penalties News

Korea Enacts 2019 Tax Revision Bill

by Mary Swire, Tax-News.com, Hong Kong

Wednesday, January 15, 2020

The Korean Government has announced that the 2019 Tax Revision Bill was enacted on January 6, 2020, with a number of new measures added to the existing proposals. Read Full Story

EU Backs 'Accidental Americans' In US Tax Fight

by Ulrika Lomas, Tax-News.com, Brussels

Monday, December 23, 2019

In a letter to United States Treasury Secretary Steven Mnuchin, the European Council has expressed concern at the lack of action by the US Government to alleviate the compliance burdens of EU nationals and financial institutions with regards to the US Foreign Account Tax Compliance Act. Read Full Story

Jersey Reassures Taxpayers Over Return Delays

by Jason Gorringe, Tax-News.com, London

Monday, December 2, 2019

Revenue Jersey has sought to reassure taxpayers over fears that they will be charged the default effective rate of tax from next January. Read Full Story

Chile Extends Deadline For September VAT Returns

by Mike Godfrey, Tax-News.com, Washington

Monday, October 28, 2019

Chile's tax agency on October 21, 2019, announced that it will waive penalties, interest, and surcharges for value-added taxpayers who file September 2019's monthly return by the end of the month. Read Full Story

Italian Government Approves Draft Budget

by Ulrika Lomas, Tax-News.com, Brussels

Friday, October 18, 2019

On October 16, 2019, the Italian Council of Ministers approved the draft Budget law for 2020, which will prevent an automatic rise in the rate of value-added tax, and includes further measures designed to combat tax avoidance and evasion. Read Full Story

Irish Tax Investigations Typically Last Almost A Year

by Jason Gorringe, Tax-News.com, London

Friday, October 18, 2019

Ireland's Comptroller and Auditor General has released a new report on the Irish Revenue's compliance activities during 2018, and its efforts to improve how it interacts with taxpayers since a review in 2012. Read Full Story

Chile To Ease Penalties, Interest For Paid Tax Debts

by Mike Godfrey, Tax-News.com, Washington

Friday, September 20, 2019

Chile's Minister of Finance on September 17, 2019, announced the launch of a tax amnesty for businesses and individuals with outstanding tax debts, which will offer reduced penalties and interest. Read Full Story

Saudi Arabia Begins Requesting Local, Master File

by Lorys Charalambous, Tax-News.com, Cyprus

Friday, September 20, 2019

The General Authority of Zakat and Tax (GAZT) in Saudi Arabia published final transfer pricing by-laws, including transfer pricing documentation requirements proposed under the OECD's 2013 Base Erosion and Profit Shifting (BEPS) Action 13 Plan, on February 15, 2019. GAZT has now begun formally requesting the submission of specific transfer pricing documentation, in relation to the fiscal year ending December 31, 2018. Read Full Story

IRS Offers Settlement Scheme To Micro-Captives

by Mike Godfrey, Tax-News.com Washington

Friday, September 20, 2019

On September 16, 2019, the United States Internal Revenue Service announced the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Read Full Story

Panama Strengthens New Law Criminalizing Tax Evasion

by Mike Godfrey, Tax-News.com, Washington

Friday, September 13, 2019

Panama's Cabinet Council has approved a proposed legislative amendment to enable the country to more effectively penalize repeat tax evaders. Read Full Story

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