Daily Tax Report: International

Tax Law May Limit Benefit of Loss Carryback Perk

EU Waives VAT on Medical Equipment to Fight Pandemic

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Uzbekistan Gives New Tax Breaks to Virus-Impacted Businesses

Uzbekistan is granting businesses hurt by the coronavirus pandemic new breaks from the country’s property, excise, land, and water taxes.

NDTV Says India Court Dismisses Notice to Reopen Tax Assessment

India’s top court quashed a tax notice to New Delhi Television Ltd., rejecting the government’s attempt to reassess income for financial year 2008-09, according to an order attached by the company in an exchange filing.

TAX VIRUS BRIEFING: Relief Continues But Challenges Remain (1)

From stimulus checks to challenges for nonprofits, we have everything you need to know about how the coronavirus pandemic is affecting companies, tax professionals, and individuals.

Ukraine Eases Corporate Tax for Virus-Related Transactions

Ukraine is granting new breaks for corporate income tax on pandemic-related medical business activity.

Fitch Downgrades Guatemala on Low Tax Take, Political Gridlock

Fitch downgrades country to BB- from BB stable on “diminishing fiscal flexibility due to the government’s low tax collection amid continuous political gridlock preventing forceful fiscal measures,” according to a statement.

EU Waives Customs, VAT on Medical Equipment to Fight Pandemic

The EU is suspending customs duties and value-added tax on medical equipment used to combat the new coronavirus pandemic, the European Commission announced Friday.

Tax Law Changes May Limit Benefits of New Loss Carryback Perk

Multinational companies should think carefully about how carrying back losses to more profitable years will impact their international tax strategy.

OECD Helps Countries Interpret Tax Treaties During Crisis

Tax treaties will help determine which country can tax an individual or company when coronavirus-related travel restrictions make it unclear how to interpret normal rules, according to the OECD.

Featured Topics

corporate income tax

Tax Law Changes May Limit Benefits of New Loss Carryback Perk

OECD Helps Countries Interpret Tax Treaties During Crisis

Slovenia Approves Rescue Package to Counter Virus Impact

VAT and GST

Ukraine Eases Corporate Tax for Virus-Related Transactions

EU Waives Customs, VAT on Medical Equipment to Fight Pandemic

U.K. Importers Can’t Defer Value-Added Tax Payments

withholding of tax

Switzerland Looks to Boost Corporate Debt Market With Tax Reform

U.K. Mulls Withholding Taxes to Deal With Risks of Gig Economy

Why ‘Cum-Ex’ Tax Dodge Casts a Shadow on German Banks: QuickTake

Philippines Tax Agency Issues Regulation Extending Filing Deadlines Due to Coronavirus

The Philippine Bureau of Internal Revenue March 30 issued a regulation extending the filing deadlines due to the coronavirus pandemic. The regulation includes: 1) the deadline extension to May 5 from April 5 for document recording taxes; and 2) the 30-day filing extension for capital gains tax payments, beginning March 16. [Philippines, Bureau of Internal Revenue, 03/30/20]

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Japan Tax Agency Posts Guidance on Recent Business Tax Amendments

The Japanese National Tax Agency April 1 posted online guidance to explain the recent business tax amendments. The explanation includes: 1) the eligibility criteria and procedure to claim the consumption tax exemption for newly incorporated entities and the export of goods; 2) the scope, conditions, and calculation method of the consumption tax deduction for residential rental building purchases; 3) the export and specific use tax exemption procedure for tobacco, alcoholic beverages, petroleum oil, and gas; 4) the notification form for the issuance of the stamp tax exemption share certificates for the invalidation of nominal shares; and 5) the gas oil tax exemption for biofuels. [Japan, National Tax Agency, 04/01/20]

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Lithuania Tax Agency Posts Draft Bill to Amend Taxation of Credit Institutions

The Lithuanian State Tax Inspectorate March 21 posted a draft bill to amend the calculation, declaration, and payment of additional income tax of credit institutions. The draft bill includes measures that would: 1) require the advance filing of additional income tax declarations; 2) increase corporate income taxes of credit institutions by 5 percent; 3) clarify the income subject to additional corporate tax deductions; 4) segregate credit institutions’ income from dividends received; 5) impose additional income taxes on income exceeding 2 million euros (US$2.2 million); 6) provide tax credit calculation procedures; 7) exempt credit institutions from additional corporate taxes for the first tax period; 8) provide the filing deadlines for annual income tax returns; and 9) explain the forms and documentation requirements. [Lithuania, State Tax Inspectorate, 03/21/20]

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Singapore Tax Agency Proposes Non-Residential Property Tax Rebates Due to Coronavirus

The Singaporean Inland Revenue Authority April 2 announced a proposal to provide a tax rebate of up to 100 percent of 2020 taxes to non-residential property owners due to the coronavirus pandemic. The proposal includes measures that would: 1) impose obligations on property owners to pass the full rebate amount to tenants; 2) impose a timeline to ensure timely rebates; 3) prohibit property owners from imposing conditions on passing the rebate to tenants; and 4) establish a panel to resolve disputes between owners and tenants. [Singapore, Inland Revenue Authority of Singapore, 04/02/20]

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