Indonesia: Parliament passes the harmonized taxation bill
On 7 October the House of Representatives passed the harmonized taxation bill with aiming to support tax reforms and provide a fair, prudence, effective, and accountable tax system. The bill contains the following key income tax changes: The
See MoreNorway: Government presents the National Budget for 2022
On 12 October 2021, the Government of Norway has presented the National Budget for 2022 in the Parliament includes the following tax proposals. Introduction of tax incentives for investments in small start-up companies.Reduced Bracket Tax and a
See MoreNetherlands: Amendments to revise CIT rate proposes for 2022 tax plan
On 5 October 2021, the amendments to the “2020 Tax Plan” were presented to the lower house of Parliament of the Netherlands. Further amendments to the “2022 Tax Plan” were presented on 15 October 2021 to the lower house of Parliament. The
See MoreUkraine: SFS clarifies PE rule for non-residents for tax purposes
On 12 October 2021, the Ukrainian State Fiscal Service (SFS) has clarified that a non-resident company considers as a permanent establishment (PE) if the company enters into agreements and carries out economic activities in Ukraine on its own
See MoreOECD: Tax and Fiscal Policy after the Pandemic
The OECD prepared a separate report entitled Tax and Fiscal Policy After the COVID-19 Crisis for the meeting of G20 Finance Ministers on 13 October 2021. This report was included as an attachment to the main report to the Finance Ministers. The
See MoreOECD: Report to G20 Finance Ministers Meeting
The OECD has published its report prepared for the meeting of G20 Finance Ministers on 13 October 2021. Two Pillar Solution on Tax Challenges of the Digital Economy The report notes that the two-pillar approach to digital economy taxation
See MoreIreland: Finance Ministry delivers the Budget 2022
On 12 October 2021, the Finance Ministry presented Budget 2022, which covers the following tax measures: The new minimum effective corporation tax rate will be 15%. However, Ireland will continue to offer the 12.5% rate for businesses with
See MoreNigeria: FIRS announces penalty for late filing of tax returns
The Federal Inland Revenue Service (FIRS) has recently warned that late returns on Company Income Tax (CIT) returns beyond 30 November 2021 for the 2021 tax year would attract penalty and interest. The chairman, Muhammad Nami, said the grace period
See MoreVietnam publishes special investment incentive policy
On 6 October 2021, Vietnam’s government issued Decision No. 29/2021/QD-TTG (Decision 29) on Special Investment Incentives to facilitate more high-tech investments into the country. The decision includes three different incentive scheme levels as
See MoreBrazil: STF decides that interest on late tax refunds is non-taxable
On 24 September 2021, the Federal Supreme Court (Supremo Tribunal Federal, STF), ruled Extraordinary Appeal No. 1.063.187) that certain interest that a taxpayer receives on a late tax refund from the treasury should not be included in the
See MoreEl Salvador: Legislative Assembly approves tax amnesty until 10 December
On 5 October 2021, at the request of the Ministry of Finance, the Legislative Assembly approved Legislative Decree 173 known as Tax Amnesty. The decree aims to give taxpayers 60 days to settle their situation before the Treasury, with exemption
See MoreSingapore: IRAS simplifies CIT filing 2021
The Inland Revenue Authority of Singapore (IRAS) partnered with the tax community and government agencies to simplify Corporate Income Tax (CIT) Filing 2021 for companies. With the new initiatives, companies and tax agents can further reduce the
See MoreOECD: Inclusive Framework Signs Agreement on Two Pillar Solution
On 8 October 2021 a total of 136 member countries of the OECD/G20 Inclusive Framework on BEPS joined the Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. The Statement finalised
See MoreWorld Tax Brief: October 2021
ArgentinaWithholding tax on dividends: On 26 August 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 5060/2021 to update previous General Resolution 4478/2019. Accordingly, this update eliminates the alternative
See MoreTurkey: Parliament members submit a new Tax Bill to the Parliament
On 1 October 2021, Turkish Parliament members have submitted a new Tax Bill to the Parliament which includes tax filing periods, tax exemptions, and incentives. The key corporate tax measures of the Bill are: In the reduced corporate tax
See MoreUS: CRS releases report on tax provisions in the “Build Back Better Act”
On 28 September 2021, the U.S. Congressional Research Services (CRS) has published a report on the tax provisions in the legislative recommendations for the budget reconciliation legislation, also known as the “Build Back Better Act. The
See MorePoland: Lower chamber of parliament passes the tax reform bill
On 1 October 2021, the lower chamber of parliament (the Sejm) of Poland has passed the 3rd reading the bill for the so-called “Polish Deal” tax reform bill. The bill proposes to several tax reform measures including new minimum corporate tax,
See MorePoland: Government plans to extend the scope of CFC rules
On 8 September 2021, the Polish government submitted a bill to the Parliament including the proposal extending the application of the CFC rules. The proposal includes the following changes: Extension of the definition of a foreign legal entity
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