India: CBDT issues notification for non-resident investors in financial products by IFSC capital market intermediaries
On 4 January 2024, India's Central Board of Direct Taxes (CBDT) issued Notification No. 4/2024 as per the provisions of Section 10, Clause 4G, of the Income Tax Act, 1961. This notification specifically addresses entities who are not residents and
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Peru announces tax incentives for agro and textile sectors for 2024
On 30 December 2023, Peru published Law No. 31969 in the Official Gazette. The law introduces new incentives to enhance competitiveness and stimulate job creation in various sectors, including agriculture and textile industry. One key incentive
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WTO: Strengthening LDC economies
On 31 May 2023 the WTO member states discussed a number of initiatives that aim to strengthening the economic output of less developed countries. The meeting of the Sub-Committee on Least-Developed Countries (LDCs) heard from Angola, Rwanda and
See MoreEU: European Commission Proposes Tax Allowance for Equity
On 11 May 2022 the European Commission put forward proposals for a tax allowance that would reduce the current tax advantage for debt over equity. This allowance would be designed to encourage businesses to access more equity financing and reduce
See MoreOECD: Building an Investment Tax Incentives Database
On 24 February 2022 the OECD published a working paper entitled Building an Investment Tax Incentives Database. Countries use tax incentives to attract investment, but if tax incentives are poorly designed, they may be of limited effectiveness.
See MoreIMF report looks at tax reforms in Morocco
On 9 February 2022 the IMF published a report following discussions with Morocco under Article IV of the IMF’s articles of association. After contracting in 2020, the economy is estimated to have grown by 6.3% in 2021. GDP growth is projected
See MoreNew Zealand: OECD Economic Survey for 2022 Recommends Tax Adjustments
On 31 January 2022 the OECD published the New Zealand Economic Survey 2022. The report notes that more consolidation measures are necessary to stabilise the fiscal position, and emphasises the need to increase productivity, increase the housing
See MoreVietnam proposes incentive package for 2022
On 4 January 2022, the Government has proposed a package on reduction and exemption of tax and land use fees worth VND 64 trillion (US$2.81 billion) for 2022 with an aim to facilitate post-pandemic recovery and socio-economic development in 2022 and
See MoreUK: Statistics on Venture Capital Trusts
On 21 January 2022 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2020/2021. The annual statistics on VCT tax relief help the UK government to monitor the cost and effectiveness of the tax relief, which may be
See MoreOECD: Measuring Tax Support for R&D and Innovation
On 9 December 2021 the OECD published the latest research and development (R&D) tax incentives database report. This was accompanied by the 2021 update of the R&D Tax Incentives database and a series of R&D tax incentive country
See MoreTurkey: Parliament members submit a new Tax Bill to the Parliament
On 1 October 2021, Turkish Parliament members have submitted a new Tax Bill to the Parliament which includes tax filing periods, tax exemptions, and incentives. The key corporate tax measures of the Bill are: In the reduced corporate tax
See MoreUK: Patent Box Relief Statistics Updated
Under the patent box legislation in the UK companies can enjoy a lower rate of UK corporation tax on their profits earned from qualifying patented inventions and some other equivalent types of intellectual property. The patent box relief was
See MoreOECD: Research and Development Tax Incentives and Effective Tax Rates
On 28 July 2021 the OECD published on its website tax working paper no 54 entitled Corporate Effective Tax Rates for R&D: The case of expenditure-based R&D tax incentives, written by Ana Cinta González Cabral, Silvia Appelt and Tibor
See MoreArmenia: Parliament extends the tax incentives for exporters
On 26 May 2021, the Parliament of Armenia has approved a bill on extending the tax incentives for exporters to 31 December 2029. The provided incentive was scheduled to 31 December 2021 for resident companies that are exclusively engaged in exports
See MoreOECD: Policies for a Climate Neutral Industry
On 15 April 2021 the OECD issued a Science, Technology and Industry Working Paper looking at lessons to be learned from the Netherlands on policies for a climate neutral industry. The approach taken by the Netherlands combines a commitment to
See MoreIMF and World Bank: Discussion of Global Minimum Tax and Developing Countries
On 13 April 2021 the IMF and World Bank held a tax conference entitled Minimum and Digital Taxation: Consensus or Divide? Discussion of the minimum tax centred on the G20 and OECD Pillar Two proposals currently under discussion. There are two
See MoreIMF: Fiscal Monitor Looks at Tax Policy for the Recovery
The IMF Fiscal Monitor for April 2021 entitled A Fair Shot discusses actions in response to COVID-19 and looks at policies that can prepare for a greener and more durable recovery. Low-income countries currently have large budget deficits and
See MoreUK: Evaluation of the Patent Box regime
On 17 November 2020 the UK published an evaluation of the patent box regime. The patent box was designed as an incentive for companies to retain and commercialise their intellectual property in the UK. A lower 10% rate of corporation tax is
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