To help businesses better manage their tax compliance requirements in 2021, EY tax professionals will cover the relevant key measures that were introduced and also share insights on corporate tax, transfer pricing and goods and services tax considerations in this webcast.
1. Recap of key COVID-19 measures introduced and reminder on steps / documentation needed for YA21 ECI filing / tax return preparation.
2. Key direct and indirect tax considerations relevant to FY2020, such as:-
• Bad debts / Forgiveness of trade debts
• Refinancing of loans
• Waiver of salaries by business owners (vs getting salaries but extending loans/capitalisation of the companies)
• COVID-19 grants / reliefs received
• Tax incentives & if conditions are not met
• Losses – Preservation, carryback & group transfer
3. Other key tax and accounting changes introduced that are taking effect from YA 2021 (such as FRS 116 for non-Dec year end companies).