This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).
The content will be updated regularly. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.
22 March - Lifting of import taxes on medical and protective items:
The National Board of Revenue (NBR) waives of 12 types of safety products and test kits from import duties and taxes until 30 June 2020.
29 April - The National Board of Revenue (NBR) has not announced any specific relief measures concerning the deadlines for filing tax returns or remitting tax payments in response to the coronavirus (COVID-19) pandemic:
value added tax (VAT) reporting and payment obligations have not been extended, and thus, for the month April 2020, the standard rules apply.
Business Income Tax
The Government announced a tax exemption for Private Power Generation Company (“PPGC”)
If commercial production starts during the period 1 January 2023 to 31 December 2024, a 100% exemption from tax if available for the first five years, and then a 50% exemption for the next three years followed by a 25% exemption for the next two years for a total of 10 years of some type of exemption.
Customs/Import and Other Miscellaneous Taxes
The National Board of Revenue (NBR) waives 12 types of safety products and test kits from import duties and taxes until 30 June 2020.
Filing/Payment Deadline Extension
The government on 7 May 2020 approved draft legislation to extend the time for taxpayers to file their tax returns and to pay their taxes as relief measures in response to the coronavirus (COVID-19) pandemic.
Separate draft legislation to amend the value added tax (VAT) rules has been approved allowing the National Board of Revenue (NBR) to extend the time-limit for submission of VAT returns.
Taxpayers that comply with the filing and payment deadlines, as extended under the relief measures, will not be subject to penalty or interest assessments.