India publishes Finance Act 2022
On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new
See MoreRussia extends the 0% CIT rate for cultural institutions
On 26 March 2022, Russia published Federal Law No. 68-FZ on Amendments to Articles 284 and 284-8 of Part Two of the Russian Tax Code. Under the amendments, the corporation tax rate of 0% applies retrospectively to 1 January 2022 for cultural and
See MoreTurkey: Government submits a draft bill to the Parliament
On 25 March 2022, the Turkish Government submitted a draft bill to the Parliament. The bill contains various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the bill are as
See MoreSingapore: Corporate tax proposals under budget 2022
Recently, the Minister of Finance presented the 2022 budget to Parliament. The main corporate tax proposals are summarized below: The Ministry of Finance is introduced a minimum effective tax rate of 15% for multinational enterprise groups (MNE)
See MoreBrazil: Government allows incentives on most manufactured products
On 25 February 2022, the Federal Government Officially published Decree 10.979/2022, which reduces tax rates by 25% on manufactured products (IPI) such as, freezers, fridges, ovens and washing machines. The decree establishes 18.5% of IPI to be
See MoreKazakhstan: Government announces tax benefits for manufacturing industry
On 28 February 2022, the State Revenue Committee announced new corporate income tax and value added tax (VAT) benefits for the small businesses in the manufacturing industry. This was reported by the State Revenue Committee of the Ministry of
See MoreNetherlands: Covid-19 support measures will end in the second quarter of 2022
The Dutch government has published a notice declaring the key support measures implemented and subsequently extended in response to the Covid-19 pandemic will end with effect from 1 April 2022. The measures contain the fixed costs grant scheme
See MoreRussia introduces tax exemption for IT sector
On 2 March 2022, the President of Russia signed Decree No. 83 (“the Edict”). The decree provides several tax incentives to support Russia's IT sector. Accordingly, qualified IT companies are granted an exemption from corporate income tax
See MoreChina extends tax payment deferral for SME sector
On 28 February 2022, the Ministry of Finance and State Administration of Taxation of China have jointly issued Announcement No. 2 of 2022 extending the tax payment deferral policy for SMEs especially in the manufacturing
See MoreEcuador introduces a new regime for investors
On 22 February 2022, the Ecuadorian government presented a bill in the National Assembly that introduced a new regulation for a Special Economic Zone (SED) and a Free Trade Zone for investors. The draft law provides for the following
See MoreSouth Africa: Finance Minister delivers Budget 2022-2023 in National Assembly
On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to
See MoreMalaysia: MOF releases rules on incentive for manufacturers of pharmaceutical sectors
On 17 February 2022, the Finance Ministry of Malaysia has published the Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 effective from the year of assessment 2021. The Rules apply to a pharmaceutical
See MorePeru issues Legislative Decrees on tax incentives for various sectors
On 30 December 2021, Peru’s President Pedro Castillo has enacted Legislative Decrees modifying new regime and tax incentives for agribusiness and other sectors. The Legislative Decrees are effective from 1 January 2021. Tax incentives provided by
See MorePeru issues Legislative Decrees on tax incentives for various sectors
On 30 December 2021, Peru’s President Pedro Castillo has enacted Legislative Decrees modifying new regime and tax incentives for agribusiness and other sectors. The Legislative Decrees are effective from 1 January 2021. Tax incentives provided by
See MoreUkraine: STS provides main provisions on amendments to the Tax Code
On 24 December 2021, the State Tax Service (STS) has issued a press release providing the main provisions of the Law No. 1914 of 30 November 2021 “On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine to ensure the
See MoreIreland: Revenue issues an eBrief to update a manual on R&D tax credit
On 14 December 2021, the Revenue published an eBrief 226/21, which updates a manual to clarify certain aspects of the Research and Development (R&D) Tax Credit. The following aspects have been updated: to reiterate that measures to enhance
See MoreThailand extends certain tax incentives
The government of Thailand has declared that it will extend the period of certain tax incentives for business located in the special economic development zones (SEZs) in Narathiwat province, Pattani province, Yala province, Songkhla province (only
See MoreSouth Africa: National Treasury invites public consultation on tax policy documents
On 15 December 2021, the National Treasury published a Media Statement of three discussion documents on tax policy for public comment. The National Treasury and the Department of Mineral Resources and Energy invited comments from interested
See More