IMF Report makes Policy Recommendations to Italy
On 27 July 2022, the IMF issued a report following the conclusion of discussions with Italy under Article IV of the IMF’s articles of agreement. Italy’s economy has recovered from the drop in output during the pandemic and employment and
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Belarus reduces tax rates for the High-Tech Park
Recently, Belarus reduced the tax rates on gross income for the companies’ residents of the High-Tech Park. The rate is reduced to 1% from 2%. On 7 April 2022, by the Resolution of the Council of Ministers No. 178, the rate was increased to 2%
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New Zealand: Inland Revenue seeks comments on loss carry-forward rules
On 21 July 2022, the New Zealand Inland Revenue published Interpretation Statement on tax loss carry-forward rules for Consultation. The consultation period is from 21 July 2022 to 1 September 2022. This interpretation statement provides guidance
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Russia: CBR cuts the Key Interest Rate to 8.0%
On 22 July 2022, the Central Bank of Russia (CBR) adopted a decision to cut the key interest rate from 9.5% to 8.0%. The key rate also impacts interest penalties, which are adjusted along with the adjusted key rate. For corporate taxpayers, the
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
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Turkey increases the late tax payment interest rate
On 21 July 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5801, through which the late tax payment interest rate has been increased from 1.6% to 2.5% per month. The previous rate was applicable from 30 December 2019,
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South Korea: MOEF announce tax reform plan for 2022
On 21 July 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform plans for 2022. The aim of this plan is to enhance corporate competitiveness, reinforcement of tax support for jobs and investment, support smooth
See MoreUkraine issues law on tax preferences for industrial parks
On 22 July 2022, the Ukrainian State Tax Service (STS) issued a press release on tax preferences for industrial parks. The STS states that the Ukrainian Parliament adopted Law No. 2330-IX on amendments to the ‘Tax Code of Ukraine on creating
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Turkey increases annual deferred interest rate
On 21 July 2022, the Turkish Revenue Administration has announced that the annual deferred interest rate has been increased from 15% to 24% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 6. The General Communiqué
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Belgium plans for tax cut
On 18 July 2022, Mr. Vincent Van Peteghem, the Finance Minister of Belgium declared plans for broad tax reforms. Some of the key reform measures include: Increasing the tax-exempt amount for individual income tax from EUR 9,270 to EUR 13,390,
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UK: Mid-Size Business Customer Survey 2021
On 18 July 2022 HMRC published the mid-sized Business Customer Survey for 2021. HMRC has commissioned a mid-sized Business Customer Survey each year since 2015 to measure general perceptions of HMRC and tax administration among mid-sized
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Germany enacts the bill on the interest rate for late payment
On 21 July 2022, The Ministry of Finance published the bill providing for a reduced rate for late interest payments on excess payments and refunds of tax in the Official Gazette. The bill had been previously approved by the lower house of the
See MoreKazakhstan issues Law on amendments to the tax code
On 11 July 2022, Kazakhstan issued Law No. 135-VII on amendments to the tax code which will be effective from 1 January 2023. The Tax Code of the Republic of Kazakhstan provides for a number of following changes: Limitation of deductions
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OECD: Summary of progress on Amount A of Pillar One
On 11 July 2022 the OECD published for consultation a Progress Report on Amount A of Pillar One. Further input is invited from commentators by 19 August 2022 in relation to the technical design of Amount A. Following the Statement on the
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Australia revises guidance on diverted profits tax
On 13 July 2022, the Australian Taxation Office (ATO) issued updated guidance on the application of Diverted profits tax. The diverted profits tax (DPT) achieves the following outcomes: Aims to ensure that the tax paid by significant global
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Australia issues guidance on changing in loss carry back choice
The Australian Taxation Office (ATO) has published guidance on how to change a loss carry back choice and whether a change will affect assessments for subsequent income years. Changing loss carry back choice When taxpayers made original loss
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Sri Lanka declares penalty relief measure
On 1 July 2022, Sri Lankan Inland Revenue Department (IRD) has published a notice on penalty relief for the payment of taxes due up to financial year 31 December 2021. The summary of notice is following: The penalty relief measure is
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Nigeria: FIRS extends tax return filing due date for companies
On 4 July 2022, the Federal Inland Revenue Service (FIRS) of Nigeria has announced to extend the submission of company income tax return for the 2022 year of assessment. Accordingly, the filing of Companies Income Tax Returns for the 2022 Year of
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