Tracking regulatory changes around the world.

Time 2021-01-04 08:03:29

Web Name: Tracking regulatory changes around the world.

WebSite: http://regfollower.com

ID:156115

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On 30 December 2020 the EU and China confirmed that they have agreed in principle the provisions of an investment agreement. The agreement aims to resolve some of the difficulties that have been encountered by On 30 December 2020 the EU-UK Trade and Cooperation Agreement was signed by the EU leaders and by the UK Prime Minister. The deal was also approved by the UK Parliament which was recalled for By Suraj Nangia,Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In the seven-decade era of independent country, India housed a complex regime of labour laws affecting every person in India working for their livelihood, right By Suraj Nangia, Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In an attempt to overhaul the insolvency and bankruptcy regime, India had enacted the Insolvency and Bankruptcy Code 2016 (Code) on May 28, 2016. By Sachin Garg, Partner- Direct Taxation, Nangia Andersen LLP Sachin.garg@nangia-andersen.com+91 93502 93097 The year 2020 has already become an unforgettable year to the unprecedented global pandemic across the world, nation-wide lockdown in India as well On 28 December 2020 the EU ambassadors unanimously approved the Trade and Cooperation Agreement between the EU and the UK. The agreement is to be considered by the UK parliament on 28 December and if On 16 December 2020, the Egyptian Ministry of Finance (MOF)publisheda decree (No. 610 of 2020) setting out the tax treatment of capital gains from the sale or disposal of unlisted shares by non-residents. The decree Recently, the Tax Authority has announced a webpage entitled “Déclaration des dispositifs transfrontières”, which contains french specifications for the reporting of cross-border schemes under DAC6 and the Mandatory Disclosure Rules (MDR). The specifications constitute the On 16 December 2020 the OECD published comments received on the Blueprints outlining the remaining issues involved in finalising the work on Pillar One and Pillar Two of the proposals on tax challenges arising from On 17 December 2020 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2019/2020. The statistics on VCT tax relief are released annually and are important for monitoring and assessment On 8 October 2020, the Tax Appeal Tribunal delivered a ruling in the case of Citibank Nigeria Limited v. Rivers State Board of Internal Revenue (RBIR). The Tribunal held that the tax authorities must prove On 14 December 2020 the Moscow State Arbitration Court released its judgement on case involving Dutch and Russian companies of Kinross group, Canadian public group. Facts of the case The Russian subsidiary of the group, On 17 December 2020, the Parliament approved the COVID-19 Tax Measures Act. Recently, the Ministry of Finance has announced the draft winter package on tax measures for the coronavirus outbreak. The package includes the measures On 16 December 2020 the OECD published information setting out the extent to which member countries of the Inclusive Framework have implemented the recommendations on hard to value intangibles (HTVI) drawn up as part of On 18 December 2020 the OECD issued Guidance on the transfer pricing implications of the COVID-19 pandemic. This looks at the impact of the pandemic on areas of the transfer pricing analysis and APAs. Comparability On 11 December 2020, the Bulgarian Government published the amendments to the Act on Tax and Social Security Procedure Code (TSPC) in the State Gazette. The National Assembly adopted an Act amending and supplementing the On 11 December 2020 the WTO’s Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs) adopted a package of six recommendations and declarations concerning problems encountered by MSMEs when engaging in international trade. The On 9 December 2020, the Estonian Parliament (Riigikogu) has adopted Bill No. 286 SE to amend a Law on the Ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion On 4 December 2020 the Russian Ministry of Finance announced initiation of the termination of DTT with the Netherlands due to absence of process in its renegotiation. There is six months’ termination notice, hence DTT On 11 December 2020 the IMF published a report following consultations with Nigeria in relation to Article IV of the IMF’s articles of association. The COVID-19 pandemic has hit Nigeria’s economy which was already experiencing On 8 December 2020 the OECD published a document entitled Automatic Exchange of Information: Guide on Promoting and Assessing Compliance by Financial Institutions. The guide has been put together with the help of the of Botswana and Czech Republic On 26 November 2020, the Double Taxation Agreement (DTA) between Botswana and the Czech Republic entered into force for the avoidance of double taxation and the prevention of fiscal evasion with Belgium Filing return: On 12 November 2020, the Belgian Minister of Finance announced a further extension of the filing corporate income tax returns to 30 November 2020 for the Assessment Year 2020.See the story in On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) issued a report entitled Enhancing International Tax Debt Management, looking at challenges around international tax debt collection. Problems faced in international tax debt collection On 3 December 2020, the Parliament adopted the draft Bill No. L 28, which proposes to implement the OECD s recommendations on permanent establishment, so that the Danish rules are brought into line with the latest On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) released a report on Strategic Planning as part of a planned series called Supporting SMEs to Get Tax Right. The report aims to support On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) released a paper entitled Tax Administration 3.0: The Digital Transformation of Tax Administration outlining a concept for digital development of tax administrations that leads On 8 December 2020 representatives of the members of the OECD’s Forum on Tax Administration (FTA) agreed on an agenda for 2021 focusing on tax certainty and digital enhancement of tax administration. The FTA is On 30 November 2020, the Irish Revenue published an eBrief 216/20 on a new Tax and Duty Manual Part 38-03-21, which provides details of the release of CbC User Guide Version 2.0 and CbC XML On 18 November 2020, the Mexican Tax Administration (SAT) has issued general tax rules (GTR) for 2020. The GTR includes a new ‘chapter’ related to the mandatory reporting requirements for certain transactions. Mandatory Disclosure Rules On 30 November 2020, the Maltese Commissioner for Revenue (CFR) notified that the cut-off date for the version change of the CRS and CbC XML schemas for any domestic reporting is 10 January 2021. Any On 26 November 2020, the Federal Administration of Public Revenue (AFIP) published a General Resolution 4864/2020 of 26 November 2020 to extend the effective date of mandatory use of SIRE in case of VAT withholding On 30 November 2020, the Finance Department published the Fall Economic Statement 2020 Supporting Canadians and Fighting COVID-19, including prudent fiscal plan with proposed measures for a tax system for the digital economy. Under On 2 December 2020 HMRC published a research report by IFF Research aiming to reach an improved understanding of the situation of wealth managers, UK goods importers and freight forwarders who may be in a On 3 December 2020 the OECD released the annual Revenue Statistics publication with the results of a survey of OECD countries. The data indicates that the average tax to GDP ratio in the OECD countries On 6 November 2020 the Bundesrat (the upper house in the German parliament) gave its approval to ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also Australia CbC reporting requirement/Master File/Local File: The Australian Taxation Office (ATO) has issued a notice declaring a lodgment deferral until 29th January 2021 for the Local file, Master file, and Country-by-Country (CbC) report for the Country Compliance Issue Due date Extended Related News France Transfer pricing return 31-Oct-20 31-Jan-2131-Dec-20 See MoreSee More India CIT return 30-Nov-20 31-Jan-21 See More Japan CIT payment Between 1 February 2020, and 1 February 2021 On 17 November 2020 the UK published an evaluation of the patent box regime. The patent box was designed as an incentive for companies to retain and commercialise their intellectual property in the UK. A On 25 November 2020 HMRC published the preliminary estimate of the value added tax (VAT) gap for 2019/20. The VAT gap indicates the VAT lost for various reasons and is measured as the difference between The global outbreak of COVID-19 is significantly affecting businesses, government revenues, and individuals with long term impacts on domestic and global economies. As a result, many governments around the world have announced fiscal and monetary On 30 November 2020 the OECD published a publication outlining the Tax Crime Investigation Maturity Model. The maturity model has been developed to help jurisdictions to assess their capability in relation to the investigation of On 26 November 2020, the Republic of Indonesia deposited a notification confirming the completion of its internal procedures for the entry into effect of the provisions of BEPS MLI. Indonesia signed the agreement on 7 On 27 November 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, on 26 November On 25 November 2020, the tax authorities published updated guidance regarding reporting rules applicable to intermediaries as regards cross-border arrangements under the provisions of Council Directive (EU) 2018/822 (DAC6) and it provides additional information on On 25 November 2020, the Ministry of Finance announced that French tax authorities have begun sending notices to demand millions of euros from large digital companies or US technology groups as they push ahead with On 26 November 2020, the Parliament passed conclusively the 2021 Budget Act, which will enter into force on 1 January 2021. In the transitional and final provisions, Parliament today voted on child benefits and on On 25 November 2020, the Parliament approved the draft Law for ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). Croatia must now deposit its ratification instrument to bring the A case study by the OECD and UNDP published on 27 November 2020 focuses on capacity building work undertaken with the Georgian tax administration through the Tax Inspectors Without Borders (TIWB) initiative. The study notes A report was issued on 23 November 2020 following a mission conducted by staff from the IMF and the OECD from April to October 2020. The main purpose was to provide technical support in relation

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