• Malaysia: Finance Bill 2020 includes various tax measures beyond those in 2021 budget speech
• Germany: Draft law would mitigate issues related to extraterritorial taxation
• Australia: More businesses to qualify for full expensing of depreciating assets
• Belgium: Reovery reserve measure adopted by parliament
• Cayman Islands: Economic substance reporting updates released
• El Salvador: Tax considerations to December 2020 payroll
• European Union: European Commission consults on extension of DAC to cryptoassets and e-money
• Germany: Draft law proposes changes to anti-treaty shopping rules
• India: Extension of mandatory GST e-invoicing as from 1 January 2021 announced
• India: ITAT rules nonresident liable to penalty for not preparing transfer pricing records
• India: ITAT rules share premium account utilized to set-off losses not profit subjected to MAT
• Portugal: Draft budget law for 2021 proposes amendments to permanent establishment rules
• Singapore: OECD Pillar Two blueprint: A Singapore perspective
• Sweden: Supreme Administrative Court provides guidance on assessment of “real” establishment
• United Arab Emirates: MOF conducts information sessions on CbC reporting requirements
• United States: Deductibility of business expenses paid with forgiven PPP loan proceeds clarified

For the latest developments from various countries on measures in response to COVID-19, please visit the Deloitte tax@hand COVID-19 page.