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News Regulatory Updates

Newsletter – March 2021

Table of Contents

Brazil

Brazil introduces “Balcão Único”, a system for company incorporation in a simple and automatic way

Canada

Canada reduces automobile allowance limit by one cent for 2021

Czech Republic

Minimum base income for contribution of health insurance increased to CZK 3,500

New changes are introduced to legal framework regulating Ultimate Beneficial Owners (UBO)

New reporting obligations on employer as per amendment in Employment Act

France

Social Security Salary ceiling remains unchanged for the year 2021. 6

Germany

New Companies are required to request tax number electronically from 2021

German employment law changes

Due date of filing 2019 tax returns extended

Hong Kong

Hong Kong Budget 2021-22 Highlights

The Employment (Amendment) Ordinance 2020 sets out updates in concern with Maternity Leave

India

India Budget 2021-22 Highlights

Applicability of certain provisions and rules of Companies Act, 2013 to Limited Liability Partnerships (LLPs) including rules relating to significant beneficial ownership (SBO) etc. – proposed

Ireland

Subsidy Rates provided by Employment Wage Subsidy Scheme (EWSS) effective until March 31, 2021

Irish VAT Rate Cut reversed in March 2021

Italy

Key features of Italian Budget Law 2021

From 2022 cross border transactions in Italy will be subjected to New e-invoicing rules

Mexico

Digital service providers must Obtain Tax Identification Number from RFC

Mexico City Labor Outsourcing News

Revised Individual Income Tax Rates for 2021

Singapore

Singapore Budget 2021 Highlights

South Korea

Updates on 2020 tax Revision

Spain

Amendments to the taxation introduced by Law 11/2020, on General State Budgets for 2021 (BOE of December 31)

Update introduced on labor laws

VAT Local Bank payments no longer mandatory for non-resident businesses

United Kingdom

UK’s Making Tax Digital (MTD) Phase 2 for VAT starts from April 1, 2021 – Businesses to have Digital link between their software’s

UK simplifies VAT treatment for import of goods from outside Great Britain (GB) under Postponed Accounting (PA)

UK companies are not required to appoint a fiscal representative for VAT post Brexit in Italy

UK Budget 2021 Highlights

United States of America

California

New COVID-19 Reporting Obligations for California Employers Took Effect from January 1, 2021

Global Updates

Argentina

Regulations for the Remote-work Law introduced via Decree No. 27/2021

Russia

Reduced pension and social insurance contributions for IT companies

Thailand

Thailand’s Personal Data Protection Act coming to effect June 1, 2021

United Arab Emirates

Abu Dhabi Global Market (ADGM) introduces New Data Protection Regulations 2021

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