Finland: 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
See MoreIndonesia: DGT extends COVID-19 support measures to December 2021
The Indonesian Directorate General for Taxes (DGT) has extended the COVID-19 support measures to 31 December 2021, which had previously been extended to 30 June 2021 by Regulation No. 239 / PMK.03 / 2020. The changes are made by Regulation No. 82
See MorePakistan enacts Budget for FY 2021-22
On 30 June 2021, the Finance Act 2021 was enacted after passage by Pakistani Parliament and assent of the president. The Federal Board of Revenue (FBR) of Pakistan has published the Finance Act 2021 on their official website. Some of the key
See MoreUkraine issues draft laws on tax incentives for industrial park
Ukraine has issued Draft Law 5688 on 22 June 2021, and Draft Law 5688-1 on 7 July 2021 ‘on Amendments to the Tax Code of Ukraine to create favorable conditions for attracting large-scale investment in the industrial park’. The Draft Law
See MoreTurkey amends the decision on government aid in investments
On 28 June 2021, Turkey has published Presidential Decision No. 4191 in the Official Gazette. With Presidential Decision No. 4191, Amendments have been made in the Decision No. 2012/3305 on State Aids in Investments. Important changes were made in
See MoreUS: Treasury, IRS extend safe harbor for renewable energy projects
On 29 June 2021, the Department of the Treasury and the Internal Revenue Service issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic. In prior IRS notices, the Treasury
See MoreBangladesh: Budget proposal for FY 2021-2022
On 3 June 2021, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2021-2022 in the parliament. The budget set the target for total revenue collection in the FY 2021-2022 at Tk. 389,000
See MoreJapan enacts tax reform bill 2021
On 26 March 2021, Japan’s 2021 tax reform bills were passed by the Japanese National Diet. The Bill generally follows the tax reform outline announced by Japan’s coalition leading parties in December 2020. The amendments generally apply to
See MoreMalaysia announces new economic package for COVID-19
On 27 March 2021, the Malaysian government issued its second stimulus package to combat the economic impact of the COVID-19 pandemic. The main tax measures are: Tax breaks on tourism extended till Dec. 31. In the previous stimulus package,
See MoreJapan: National Diet passes tax reform measures for 2021
On 26 March 2021, the National Diet (Parliament) passed the bill tax reform proposals for 2021 providing the following tax measures. A digital transformation-related investment under a certified business adaptation plan made by 31 March 2023 up
See MoreHong Kong issues regulation on tax concessions for insurance-related businesses
On 15 January 2021, the Hong Kong’s Government gazetted subsidiary legislation to implement the new profits tax concessions for insurance-related businesses on March 19, 2021. Enacted in July 2020, the Inland Revenue (Amendment) (Profits Tax
See MoreJapan announces tax reform proposals for 2021
On 10 December 2020, the Liberal Democratic Party (LDP) and the New Komeito Party announced the tax proposals for the 2021 providing the following corporate tax measures. Either special depreciation of 30% or a tax credit of 3% or 5% tax
See MoreMalaysia: Finance Minister tables the budget for 2021
On 6 November 2020, the Minister of Finance Tengku Datuk Seri Zafrul Abdul Tengku Abdul Aziz unveiled the annual budget speech in Parliament for 2021. The following tax measures has been proposed under the budget 2021. A new tax incentive
See MoreIndonesia releases regulation on tax incentives for R&D activities
On 9 October 2020, the Indonesian Ministry of Finance published Regulation No. 153 / PMK.010 / 2020 on the super deduction for R&D activities carried out in Indonesia. This regulation is one of the implementing regulations required under GR-45
See MoreCroatia: Prime Minister extends Wage Subsidy Scheme amid COVID-19 pandemic
On 20 October 2020, the Prime Minister and Minister of Labor, Pension System, Family and Social Policy presented the continuation of tax relief measures to preserve jobs due to the crisis caused by the coronavirus pandemic. The main objective of
See MoreIndonesia: DGT publishes regulation extending tax incentives
On 1 October 2020, the Directorate General of Taxation (DGT) of Indonesia published the Regulation No. 143/PMK.03/2020 extending tax incentives to December 31 for medical equipment and services necessary to fight the corona-virus pandemic. The
See MoreArgentina: Government announces tax incentives for tourism industry
On 21 September 2020, Argentina Officially published Law No. 27563 providing a package of relief measures to tourism sector and related industries in response to the COVID-19 pandemic. The measures include: Services of travel and tourism
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