Malaysia issues ruling on time limit for carrying forward unabsorbed business losses
On 30 June 2022, the Inland Revenue Board of Malaysia (IRBM) has published Public Ruling No. 1/2022 on the time limit for carrying forward unabsorbed adjusted business losses. The objective of this Public Ruling (PR) is to provide an explanation on
See MoreGermany proposes further extensions of several fiscal measures for the COVID-19
On 3 February 2022, the German Ministry of Finance has introduced a bill that provides further measures to support taxpayers during the COVID-19 pandemic. The draft bill primarily provides for the retention of transitional measures that have
See MoreMalaysia gazettes finance act 2021
On 31 December 2021, the finance act 2021 was gazetted providing following tax measures. The Finance Bill was tabled in Parliament on 9 November 2021 incorporating a number of announcements made in the Budget 2022. Abolish income tax exemption
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 MoreKenya issues public notice regarding withdraws ruling on treatment of tax Loss
On 22 September 2021, Kenya Revenue Authority (KRA) issued a public notice announcing the withdrawal of a ruling on the treatment of tax loss in computing profits. Section 15(7) of the Income Tax Act Cap. 470 requires that a person who derives
See MoreAustralia: ATO publishes loss carry back video guidance
The Australian Taxation Office (ATO) has published video guidance on the loss carry back tax offset. Loss carry back provides a refundable tax offset that eligible corporate tax entities (companies, corporate limited partnerships and public trading
See MoreLuxembourg: Tax Authorities issues circular on updated loss carry-forward rules
On 10 August 2021, the Luxembourg Tax Authorities has published Circular No. 31, which clarifies the application of the loss carry-forward under the municipal business tax. Losses incurred with effect from 1 January 2017 are available for
See MoreFrance: Government publishes a Law on amending Finance Act 2021
On 20 July 2021, the Government Officially published Law 2021-953 on amending Finance Law for 2021, which includes measures for loss carryback relief, new rules for withholding and capital gains from the disposal of shares, and the extension of
See MoreBrazil: Executive Branch sends second phase of draft tax reform to Congress
On 25 June 2021, the Executive Branch sent the second stage of the tax reform proposal to Congress. This Tax reform includes the following changes: Government proposed to reduce the corporate income tax rate from 15% to 12.5% in 2022 and to 10%
See MoreAustralia updates guidance on claiming loss carry back tax offset
The Australian Taxation Office (ATO) has issued guidance on claiming the loss carry back tax offset. Taxpayers must meet the eligibility requirements to choose to carry back the loss and claim the tax offset. Taxpayers can claim the tax
See MoreUK: Finance Act 2021 increases corporate tax rate and extends loss carry-back provision
On 10 June 2021, the UK’s Finance Act 2021 received royal assent and was published in the Official Gazette. Some of the Key tax measures are following: The corporate tax rate will increase to 25% from April 2023 on profits over £250,000.The
See MoreFrance: Government presents draft Finance Bill 2021 in the National Assembly
On 2 June 2021, Government published the amended draft Finance Bill 2021 in the National Assembly, which proposes to temporally ease conditions related to the carryback mechanism applicable to tax losses. According to the Bill, companies will be
See MoreGreece: Government publishes a Law to introduce new tax provisions
On 18 May 2021, the Government Officially published Law 4799/2021, introducing income tax reductions and other amendments to the Greek Income Tax Code. The Act includes some of the following provisions: Transfer pricing Enterprises
See MoreNetherlands updates loss carry forward provision
On 4 June 2021, the Netherlands published the Decree of 21 May 2021 in the Official Gazette, which provides for the implementation of the net operating loss carry forward changes. This legislation will enter into force for fiscal years on or after
See MoreLithuania: Government approves the revised budget support measures for COVID-19
On 26 May 2021, the Lithuanian government has approved the revised draft State budget for 2021 including certain support tax measures due to COVID-19 pandemic. Business that incurred losses in the period 2020 can utilize losses to offset taxable
See MoreKenya publishes Finance Bill 2021
On 5 May 2021, the Parliament of Kenya has published the finance bill 2021 providing the following tax measures: Reintroduce the definition of the term ‘‘Control” The definition of the term “control” was deleted with the
See MoreAustralia publishes guidelines on claiming temporary full expensing and loss carry back
The Australian Taxation Office (ATO) has published guidance on how to claim temporary full expensing and loss carry back in the 2020-21 tax return to boost-up businesses and recover from the impact of the Covid-19 pandemic. Temporary full
See MoreJapan: National Diet passes tax reform measures for 2021
On 26 March 2021, the National Diet (Parliament) passed the bill tax reform proposals for 2021 providing the following tax measures. A digital transformation-related investment under a certified business adaptation plan made by 31 March 2023 up
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