021 and proposed to limit the ability of companies to fully offset assessed losses from previous years against taxable income. See the story in Regfollower |
| Norway | Withholding taxes due: On 27 February 2020, the Norwegian Ministry of Finance published a public consultation paper proposing to introduce a withholding tax system for interest and royalty payments to related parties. See the story in Regfollower |
| Chile | Main corporate tax rates: On 24 February 2020, Government Officially published a Law, which effects as from 1 January 2020. This Law includes a 27% standard tax rate for companies. Reduced rate: The Law that was officially published on 24 February 2020, includes a 25% reduced corporate tax rate for small and medium enterprises (SMEs). PE rules: The Law, published officially on 24 February 2020, introduces a new definition of permanent establishments by adding an additional text. See the story in Regfollower |
| Nigeria | Payment of tax: On 21 February 2020, the Federal Inland Revenue Service (FIRS) issued a public notice, which states the deadlines for tax payment under the Finance Act 2019. According to the notice, tax payment must be paid on or before the due date of tax return. See the story in Regfollower |
| Philippines | Main corporate tax rates: On 19 February 2020, the Senate approved a Bill regarding the progressive reduction of the corporate tax rate from the 30% to 20% by 2029. See the story in Regfollower |
| Argentina | Incentives on small business: On 31 January 2020, Government published General Resolution, which provides special tax schemes for small and medium enterprises introduced by Law 27541. See the story in Regfollower |
| Greece | Withholding rates on dividend: The Public Revenue Authority published a Circular, which provides guidance on reducing the withholding tax rate from 10% to 5% to dividend income derived from 1 January 2020. See the story in Regfollower |
| Peru | Treatment of losses: On 23 January 2020, the Peruvian Tax Administration published a Report regarding tax carry forward loss rules in respect of research and development incentives. See the story in Regfollower GAAR: On 5 February 2020, the Peruvian Tax Administration published first version of the list of high-risk tax planning schemes regarding General Anti-Avoidance Rule. See the story in Regfollower |
| Venezuela | Withholding taxes due: On 29 January 2020, three decrees were officially published. One of three decrees introduced new tax code effects as from 28 February 2020 and provides the validity for tax exemptions. This also describes penalties for failing to withholding tax payments within due dates. See the story in Regfollower |
| Bulgaria | Incentives on industry/manufacturing: On 30 January 2020, the Finance Ministry published an official Order regarding incentives providing for listed manufacturing companies. See the story in Regfollower |
| Thailand | Incentives: Thailand has recently published a Royal Decree, which allows 50% deduction for investments in machinery between 1 September 2019 and 31 May 2020 under certain conditions. See the story in Regfollower |
| Ecuador | Main corporate tax rates: On 29 January 2020, the Internal Revenue Service published an Administrative Resolution, which specifies the annual payment of temporary corporate income tax for the fiscal years 2020, 2021 and 2022. See the story in Regfollower |
| France | GAAR: On 31 January 2020, the tax authority published guidelines regarding the application of the new general anti-abuse rules. See the story in Regfollower |
| Colombia | GAAR: On 15 January 2020, Colombian tax authority published an Executive Order, which clarifies the application of General Anti-Avoidance Rule. Under the Order, tax avoidance is an act through which a taxpayer avoids the occurrence of an event that is necessary for tax liability to arise. See the story in Regfollower |
World Tax Brief: March 2020
March 11, 2020
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