UK: Statistics on Creative Industries Tax Relief
On 24 August 2023 HMRC published updated statistics for creative industries tax relief, showing that GBP 1.66 billion was paid out in tax relief for creative industries in 2021/22. The increase was due mainly to a significant rise in the amount of
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Hong Kong: IRD publishes updated guidance on foreign-sourced income exemption regime
On 23 December 2022, the Inland Revenue Department of Hong Kong has published updated guidance on the new Foreign-Sourced Income Exemption (FSIE) regime in the Official Gazette. The FSIE which is introduced by the Inland Revenue (Amendment)
See MoreHong Kong welcomes passage of bill on foreign-sourced income exemption regime
On 14 December 2022, the Hong Kong Legislative Council has passed the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022. The bill introduces a new foreign-sourced income exemption (FSIE) regime for passive income
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Hong Kong: IRD gazettes taxation on specified foreign-sourced Income bill 2022
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (the Amendment Bill) was gazetted on 28 October 2022 and was introduced into the Legislative Council on 2 November 2022 to provide a new framework for Hong
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2021 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. The statistics on tax relief schemes allow the government to monitor the level of use of the incentive schemes and make an
See MoreUS: Treasury, IRS extend safe harbor for renewable energy projects
On 29 June 2021, the Department of the Treasury and the Internal Revenue Service issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic. In prior IRS notices, the Treasury
See MoreIMF Blog Looks at Securing a Green Recovery
In an IMF blog post of 15 April 2021 the IMF Director General looks at policies to secure a green recovery. The blog notes that following the period of disruption due to the pandemic a few economies, led by the United States and China, are
See MoreIMF: Economic Policy Mix to Combat Climate Change
A blog post published by IMF Staff on 7 October 2020 noted that economic policy tools can facilitate the achievement of net zero carbon emissions by the year 2050 despite the effects of the COVID-19 crisis. The arguments put forward in the blog
See MoreNetherlands: Budget proposals for FY 2021
On 15 September 2020, the Dutch government published the budget proposals for fiscal year 2021. The proposals are currently subject to the review and discussions by the Dutch Parliament and as such may be subject to amendments. The final version of
See MoreUK: Statistics on creative industries tax relief
HMRC published updated statistics for creative industries tax relief for 2019/20 on 13 August 2020, showing that GBP 1.11 billion was paid out in tax relief for creative industries in 2019/20. Almost half the relief given related to film tax relief
See MorePortugal publishes Supplementary 2020 Budget
On 24 July 2020, Portugal published Law No. 27-A/2020 in the Official Gazette and entered into force on 25 July 2020. The law provides for the Supplementary 2020 Budget and an economic and social stabilization program in response to the
See MoreItaly enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
See MoreSouth Korea: MOEF proposes tax revision bill for 2019
On 25 July 2019, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed 2019 Tax Revision Bill to raise tax credit rate for corporate facility investments, R&D. The bill mainly focuses on boosting the
See MorePuerto Rico: Tax credit guidance issues on limited utilization
The Treasury Department released Informative Bulletin No. 16-11 of 6 May 2016 to pronounce that a restriction will be obligatory to the application of the investment, investigation and development tax credit which refers to a tax credit equal to 50%
See MoreItaly: Published the Stability Law for 2016 in the Official Gazette
The Stability Law of Italy for 2016 was published in the Official Gazette No. 302 the measures of which are applicable from 1 January 2016. The depreciable base of certain plants, machinery and equipment, purchased between 15 October 2015 and 31
See MoreUK: Film tax credit gains EU approval
The UK’s enhanced tax relief for film production has gained EU approval under its State aid rules. This enhanced 25% film tax credit was announced in the pre-election budget in March 2015 subject to approval by the EU. A film can claim the tax
See MoreUS: Legislation on Permanent Research and Development Tax Credit
The US House of Representatives has passed legislation that would simplify and strengthen the research and development tax credit and has included the provision in the US tax code. Companies conducting their development programs will be able to
See MoreFrance- Court Rules in Research Tax Credit Case
In France a tax credit known as the Crédit Impôt Recherche (CIR) is available for certain research and development expenditure by businesses. A recent case (No. 1219816) involved an appeal from a business advisory firm, in respect of the partial
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