South 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 MoreEU: European Parliament Adopts Resolution on Impact of National Tax Schemes
On 15 February 2022 the European Parliament adopted a resolution relating to the impact of national reforms on the economy of the European Union. Resolutions of the European Parliament are not binding on other EU institutions, but they call for
See MoreArgentina: AFIP again extends tax payment facilities for SMEs
On 28 January 2022, due to COVID-19 pandemic, the Federal Public Revenue Administration (AFIP) published General Resolution 5142/2022 of 28 January 2022 to extend time limit of previously introduced tax payment facilities for small and medium
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 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 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 MoreIndia: Finance Minister introduces the Budget for 2022-23
On 1 February 2022, the Union Budget for 2022-23 was presented by the Finance Minister Ms. Nirmala Sitharaman. The budget includes the following key tax proposals: The deadline for starting manufacturing/production to claim the 15% reduced tax
See MoreLithuania adopts important tax law changes
On 7 December 2021, the Lithuanian Parliament adopted several important amendments to the Law (No.IX-675) on the Corporate Income Tax of the Republic of Lithuania. The law proposed the following measures: Effective from 1 July 2022, the
See MoreNigeria: President signs Finance Bill 2021 into Law
On 31 December 2021, the President, Muhammadu Buhari, signed the Finance Bill 2021 into Law at an event at the state house. The Act introduces various changes to 12 different laws in Nigeria. On 21 December 2021, Senate passed this Finance Bill
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 MoreMalaysia: Tax exemption on income from foreign sources
On 30 December 2021, the Ministry of Finance (MoF) announced that foreign source income derived by resident taxpayers will be exempt from tax from 1 January 2022 to 31 December 2026. The Malaysian government has agreed to exempt foreign-source
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 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 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 MoreUkraine: President signs law on tax incentives for the IT industry
On 20 December 2021, the President of Ukraine has signed Law No. 1946-IX providing ‘Diia City’ resident IT companies special tax and legal regime from 2022. This will come into force at the end of January 2022. The Law provides for a number
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
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