Saturday, August 8, 2020

International Taxation

Saudi Arabia triples VAT by 15% to Counter Oil slump amid COVID-19

Saudi Arabia will triple value-added tax (VAT) and suspend a cost of living allowance for state workers, it said on Monday, seeking to shore up finances hit by low oil prices as...

Hungary introduces Retail Tax to tackle COVID-19

On 14 April 2020, Hungary published the Government Decree on rules of special retail tax that was re-established due to the COVID-19 crisis. The new regime will be applicable to both the...

Algeria waives Customs Duties and VAT on Pharmaceutical Products

Algeria has temporarily suspended the imposition of customs duties and Value-Added Tax(VAT) on the imports of pharmaceutical products and medical equipment to combat the fast-spreading novel coronavirus. The government would approximately spend $100...

Spain notifies Urgent Tax Measures to survive COVID-19 Crisis

Last week, Spain notified, new fiscal measures to support the economy and employment affected by the pandemic. The measures were approved by the Royal Decree-Law 15/2020. The additional measures adopted to date include...

China extends VAT Exemption on Small Business Loan Interest

China has prolonged the Value-Added Tax (VAT) exemptions on the interest income from loans to small businesses. The announcement affirms the extension of preferential tax policies relating to the financing of micro...

CBDT notifies Amended DTAA Protocol Between India And Austria [Read Notification]

The Government of India has notified the protocol amending Double Taxation Avoidance Agreement (DTAA) with Austria, notifies that the date of entry into force of the said amending Protocol is the 1st...

Covid-19: Poland announces VAT Relief for School Equipments

The Education Ministry of Poland announces tax relief for school equipment and the provision of learning platforms. The tax relief propounds 0% VAT rate for donations of laptops and tablets to schools...

Czech Republic announces VAT Exemption on Gratuitous Supplies for Covid -19

The Finance Ministry of the Czech Republic announced the Value-Added Tax (VAT) exemption on Gratuitous goods and services to combat COVID-19. The General Financial Directorate (GFD) has clarified the details of situations...

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Impact of COVID-19 on the Financial Reporting Ecosystem

The COVID-19 pandemic is affecting major economic and financial markets and almost all industries. The virus has hit not just people, but businesses and financial...