Turkey sets 0% withholding tax rate on certain TRY deposit accounts
On 31 December 2021, Turkey has published Presidential Decision No. 5046 in Official Gazette. Accordingly, Turkey has set 0% withholding tax will be applicable on income from certain TRY deposit accounts and participation accounts. As of 28
See MoreMexico: Congress approves Economic Package for the fiscal year 2022
On 26 October 2021, Mexican Congress has approved the tax reform for 2020 which was presented for the fiscal year 2022 which was presented on 8 September 2021. The Economic Package clarifies income tax law, value-added tax (VAT) law, excise tax
See MoreTurkey extends dates for reduced withholding to interest on TRY deposit accounts
On 30 September 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4561 in the Official Gazette extending the dates for reduced withholding rates on interest on deposit accounts entitled in Turkish lira (TRY). The reduced
See MoreMexico: Executive Branch submits 2022 economic proposal to Congress
On 8 September 2021, the Mexican Executive Branch has submitted Economic Package for the fiscal year 2022 including a proposal of Tax Reform. The proposed 2022 Tax Law clarifies income tax law, value-added tax (VAT) law, excise tax (duty)
See MoreNigeria: President presents National Budget for 2021
On 8 October 2020, the President, Muhammadu Buhari, presented the National Budget for the year 2021 to a joint session of the National Assembly consisting of the Senate and the House of Representatives. The 2021 Budget is titled 'Economic Recovery
See MoreRussia: Central Bank hikes late payment interest penalty
On 14 September 2018, Russia’s central bank raised the late tax payment interest rate from 7.25% to 7.5% and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble
See MoreRussia: Amendment of tax law implements in 2016
In Russia, recently important tax laws were passed for corporate taxation from 2015 onwards, which will take effect from 2016. The major changes are given below: In 2016, an interest rate threshold from 75% to 125% for the Central Bank will apply
See MoreVenezuela: Tax law changes that will be effective from 2016
The tax reform measures in Venezuela have been published in official gazette on 30th December 2015. Changes to the income tax law are effective from the beginning of January 2016. They include the following measures: The tax inflation
See MoreMexico: The tax reform package for 2016 published in the Official Gazette
Mexico published the tax reform package for 2016 including amended Federal Tax Code and Income Tax Law in the Official Gazette on 18 November 2015. The tax reform will be applicable from 1 January 2016.According to the tax reform package the main
See MoreCroatia: Reduced interest rate for related-party loans
National Bank of Croatia has recently reduced bank interest rate from 7% to 3% per annum and was effective from 31 October 2015. This rate will be also decrease for the purposes of corporate profit tax law. The tax rate reduced from 7% to 3% per
See MoreCyprus: Central Bank To Reduce Interest Rates
The Central Bank of Cyprus announced lowering its interest rates by 1 percent as of March 1, 2015. The reduction will apply to all loans connected to the bank’s basic interest rate, both serviced and non-performing. In a statement, the bank
See MoreWithholding tax rates within DTA between Mexico and UAE
The DTA between Mexico and UAE of 2012 have signed on November 20, 2012. The maximum withholding tax rates are 4.9% on interest paid to banks and 10% on interest paid to rest of the cases. The treaty normally follows OECD model and will apply
See MoreItalian Government Introduces Withholding Tax on Inbound Wire Transfers
Italy has recently introduced legislation instructing banks to withhold 20% on certain inbound wire transfers. The inbound wire transfers affected by this measure include income earned from foreign investments, financial gains, interest, dividends
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