Corporate Tax News: Issue 59 - July 2021

The Covid-19 pandemic continues to preoccupy governments and business throughout the world. This issue of BDO’s Corporate Tax News contains an overview of the U.S. “Green Book”, draft guidance issued by Australia’s tax authorities on the treatment of intangibles, labour law changes in Mexico that affect corporate income tax, changes to Singapore’s GAAR and a corporate tax rate cut in Argentina.

This issue highlights various insights regarding the European Union, including the reporting obligations in the digital platform economy, the European Commission’s blueprint for corporate taxation for the 21^st century and an analysis of the CJEU’s decision on the Amazon case.

Other tax developments of international interest continue to take place, and Issue 59 looks at the G-20 support for global minimum tax, changes in the UK corporation tax rates, tax measures in Botswana’s 2021/22 budget, the deductibility of interest expense in Canada, compliance obligations relating to IP rights in Germany and much more.

In this issue:

• GLOBAL: G-20 backs G-7 support for global minimum tax and new allocation rules – what’s the real impact?
• THE EUROPEAN UNION:
  • Reporting obligations in the digital platform economy
  • European Commission publishes communication on business taxation for the 21st century
  • EU General Court rules in favour of Amazon in state aid case
• ARGENTINA: Progressive corporate income tax rate system introduced
• AUSTRALIA: ATO releases compliance guidance for intangible arrangements with cross-border related parties
• BOTSWANA: Enacted budget measures include rate changes and tax amnesty
• CANADA: Canada’s Budget 2021 proposes earnings-stripping rules
• EQUADOR: Special regime for micro enterprises offers beneficial tax rate
• GERMANY:
  • BMF issues guidance on tax compliance obligations relating to German-registered IP rights
  • Real Estate Transfer Tax rules tightened
• HUNGARY: Hungary declines to endorse plan for global minimum tax
• INDIA: Certain goodwill no longer eligible for depreciation
• LATVIA: Revised CIT regime provides potential benefits and opportunities for shareholders
• MEXICO: Far-reaching labour reform addresses outsourcing arrangements and has tax consequences
• PANAMA: Overview of changes to special tax regimes and introduction of new regime
• SERBIA: New legal and tax framework for digital assets
• SINGAPORE: General anti-avoidance provisions enhanced
• SRI LANKA: Strike it rich with tax-free investments!
• UNITED KINGDOM:
  • Finance Act 2021 impacts deferred tax in company accounts: IFRS and US GAAP treatment
  •  Responsible tax: Including tax in environmental, social and governance criteria
• UNITED STATES: Treasury’s “Green Book” provides details on administration’s tax blueprin
• ZIMBABWE: Tax authorities revise compliance obligations due to COVID-19

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Content abdapted from BDO Global​

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