New Zealand extends R&D tax incentive due dates
On 26 Aug 2022, New Zealand’s Inland Revenue (IR) issued research and development (R&D) tax incentive updates due to the ongoing COVID-19 pandemic. The IR provides details on R&D tax incentive extensions, changes to claiming supporting
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Russia proposes to raise tax evasion thresholds
On 18 August 2022, the government launched a consultation on a proposal to raise the thresholds for tax evasion by legal entities. Accordingly, the criminal liability thresholds are amended as follows: The proposed threshold for large-scale tax
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Greece introduces new tax incentives
On 29 July 2022, Greece enacted legislation (Bill 4957/2022) that provides new research and development (R&D) tax incentives for companies. The law includes the following measures: -Provision of a deduction for R&D-related business
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US Inflation Reduction Act includes 15% corporate minimum tax on book income
On 16 August 2022, the President of the United States (US), Joe Biden, signed the Inflation Reduction Act (the Act) into law providing a 15% corporate alternative minimum tax (CAMT) based on book income. The Corporate Alternative Minimum Tax (CAMT)
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Argentina issues resolution introducing exceptional tax prepayment obligation
On 16 August 2022, Argentine tax authority (AFIP) published General Resolution No. 5248/2022, requiring a one-time tax payment for certain large companies that benefitted from deducting losses due to the coronavirus pandemic and ongoing
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Switzerland: Public Consultation on Minimum Corporate Tax Rules
On 17 August 2022 Switzerland launched a consultation on an ordinance to legislate for important elements in the OECD’s global minimum corporate tax under Pillar 2 of the international tax measures. The draft legislation would introduce a Swiss
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Australia revises corporate tax transparency income threshold
On 17 Aug 2022, the Australian Taxation Office (ATO) announced a reduction in the corporate tax transparency income threshold for Australian-owned resident private companies from AUD 200 million to AUD 100 million from the 2023 income
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US: IRS publishes interest rates on overpaid and underpaid tax for Q4 of 2022
On 15 August 2022, the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning October 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up
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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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OECD: Peer Review Report on Tax Transparency in Ecuador
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Ecuador. The peer review report examines the legal and regulatory framework in
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OECD: Peer Review Report on Tax Transparency in Finland
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round peer review report in relation to Finland. The peer review report examines the legal and regulatory framework in Finland and its
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OECD: Peer Review Report on Tax Transparency in Sweden
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Sweden. The peer review report examines the legal and regulatory framework in Sweden
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OECD: Peer Review Report on Tax Transparency in Portugal
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round peer review report in relation to Portugal. The peer review report examines the legal and regulatory framework in Portugal and
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OECD: Peer Review Report on Tax Transparency in Poland
On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round (phase 1) peer review report in relation to Poland. The peer review report examines the legal and regulatory framework in Poland
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Colombia: New Government presents Tax Reform Bill to Congress
On 8 August 2022, the new Government of Colombia presented a Tax Reform Bill to Congress. Although the general income tax rate (35%) is not modified, the Bill includes changes in corporate income tax (CIT), and personal income tax. The main tax
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A consultation launched by the Australian government on 5 August 2022 sets out measures that would help to address tax avoidance by multinational groups. Comments are invited by 2 September 2022. The package would implement part of the
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Costa Rica: DGT extends the deadline for filing dormant entities tax returns
The General Directorate of Taxation has extended the deadline for filing income tax returns for dormant companies until 15 November 2022. A dormant company is considered a company that meets the conditions defined in Circular 2014/2. The return must
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Spain publishes order revising tax prepayments forms
On 30 June 2022, Spain released an Order HFP/604/2022 of 30 June 2022 which approves the forms for tax installment payments. The form 202 used for prepayments of corporate tax and income tax for non-residents (permanent establishments and
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