The latest issues of PRISM – the quarterly tax newsletter, which is part of Reanda's effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics.
Highlights
Australia
Income tax: Record keeping and access - electronic records
This Ruling explains the Australian Taxation Office’s (ATO) view on record keeping in electronic form for the purposes of section 262A of the Income Tax Assessment Act 1936 (ITAA 1936). It explains how you must retain and, when required, provide access to electronic records, including encrypted records, records created from e-commerce and records stored in the cloud. It applies to individuals and companies carrying on a business.
Italy
Italian Government's reaction to COVID-19
This article is focused on the main measures adopted by the Italian Government, through the August Decree, with the aim of relaunch Italian economy:
1. Measures to refinances enterprises' activities
2. Specific measures for companies and tax obligations
3. Update tangible/intangible assets and shares book value.
Singapore
Singapore Budget 2020: Brief Highlights
Singapore's economy grew by a modest 0.7% in 2019 and this is the weakest growth since the 2008 Financial Crisis. COVID-19 has further threatened Singapore's slow economy. Singapore Budget will be a comprehensive one that helps companies and workers transform, supports families in coping with the cost of living and caregiving needs and ensures environmental and financial sustainability. Given the economic fallout from COVID-19, there will be more measures put in place to help businesses and Singaporeans tide over this difficult period.
UK
COVID-19–UK Government Support Schemes
The pandemic has brought unprecedented challenges both for people and society. HM Revenue & Customs have been at the forefront of the government’s response to the coronavirus. The department have successfully developed and implemented schemes at unprecedented speeds to deliver financial support to businesses and self-employed individuals via schemes such as the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS), Coronavirus Business Interruption Loan Scheme (CBILS) and the Job Retention Scheme (JRS). The COVID-19 outbreak has had far reaching financial impacts on individuals and businesses across the UK, and across the world.
Cyprus
Cyprus and Russia amend their Double Taxation Avoidance Agreement (DTAA) – August 2020
Cyprus and Russia reached an agreement on 10 August 2020 for amending their DTAA signed in 1998 (as amended in 2010).
Greece
COVID-19 Pandemic: Greece won the battle of health and it is the turn of the economy to recover
Greece emerged from a ten-year economic crisis and 2019 was a year of recovery. 2020 was expected to be better with a 2.2% growth forecast from the IMF. However, the pandemic overturned all the positive predictions that had been made. Government took timely measures to deal with the pandemic. The general lock-down was something new but citizens complied with the restrictive measures and adapted to the conditions. Initially Greece was one of the few countries that successfully faced the pandemic.
Pakistan
Amnesty Scheme for Construction Sector in Pakistan
The purpose of this Scheme is to provide relief package to construction industry by way of promulgation of Tax Laws (Amendment) Ordinance, 2020 vide dated April 17, 2020 to provide boost to economic activity.
UAE
BEPS ACTION PLAN 13
OECD and G20 countries developed an action plan in 2013 to address the Base Erosion and Profit Shifting (BEPS) by Multinational Enterprises and in 2015, adopted a 15-point action plan under the BEPS project to address BEPS and enhance the transparency, reinforce the substance requirements and improve cross border tax coherence. Action 13 is one of the Action Plans which is about transfer pricing documentation where large Multinational Enterprises are required to provide high level information about their global business operations and transfer pricing policies to the tax administration of each country. They are also required to file an annual Country by Country (CbC) Report which will have major impact on transparency of Multinational Enterprises and their global operations.