South 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 MoreNigeria: President submits Finance Bill 2022 to Senate
On 7 December 2021, the President, Muhammadu Buhari, transmitted the Finance Bill 2021 through a letter to the Senate for consideration. In the letter, the President explained that the Finance Bill seeks to support the implementation of the 2022
See MoreUK: How Businesses Understand and Claim R&D Tax Relief
Research commissioned by HMRC looked at how businesses understand and claim research and development (R&D) tax relief, and the results of the research were published on the UK government website on 30 November 2021. The research looked at
See MoreFrance: Government includes some incentives to the draft Finance Bill 2022
On 16 November 2021, Some incentives for innovation were included in the Finance Bill 2022, which would have enacted by the end of December 2021. Those incentives are given below: The timeline of company’s Young Innovative Enterprises (JEI)
See MoreRussia proposes a simplified tax system for small businesses
On 18 November 2021, the Russian government has submitted a draft bill to the parliament proposing the introduction of an experimental automated simplified tax system for small businesses. The new regime will be available to companies that meet
See MoreMalaysia: Parliament passes the budget for 2022
On 18 November 2021, the Parliament of Malaysia passed the 2022 budget at the policy stage. The budget includes the following tax proposals related to corporate taxations. To support the Government’s initiative in assisting the affected
See MoreSouth Africa: Parliament tables 2021 Tax Bills
On 11 November 2021, Tax Bills 2021 (Taxation Laws Amendment Bill (TLAB), Tax Administration Laws Amendment Bill (TALAB), Rates and Monetary Amounts and Amendment of Revenue Laws Bill (Rates Bill)) were tabled in the Parliament. The National
See MoreTaiwan: MOF explains about filing R&D expenditures as tax credit
On 11 November 2021, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance (MOF) of Taiwan has issued a press release where it was stated that corporations filing Research & Development (R&D) expenditures as tax credits
See MoreVietnam publishes draft Decree on supporting industries
Recently, the Ministry of Industry and Trade has proposed to finalize the draft decree amending Decree No. 111/2015 / ND-CP of 3 November 2015, which aims to clarify previous guidelines on incentives to support certain industrial sectors. The
See MoreAustria: Ministry of Finance proposes the tax reform for 2022
On 8 November 2021, the Austrian Ministry of Finance has proposed a draft bill on the ecosocial tax reform 2022 and submitted it for consideration by the parliament and the Federal Council. Subsequently, the corporate tax rate will reduce from 25%
See MoreVietnam issues decree on additional tax support measures for 2021
On 27 October 2021, the Department of Taxation (GDT) published Decree No. 92/2021 / ND-CP of 27 October 2021, which contains implementing provisions for the application of Decision No. 406 / NQ-UBTVQH15 to provide additional tax assistance contains
See MoreItaly: New patent box regime uses a cost-based approach
On 15 October 2021 a law decree introduced new rules for the patent box regime. The new rules grant an extra deduction of certain research and development (R&D) costs incurred by Italian taxpayers, including expenses relating to
See MorePortugal introduces corporate tax credit due to COVID 19
On 11 October 2021, the Portuguese government submitted the draft budget for 2022 to the parliament. The main corporate tax measures include: The 2022 draft budget changed the patent box regulation, which provides for an increase in the
See MoreRussia: MOF publishes Tax Policy guidelines for 2022-2024
On 27 September 2021, the Ministry of Finance has reportedly issued the tax policy guidelines for 2022-2024, which includes the following tax measures: The introduction of new corporate and individual tax rules for taxing digital asset
See MoreCyprus: MoF announces strategy for attracting companies providing tax incentives
On 15 October 2021, the Cyprus Ministry of Finance has presented the strategy for attracting companies for activating and expanding their activities in Cyprus. The strategy includes following tax incentives: Extension of tax exemption for
See MoreTurkey increases the rate of remote working in TDZs and R&D and design centers
On 17 October 2021, Turkey has published Presidential Decision No. 4454 in the Official Gazette in order to allow the activities carried out in the technology development zones (TDZs) and R&D and Design Centers to be carried out outside the
See MoreNorway: Government presents the National Budget for 2022
On 12 October 2021, the Government of Norway has presented the National Budget for 2022 in the Parliament includes the following tax proposals. Introduction of tax incentives for investments in small start-up companies.Reduced Bracket Tax and a
See MoreIreland: Finance Ministry delivers the Budget 2022
On 12 October 2021, the Finance Ministry presented Budget 2022, which covers the following tax measures: The new minimum effective corporation tax rate will be 15%. However, Ireland will continue to offer the 12.5% rate for businesses with
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