Global updates – a quick glance
Argentina: Thresholds have been revised for submission of Transfer Pricing Study (Local File) and Master File for related party operations. The general threshold stands have been reduced from ARS 30 million to ARS 3 million.
Australia:
- The company tax rate for the base rate entity is reduced to 25% for 2021-22 (previously 26%).
- Paid Parental Leave (PPL) entitlement extended to parents facing stillbirth.
Canada:
- New GST/HST Registration Requirements for Digital products and services from July 1, 2021.
- New regulations on Taxation of Employee Stock options applicable from July 1, 2021. Introduction of a CAD 200,000 annual limit over employee stock options which may qualify for the 50% stock option deduction.
China: China’s Personal Information Protection Law to be effective from November 1, 2021, and Shenzhen’s Data Regulation to be effective from January 1, 2022.
France: French Parliament Approves Amending Finance Bill 2021 that allows Loss Carryback Relief
Hungary: Introduction of new UBO Register in Hungary for Data Reporting. Changes are required to be reported within 5 days of the occurrence.
India:
- The Indian government extends due dates for filing Income Tax Returns. Also, extends date for holding annual general meeting by 2 months till November 30,, 2021.
- Government clarifies that no GST levy on supply of BPO/KPO services to foreign clients.
- E-way Bills blocking resumes from August 15, 2021.
Ireland:
- The Gender Pay Information Act of 2021 is enacted in Ireland.
- Employees to get statutory paid sick leaves of 3 to 10 days under Statutory Sick Pay (SSP) scheme.
Italy: Release for Deadline Extension on Payment of Tax until September 15. ITR with no surcharges, productive activities returns (“IRAP”), value-added tax returns.
Malaysia: Tax return filing deadline is extended until October 31, 2021 for companies.
Poland: Annual reporting tax strategy report obligation for entities with revenues exceeding EUR 50 million w.e.f. 2021.
South Korea: Hourly national minimum wages increased by 5.1% from KRW 8,720 to KRW 9,160.
Thailand: VAT registration requirements for non-resident digital services providers and platform operators are effective from September 1, 2021.
Vietnam: Proposal for Tax Reductions for 2021 Due to COVID-19 by Vietnam Government – CIT, Personal IT, VAT, Penalties Relief.
| Country | Data Protection Fines |
| Hungary | National Authority for Data Protection and Freedom of Information (“NAIH”) fines a “Care Home” with EUR 1,400 for Excessive CCTV Monitoring under Articles 5 (1)(a)-(c) 6, and 13 (1) and (2) of the GDPR (Regulation (EU) 2016/679) (‘GDPR’). |
| National Authority for Data Protection and Freedom of Information (“NAIH”) fines “11th District Public Health Department” with EUR 27,900 for security incidents involving the health data of 1,153 individuals. | |
| Ireland | The Data Protection Authority imposes a fine of EUR 225 million on “WhatsApp” Ireland Ltd. for violating the GDPR. Breach in concern with GDPR transparency obligations occurred w.r.t. information provided to data subjects about the processing of information between WhatsApp and other Facebook companies. |
| Italy | Italian Data Protection Authority fines “Deliveroo Italy s.r.l.” with EUR 2.5 million for Non-compliance with general data processing principles under Art. 5 (1) a), c), e) GDPR, Art. 13 GDPR, Art. 22 (3) GDPR, Art. 25 GDPR, Art. 30 (1) c), f), g) GDPR, Art. 32 GDPR, Art. 35 GDPR, Art. 37 (7) GDPR. |
| Netherlands | The Netherland’s Data Protection Authority (Autoriteit Persoonsgegevens/AP) has imposed a fine of EUR 450,000 on “Employee Insurance Agency (UWV)” for poorly handling the security of personal data. |
| The Netherland’s Data Protection Authority (Autoriteit Persoonsgegevens/AP) has imposed a fine of EUR 750,000 on “TikTok” for infringement of Children’s privacy rights. | |
| Poland | The Polish data protection authority fines “ERGO Hestia” with PLN 160,000 for data breach notification failure. The data breach was related to a financial intermediary employee sending an email to the wrong recipient containing an analysis of insurance needs and an insurance offer, which included data such as name, surname, Polish social security number, etc. |
| The Polish data protection authority fines the “District Court” with PLN 100,000 for lack of technical and organizational security measures under the GDPR case due to loss of flash drive containing personal data of 400 people. | |
| United Kingdom | The Information Commissioner’s Office (“ICO”) has imposed a fine of GBP 200,000 on “Brazier Consulting Services Ltd.” for illegal nuisance calls. The Information Commissioner’s Office (“ICO”) has imposed a fine of GBP 170,000 on “Yes Consumer Solutions Limited” (“YSL”) for making unsolicited direct marketing calls to customers registered with Telephone Preference Service (“TPS”). |
Table of Contents
Argentina
New thresholds set for submission of Transfer Pricing Study (Local File) and Master File (Master Report)
Australia
Base rate entity company tax rate stands reduced from 26% (2020-21) to 25% (2021-22)
Paid Parental Leave (“PPL”) entitlement extended to parents facing stillbirth
Payroll Tax payment and Annual Reconciliation deadlines extended for the months of July 2021 and August 2021
Extension of virtual meeting relief by Treasury Laws Amendment (2021 Measures No. 1) Act 2021
Brazil
Deadline for delivery of the Tax Accounting Bookkeeping (“ECF”) extended to last business day of September 2021 (previously the Last business day of July 2021)
Brazilian Data Protection Law (“LGPD”) Administrative Sanctions are effective from August 1, 2021
Canada
2021 Budget implementation Bill C-30 receives Royal Assent on June, 29 2021
GST/HST registration requirement for non-resident digital economy businesses effective July 1, 2021
Regulations on changes for Taxation of Employee Stock options – received Royal Assent on June 29 2021
China
Social security for foreign employees working in Shanghai
China’s Personal Information Protection Law (“PIPL”) to be effective from November 1, 2021 and Shenzhen’s Data Regulation to be effective from January 1, 2022
Colombia
Colombia updates procedure for filing Transfer Pricing Return and CbCR Notification
Czech Republic
Czech Republic proposes new legislation for whistleblowers’ protection
Amendment to State Social Support Act; Increased child allowances applicable retroactively w.e.f. January 1, 2021
Czech Employment Act amended; Employer can face a penalty up to CZK 10 Million for outsourcing, service contracts, etc.
France
French Parliament Approves Amending Finance Bill 2021 including Loss Carry back Relief
Germany
Deadline for filing 2020 Tax Return extended until October 31, 2021
Hungary
Introduction of new UBO Register in Hungary for Data Reporting
India
MCA introduces relief measures to fight second COVID-19 wave
BPO/KPO services not intermediary services; 0% GST on Supply of BPO/KPO services to foreign clients
E-Way Bill (“EWB”) blocking resumes from August 15, 2021 for non-filers
Amendments to the Limited Liability Partnership Act effective from August 13, 2021
From September 1, Non-filers of 2 monthly GSTR-3B returns are banned from filing GSTR-1
Amnesty scheme for late filing of GSTR-3B extended till November 30, 2021.
Extension of income tax due dates
Indonesia
Extension of COVID 19 Incentives by MOF
Ireland
Introduction of Gender Pay Gap Information Act 2021
Statutory Sick Pay to employees from the year 2022
Introduction of Business Resumption Support Scheme (“BRSS”) to help businesses affected by COVID -19.
Israel
Deadline for periodic VAT Return filing and payment extended.
Malaysia
Malaysia provides temporary exemption from levy of Human Resources Development Fund (“HRDF”)
Extension of due date for filing tax returns for 2021
Poland
New annual reporting, tax strategy report obligation for entities with revenues exceeding EUR 50 million w.e.f. 2021
South Africa
South African Revenue Service Announces Emergency (COVID-19 ) Tax Relief for Compliant Businesses
Amended Consolidated Directions on Occupational Health and Safety Measures in Certain Workplaces
South Korea
Increase in Hourly Minimum Wages effective from January 1, 2022
Thailand
Thailand VAT registration rules for non-resident digital services providers and platform operators are effective from September 1, 2021
United Kingdom
Announcement of revised tax-free fuel rates effective from September 1, 2021
Furlough Scheme Extended until September 30, 2021
Vietnam
Proposal for Tax Reductions for 2021 Due to COVID-19 by Vietnam Government