Malaysia: Tax exemption on income from foreign sources
On 30 December 2021, the Ministry of Finance (MoF) announced that foreign source income derived by resident taxpayers will be exempt from tax from 1 January 2022 to 31 December 2026. The Malaysian government has agreed to exempt foreign-source
See MoreCyprus amends corporate tax residency test
On 21 December 2021, an amendment to the Income Tax Law was published in the Cyprus Government Gazette. In accordance with the amended law, an additional corporate tax residency test is introduced. Under the new law, a company incorporated or
See MoreItaly: IRA Publishes guidance on CFC legislation
On 27 December 2021, the Italian Revenue Agency (IRA) has issued the publication of Circular No. 18/E, that provides guidance regarding the regulations for controlled foreign companies (CFCs) as amended by Article 4 of Legislative Decree No.
See MoreUkraine: STS provides main provisions on amendments to the Tax Code
On 24 December 2021, the State Tax Service (STS) has issued a press release providing the main provisions of the Law No. 1914 of 30 November 2021 “On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine to ensure the
See MoreTurkey reduces withholding tax rates on corporate dividends distributions
On 22 December 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4936 in the Official Gazette reducing the withholding tax rate on corporate dividends distributions from 15% to 10%. The Decision entered into force on the
See MoreOECD: Measuring Tax Support for R&D and Innovation
On 9 December 2021 the OECD published the latest research and development (R&D) tax incentives database report. This was accompanied by the 2021 update of the R&D Tax Incentives database and a series of R&D tax incentive country
See MoreIreland: Revenue issues an eBrief to update a manual on R&D tax credit
On 14 December 2021, the Revenue published an eBrief 226/21, which updates a manual to clarify certain aspects of the Research and Development (R&D) Tax Credit. The following aspects have been updated: to reiterate that measures to enhance
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 MoreOECD: Fiscal Federalism 2022
On 20 December 2021 the OECD released the publication Fiscal Federalism 2022: Making Decentralisation Work. This looks at trends in relations with subnational governments as the world strives to emerge from the crisis caused by the
See MoreOECD: Global Anti-Base Erosion (GloBE) Rules
On 20 December 2021 the OECD published the document Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two). The Global Anti-Base Erosion (GloBE) Rules provide for large multinational
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 MoreItaly announces statutory interest rate for 2022
On 15 December 2021, Italy has published the Ministerial Decree that increases the statutory interest rate to 1.25% with effect from 1 January 2022. Previously, the statutory interest rate was
See MoreSouth Africa: National Treasury invites public consultation on tax policy documents
On 15 December 2021, the National Treasury published a Media Statement of three discussion documents on tax policy for public comment. The National Treasury and the Department of Mineral Resources and Energy invited comments from interested
See MoreOECD: Supporting the Digitalisation of Developing Country Tax Administrations
On 16 December 2021 the OECD’s Forum on Tax Administration (FTA) published a report entitled: Supporting the Digitalisation of Developing Country Tax Administrations. Digital technology is creating opportunities for more efficient ways for tax
See MoreGreece: Finance Ministry highlights tax measures on 2022 Budget
On 17 December 2021, the Finance Ministry announced an overview of tax measures on the 2022 Budget. Some of the approved tax measures are given below: The corporate income tax rate is reduced from 24% to 22% for legal entities and legal entities
See MoreRussia increases the interest rate from December 2021
On 17 December 2021, the Russian Central Bank has announced the decision to increase the key rate from 5% to 8.5% with effect from 20 December 2021. The new rate applies from The CBR's key interest rate is used for the purposes of calculating
See MoreUK: HMRC updates late payment interest rates
On 17 December 2021, the UK HMRC has announced the revision of late payment interest rates following the base rate increase to 0.25% by the Bank of England. The Bank of England Monetary Policy Committee voted on 16 December 2021 to increase the
See MoreUK: LOB Clause of US-UK treaty does not restrict unilateral foreign tax credit
Aozora GMAC Investments Limited, resident in the UK, was a subsidiary of a Japanese bank. The taxpayer made a loan to its subsidiaries in the US. Article 11(1) of the US-UK double tax treaty provided for exclusive taxation of the interest income
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