Saudi Arabia announced an increase in the basic rate of value-added Saudi Arabia announced an increase in the basic rate of value-added tax to 15 percent from five percent, which was an unexpected gap with the agreed system of taxation of value-added tax by the Gulf Cooperation Council. Bahrain, Saudi Arabia, Qatar, Oman, the United […]
UK Global Customs Tariff It will replace the EU external tariff, while maintaining a 10% duty on agricultural products, including lamb, beef and poultry. The British government said the new regime, known as the UK Global Tariff (UKGT), would be simpler and cheaper than the EU’s Single External Tariff (EU CET). “Our new Global Tariff will […]
Extension of deadlines for the payment of the Annual Levy for Cyprus Companies and for compliance with the Annual Return Submission As part of the measures taken by the Cyprus Government to support companies and/or businesses affected by the pandemic of COVID-19, the deadline for the payment of the Annual Levy for the year 2020 […]
Dominican Republic provides advance payment incentives for May 2020 in connection with COVID-19 The Dominican Republic Directorate General of Internal Revenue (DGII) has announced that most taxpayers are exempted from the advance profit tax (ISR), which is usually due on May 15 (for the April period). The exemption is granted automatically and taxpayers are not […]
BELIZE ECONOMIC SUBSTANCE ACT 2019 GUIDANCE The first fiscal year reporting period for IBCS incorporated before January 1, 2020 shall commence on April 30, 2020 unless the entity gave notice to the Commission that it wished to elect an earlier commencement date (but not before October 11, 2019). The entity has 9 months to file […]
France updates DAC6 reporting requirements The French tax authority has updated a number of guidelines regarding reporting requirements adopted by Ordinance No. 2019-1068 of October 21, 2019. This Ordinance is aimed at implementing the Council Directive of the European Union 2018/822 of May 25, 2018 (DAC6) on arrangements for reporting cross-border tax planning. Updates include […]
The flat-rate loss carryback in Germany The German Ministry of Finance has announced new measures to assist companies facing liquidity problems due to COVID-19. Such companies will be able to receive a refund of taxes paid for 2019, in addition to tax amounts already paid for 2020. Due to the measures taken, affected taxpayers can […]
How to get tax deferment in Luxembourg? The Luxembourg government is postponing the deadline for paying VAT for individuals and legal entities due to the COVID-19 pandemic. The country’s tax department has published a manual with a detailed list of those who can receive exemptions, and in what way it can be obtained. Who can […]
Hong Kong updates tax laws for charities and public trusts This information was published by Hong Kong Ministry of Internal Revenue. The new tax legislation contains the interpretation and practice of the Department regarding taxation of charities or public trusts and other related matters, including the following sections: The value of charity. Constitution of mercy. […]
Costa Rica Amends VAT Exemption Costa Rica Amends VAT Exemption on commercial rents in response to the consequences of the COVID-19 pandemic. Costa Rica issued Executive Decree 42.292-H, which is valid from April 14, 2020. The decree changes the rules for exemption from VAT when renting commercial activities for April, May, and June 2020. The […]
What is Yellow Slip in Cyprus? Applying for a Residency Certificate (yellow slip) is simple and fast for any European (EU or EEA or Swiss) citizen and their family members who are interested in residing in Cyprus. To avoid possible complications, time and money, you should get acquainted with immigration rules or hire a lawyer […]
The Portuguese State Budget Act for 2020 The Portuguese State Budget Act for 2020 (Act No. 2/2020) was adopted by Parliament and published in the official newspaper on March 31, 2020. The main points of the budget law include: An increase in the deduction of expenses incurred as a result of the purchase of tickets […]
CYWORLD WEALTH is one of the world's leading financial consulting companiesNicosia, Cyprus
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CYWORLD WEALTH is one of the world's leading financial consulting companiesNicosia, Cyprus
+357 22 366 777