Vietnam publishes special investment incentive policy
On 6 October 2021, Vietnam’s government issued Decision No. 29/2021/QD-TTG (Decision 29) on Special Investment Incentives to facilitate more high-tech investments into the country. The decision includes three different incentive scheme levels as
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 MoreUK: Patent Box Relief Statistics Updated
Under the patent box legislation in the UK companies can enjoy a lower rate of UK corporation tax on their profits earned from qualifying patented inventions and some other equivalent types of intellectual property. The patent box relief was
See MoreNetherlands presents Budget for 2022
On 21 September 2021, the Dutch Budget for 2022 was presented. This year, the 2022 tax plan package mainly contains minor changes aimed at improving the tax system. In particular, improvements will be made to existing taxes in the areas of housing,
See MoreIreland: Government publishes Tax Strategy Group Papers prior to Budget 2022
On 16 September 2021, the Finance Department and the Department of Employment Affairs and Social Protection published Tax Strategy Group papers prior to Budget 2022. Some of the changes in the Budget papers are given below: Corporate tax As
See MoreDenmark plans to make permanent the tax incentives for R&D
On 7 September 2021, the Danish government proposed to make permanent the current temporarily increased deduction for research and development expenses of companies under an economic and social plan. An increased deduction of 130% of R&D
See MoreGreece: Prime Minister declares reduced CIT rate for SMEs
On 11 September 2021, the honorable Prime Minister, Kyriakos Mitsotakis, made a speech in Thessaloniki International Fair regarding tax measures. According to his speech, corporate tax rate will be reduced from 24% to 22%. In addition, small and
See MoreFinland: Ministry of Finance issues budget proposal for 2022
On 9 September 2021, the Ministry of Finance of Finland has released the government’s budget proposal for 2022 including following tax measures. Companies may make an extra deduction of 150% in their taxation for 2022-2027 for research and
See MoreRussia introduces reduced rate for IP income
On 31 August 2021, the Federal Tax Service has published a clarification. Accordingly, from 2 August 2021, regions of Russia may set a reduced corporate income tax rate for the income received by taxpayers from the provision of rights to use the
See MoreThailand: BOI approves measures to accelerate carbon reduction
The Thailand Board of Investment (BOI) approved incentives to encourage companies to reduce greenhouse gas emission as well as an enhanced scheme for electric vehicles and measures to mitigate Covid-19 impacts and support local vaccine
See MoreArgentina: AFIP extends payment facility for SMEs
In response to COVID-19 outbreak, on 26 August 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 5057/2021 to extend a payment facility for small and medium enterprises (SMEs) until 30 November 2021. The facility
See MoreUK: Statistics on Creative Industries Tax Relief
On 24 August 2021 HMRC published updated statistics for creative industries tax relief for 2020/21, showing that GBP 1.31 billion was paid out in tax relief for creative industries in 2020/21. Almost half the relief given in the period related to
See MoreSouth Africa: National Treasury invites comments on draft Tax Bills by 28 August
On 12 August 2021, the National Treasury and the South African Revenue Service (SARS) published a media statement the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill (TALAB) for
See MorePeru creates a tax-free zone in Northern Peru
On 14 August 2021, Peru has issued Law No. 31343 in the official gazette creating a tax-free zone in Northern Peru. The Law establishes the creation of the Organization and Administration Committee of Zofracajamarca, both located in the province of
See MoreVietnam: MoF proposes tax incentives for 2021
On 5 August 2021, the Ministry of Finance (MoF) has published a draft resolution according to Notice No. 209/TB-VPCP, for further tax reductions for 2021 due to the COVID-19 pandemic. The draft resolution was submitted to the Vietnamese National
See MoreColombia introduces new tax incentives for the maritime sector
On 4 August 2021, Colombia has issued Law 2133, which is aimed at creating incentives in the development of naval activities in Colombia that keep the maritime economy of the country related. The income from the international maritime transport
See MoreKorea: MOEF proposes Tax Revision Bill 2021
On 26 July 2021, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2021 to support new industries and employment, as well as inclusive growth. The Tax Revision Bill 2021 includes the
See MoreOECD: Research and Development Tax Incentives and Effective Tax Rates
On 28 July 2021 the OECD published on its website tax working paper no 54 entitled Corporate Effective Tax Rates for R&D: The case of expenditure-based R&D tax incentives, written by Ana Cinta González Cabral, Silvia Appelt and Tibor
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