Malta: CFR extends electronic filing deadline of CIT returns for 2022
On 27 January 2022, Malta’s Commissioner for Revenue (CFR) has notified that the deadlines for the electronic filing of corporate income tax (CIT) have been extended as follows: Financial Year EndingManual Return DeadlineElectronic
See MoreUAE: Corporate Income Tax to be Introduced from 2023
On 31 January 2022 the United Arab Emirates (UAE) announced that it is introducing a 9% corporate tax with effect from June 2023. This tax will raise more government revenue as the UAE continues the process of economic diversification,
See MoreTurkey reduces the CIT rate by 1% for manufacturing and export activities
On 22 January 2022, Turkey has published Law No. 7351 in the Official Gazette reducing the corporate income tax (CIT) rate by 1% for manufacturing and export activities. The law was entered into force on the same date of its publication. The 1%
See MoreIndia: Finance Minister introduces the Budget for 2022-23
On 1 February 2022, the Union Budget for 2022-23 was presented by the Finance Minister Ms. Nirmala Sitharaman. The budget includes the following key tax proposals: The deadline for starting manufacturing/production to claim the 15% reduced tax
See MoreSouth Africa: SARS updates interest rate tables
On 18 January 2022, the South African Revenue Service (SARS) published updated interest tables. The South African Reserve Bank changed the “repo rate” on 27 January 2022. For ease of reference, the tables of interest rates are given below in
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UAE introduces 9% corporate tax rate
On 31 January 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) announced the introduction of a Corporate tax (CT) in the UAE that will be effective for financial years starting on or after 1 June 2023. The new regime, which is
See MoreSwitzerland: Review of international financial and tax developments in 2021
On 25 January 2022 Switzerland’s State Secretariat for International Financial Matters published its summary for 2021 entitled: Swiss financial and tax centre in 2021: more sustainable, more digital and in good shape despite the pandemic. The
See MoreKazakhstan: President signed the legislation to amend the tax Law
Recently, the President signed legislation to make changes to the tax law. Most of the changes effect from 1 January 2022. Some of the amendments are given below: The amendments introduce rules regulating the procedures for the control of the
See MoreIndia: CBDT further extends due dates of certain tax returns
On 11 January 2022, the Central Board of Direct Taxes (CBDT) has extended the filing of income tax returns and various audit reports for the 2021-22 tax years due to some difficulties reported by taxpayers and stakeholders due to the COVID-19
See MoreBulgaria approves amendments to the CIT Act
On 20 January 2022, the Bulgarian Parliament passed the draft law amending and supplementing the Corporate Income Tax Act (CITA). The draft law provides for the implementation of the reverse hybrid mismatch rules of the EU Anti-Tax Avoidance
See MorePeru sets deadlines for individual and CIT returns for 2021
On 30 December 2021, the Peruvian tax authorities (SUNAT) has issued Resolution No. 000195-2021/SUNAT in the official gazette regarding the deadlines for individual and corporate tax (CIT) returns for 2021. The Resolution includes an
See MoreUAE: FTA extends re-determination of administrative penalties
On 24 January 2022, the Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace period to benefit from the re-determination of administrative penalties on violating tax laws until
See MoreOECD releases latest edition of the Transfer Pricing Guidelines
On 20 January 2022 the OECD released the 2022 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The latest edition of the guidelines includes changes made to the 2017 edition by reports issued by
See MoreIMF: Report on the Economy of Hong Kong SAR
On 20 January 2022 the IMF published a report on the economy of Hong Kong SAR (China) following discussions under Article IV of the IMF’s articles of agreement. Hong Kong SAR's economy has recovered strongly from a number of domestic and
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Colombia issues decree on the tax return and TP documentation deadline in 2022
On 20 December 2021, the Colombian Ministry of Finance and Public Credit has issued Decree 1778 specifying the deadlines for filing and payment of the tax return (declaration) in 2022 and the deadline for transfer pricing (TP) documentation,
See MoreOECD: Tax Treatment of Overseas Development Assistance
On 20 January 2022 the OECD announced the launch of a digital hub to bring increased transparency to the taxation of development aid. The Tax Treatment of Official Development Assistance Hub sets out the approaches taken by participating donor
See MoreUK: Consultation on Technical Guidance on Uncertain Tax Treatment
On 18 January 2022 the UK launched a consultation on the technical guidance in relation to the legislation on uncertain tax treatment. Comments are invited by 1 February 2022, and the government intends to publish the final version of the guidance
See MoreSwitzerland: Implementation of OECD minimum tax rate by constitutional amendment
On 12 January 2022, the Federal Council decided to implement the minimum tax rate for certain companies agreed by the OECD and G20 member states by means of a constitutional amendment. Based on that decision, a temporary ordinance should
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