On 23 May 2020, the Law of Ukraine "On Amendments to the Tax Code of Ukraine Purposed to Improve the Administration of Taxes, Eliminate Technical and Logical Inconsistencies in the Tax Legislation" ('Anti-BEPS Law') became effective with certain provisions being phased out.At the same time, certain provisions of the Anti-BEPS Law have called for the extension of their entry into force or elaboration thereof.Separately, the President of Ukraine referred to the Cabinet of Ministers with a number of recommendations purposed to enhance the Anti-BEPS Law concerning, inter alia, the CFC Rules, protection of data reported by taxpayers and obtained from the foreign jurisdictions.To this end, on 14 July 2020, the Parliament of Ukraine passed Law No. 786-IX "On Amendments to the Tax Code of Ukraine with respect to Functioning of the Electronic Cabinet and Simplification of Work of Private Entrepreneurs" ('Amending Law'). On 8 August 2020, the Amending Law entered into force.
The Federal Tax Authority ('FTA') extends the suspension of procedural legal terms between 17 and 30 August 2020.
The National Treasury in South Africa has implemented a deferment of excise duties in respect of payments, for excise compliant businesses in the tobacco and alcohol industries. This is due to the detrimental effect of lockdown restrictions on the sale of alcoholic beverages and tobacco products. Virusha Subban, Partner and Head of Tax, and Prenisha Govender, Associate in the Tax Practice at Baker McKenzie in Johannesburg, outline the key details of these deferrals.
As part of the Tax Cuts and Jobs Act, Congress substantially reformed the US international tax regime, shifting from a worldwide deferral system to a hybrid territorial system. Generally, under the new hybrid territorial system, a normal return (defined as 10%) on overseas tangible assets is exempt from US tax via a 100% dividends received deduction. Any return in excess of the normal return (referred to as global intangible low-taxed income or GILTI) is taxed annually by the US (no deferral) at a preferential tax rate achieved through a 50% deduction (resulting in an effective tax rate on GILTI of 10.5%).
This document summarizes the statutory requirements on the exportation of dual-use items from Russia, and does not contain information on the exportation of military items.