Spain: Congress of Deputies adopts law to support innovative startups
On 1 December 2022, the Spanish Congress of Deputies has approved the Law for the Promotion of the Emerging Companies Ecosystem, better known as the Startups Law. The law facilitates some tax measures for the startups business. Under this, the
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Ecuador submits a draft bill in the parliament on tax incentives for audiovisual and energy sectors
On 24 November 2022, the government of Ecuador submitted a draft bill in the National Assembly that provides incentives for audiovisual and energy sectors. The incentives include: A remittance tax exemption on expenditures occurs for carrying
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Singapore introduces income tax reform Act 2022
On 4 November 2022, Singapore's official Gazette published the income tax (Amendment) Act 2022. The Act includes the following measures: Extension of withholding tax exemption to 31 March 2023 from 31 March 2022 for foreign mediators and
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Nigeria: President signs the startup act 2022 into law
On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income
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UK: Growth Plan to address high energy costs and inflation
On 23 September 2022 the UK government announced a series of measures aiming to boost economic growth. Corporation tax The planned rise in corporation tax is cancelled, so the rate of corporation tax will remain at 19%. The Annual
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UK: Statistics on Creative Industries Tax Relief
On 18 August 2022 HMRC published updated statistics for creative industries tax relief for 2021/22, showing that GBP 1.05 billion was paid out in tax relief for creative industries in 2021/22. This represented a sharp decrease in the amount of tax
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Cyprus increases the deduction for research and development related cost
On 20 July 2022, the Cypriot Official Gazette published the amended income tax law increasing the deduction for research and development (R&D) expenses for the years 2022, 2023 and 2024. The changes are provided under the amendment of Article 9
See MoreHong Kong: IRD publishes gazette on tax concessions for certain shipping-related activities
On 22 July 2022, the Inland Revenue Department of Hong Kong published in the Gazette “Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022” to provide half-rate profits tax concessions (i.e. at a
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 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
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 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
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 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
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