Pakistan: FBR extends the deadline for digital payments by corporate sector
On 1 November 2021, the Federal Board of Revenue (FBR) has extended the deadline for digital payments by the corporate sector up to 30 November 2021. In this regard, the FBR has issued an income tax circular 9 of 2021, on the extension in deadline
See MoreVietnam issues decree on additional tax support measures for 2021
On 27 October 2021, the Department of Taxation (GDT) published Decree No. 92/2021 / ND-CP of 27 October 2021, which contains implementing provisions for the application of Decision No. 406 / NQ-UBTVQH15 to provide additional tax assistance contains
See MoreJapan signs exchange of notes on arbitration with Denmark
On 5 November 2021, the Japanese Ministry of Finance announced an exchange of notes with Denmark regarding the entry into force of the arbitration provisions in the 2017 income tax treaty between the two countries. Due to the exchange of notes, the
See MoreWorld Tax Brief: November 2021
Belgium Interest on late payments: On 27 October 2021, the Federal Public Service has published the late payment interest for companies. According to the notice, the interest rate is set at 4% for the 2022 calendar year.See the story in
See MorePortugal: Parliament rejects 2022 Budget Bill
On 27 October 2021, the Portuguese parliament rejected the government's 2022 budget bill (Bill 116/XIV/3). The draft bill was submitted in parliament on 11 October 2021 and includes various tax-related measures, including revised personal income
See MoreSingapore: IRAS updates e-Tax Guide on DTA to address arbitration procedure
On 23 October 2021, the Inland Revenue Authority of Singapore (IRAS) issued an updated edition of its e-tax guide on “avoidance of double taxation agreements” to add guidance on arbitration provisions in Singapore’s double tax
See MoreGermany publishes court ruling on the arm’s-length interest rate on intercompany loans
On 21 October 2021, the German Ministry of Finance released Tax Court Decision No. IR 4/17(dated 18 May 2021), regarding the calculation of an arm's-length interest rate on intercompany loans. Under the ruling, the interest rate should be based
See MorePortugal introduces corporate tax credit due to COVID 19
On 11 October 2021, the Portuguese government submitted the draft budget for 2022 to the parliament. The main corporate tax measures include: The 2022 draft budget changed the patent box regulation, which provides for an increase in the
See MoreRussia increases the interest rate from October 2021
On 22 October 2021, the Russian Central Bank has announced the decision to increase the key rate from 6.75% to 7.5% with effect from 25 October 2021. For tax purposes, the key rate is an important factor in calculating the interest deduction and
See MoreRussia: MOF publishes Tax Policy guidelines for 2022-2024
On 27 September 2021, the Ministry of Finance has reportedly issued the tax policy guidelines for 2022-2024, which includes the following tax measures: The introduction of new corporate and individual tax rules for taxing digital asset
See MoreIndia: CBDT exempts certain non-residents from furnishing ITR
On 11 October 2021, the Central Board of Direct Taxes (CBDT) published Notification No. 119/2021, providing an exemption to certain nonresidents from filing income tax returns in India as from assessment year (AY) 2021-22, subject to the
See MoreDenmark: Parliament considers bill to relax rules on TP documentation
On 6 October 2021, the Danish parliament is taking into account draft bill L 7, which proposed an amendment to the Danish Tax Control Act in order to relax the documentation requirements for transfer pricing for purely Danish transactions. The
See MoreVietnam publishes special investment incentive policy
On 6 October 2021, Vietnam’s government issued Decision No. 29/2021/QD-TTG (Decision 29) on Special Investment Incentives to facilitate more high-tech investments into the country. The decision includes three different incentive scheme levels as
See MoreAustria releases the new transfer pricing guideline for 2021
On 7 October 2021, the Austrian Ministry of Finance published the updated Austrian Transfer Pricing Guidelines (Austrian Guidelines) 2021. The Austrian Guidelines 2021 are an essential interpretative aid for the application of the arm’s-length
See MoreSweden proposes the Budget Bill for 2022
On 20 September 2021, the Ministry of Finance has proposed the Budget Bill for 2022. The budget includes the following tax measures: The introduction of a modernized withholding tax on dividends paid to non-residents, including a standard
See MoreSingapore: IRAS simplifies CIT filing 2021
The Inland Revenue Authority of Singapore (IRAS) partnered with the tax community and government agencies to simplify Corporate Income Tax (CIT) Filing 2021 for companies. With the new initiatives, companies and tax agents can further reduce the
See MoreWorld Tax Brief: October 2021
ArgentinaWithholding tax on dividends: On 26 August 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 5060/2021 to update previous General Resolution 4478/2019. Accordingly, this update eliminates the alternative
See MoreIndia extends the validity of transfer pricing safe harbor rules
On 24 September 2021, the CBDT issued a new Notification No. 117/2021, to extend the applicability of the transfer pricing safe harbor rules. The extension applies for the 2020-21 and 2021-22 assessment years. Taxpayers opting for safe harbor rules
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