Russia increases the interest rate from December 2021
On 17 December 2021, the Russian Central Bank has announced the decision to increase the key rate from 5% to 8.5% with effect from 20 December 2021. The new rate applies from The CBR's key interest rate is used for the purposes of calculating
See MoreArmenia increases the interest rate from December 2021
On 14 December 2021, the Armenian Central Bank has announced the decision to increase the key rate from 7.25% to 7.75% with effect from December 2021. The interest rate of the Central Bank is used for the purposes of calculating interest
See MorePortugal publishes new APA rules
On 26 November 2021, the Portuguese Tax Administration (PTA) was published Ministerial Order No. 267/2021 which revises the regulations on the procedures for concluding Advance Pricing Agreements (APAs) in accordance with Article 138 of the Code
See MorePortugal publishes new transfer pricing Legislation
On 26 November 2021, the Portuguese Tax Administration (PTA) published Order No. 268/2021, which replaces Regulation No. 1446-C / 2001 of December 21, 2001. The new regulation revises the rules for implementing the arm's length principle under
See MoreZambia proposes transfer pricing changes
On 29 October 2021, the Zambian government has presented the budget for 2022 to the Parliament. The budget proposes a number of significant changes in corporate taxation including amendments to transfer pricing regulations. The budget introduces
See MoreWorld Tax Brief: December 2021
AustriaMain corporate tax rate: On 8 November 2021, the Austrian Federal Ministry of Finance (MOF) published a draft law on the eco-social tax reform bill 2022. Subsequently, the corporate tax rate will reduce from 25% to 24% in 2023 and from 24%
See MoreRussia proposes a 0% CIT Rate to specific sectors
On 25 November 2021, the Ministry of Finance (MoF) submitted Bill No. 25126-8 to Parliament. The law provides for a corporate tax rate of 0% for cultural institutions established by municipalities. If accepted, the 0% rate will apply from January
See MoreIndia: CBDT notifies the arm’s-length pricing variation limit for 2021-22
On 29 October 2021, the Central Board of Direct Taxes (CBDT) has published Notification No. 124/2021, which provides for a tolerance limit of 1% for wholesalers and 3% in all other cases for the arm’s-length pricing determination in the
See MoreSingapore enacts Income Tax (Amendment) Act 2021
On 16 November 2021, the Income Tax (Amendment) Act 2021 came into force. The Act gives effect to 2021 Budget and non-Budget tax measures, including an extension of the enhanced loss carry-back relief scheme, enhanced deduction for donations and
See MoreDenmark approves the bill to relax rules on TP documentation
On 25 November 2021, the Danish Parliament passed Draft Law No. L7, which largely abolishes the obligation to include domestically, controlled transactions in the Transfer Pricing Documentation (TP). The draft law also specifies the requirement to
See MoreRussia: MOF publish clarification guidance for TP purposes
On 18 November 2021, the Russian Ministry of Finance (MoF) published a Guidance Letter No. 03-03-07/85525 clarifying that a loan is considered a controlled debt for Transfer Pricing (TP) purposes if it is granted to a Russian company by a third
See MoreRussia proposes a simplified tax system for small businesses
On 18 November 2021, the Russian government has submitted a draft bill to the parliament proposing the introduction of an experimental automated simplified tax system for small businesses. The new regime will be available to companies that meet
See MorePortugal: Tax Agency extends certain payment deadlines
On 10 November 2021, the Portuguese Tax and Customs Authority issued Order No. 351/2021-XXII, announcing payment deadline changes for 2021 and 2022, due to the coronavirus pandemic. The order includes: The filing of form-10 for personal income
See MorePoland: President signs new tax bill into Law
On 15 November 2021, the President signed into the Law a bill referred to as "Polski Ład" introducing, amongst others, amendments to the definition of a controlled foreign corporation (zagraniczna jednostka kontrolowana, CFC) to include more
See MoreGermany publishes court decisions concerning the intercompany loans
On 4 November 2021, The German Ministry of Finance (MoF) published Tax Court Decision No. IR 32/17of 9 June 2021, on the taxation of corporate income based on unsecured loans to foreign related companies. In that case, a domestic company granted
See MoreZambia proposes the Budget for 2022
On 29 October 2021, the Minister of Finance and National Planning, the Honorable Dr. Situmbeko Musokotwane, presented the Budget for 2022 to the National Assembly of Zambia. The budget includes the following changes: Proposed to reduce the
See MoreVietnam publishes draft Decree on supporting industries
Recently, the Ministry of Industry and Trade has proposed to finalize the draft decree amending Decree No. 111/2015 / ND-CP of 3 November 2015, which aims to clarify previous guidelines on incentives to support certain industrial sectors. The
See MoreAustria: Ministry of Finance proposes the tax reform for 2022
On 8 November 2021, the Austrian Ministry of Finance has proposed a draft bill on the ecosocial tax reform 2022 and submitted it for consideration by the parliament and the Federal Council. Subsequently, the corporate tax rate will reduce from 25%
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