Kazakhstan: National Bank increases its base rate from July 2021
On 26 July 2021, The Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to increase the base rate from 9% to 9.25% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used
See MoreTurkey extends the first installment deadline on the tax amnesty and tax base
On 27 August 2021, Turkey has published Presidential Decision No. 4420 published in the Official Gazette numbered 31581, which extends the application deadline and the first installment deadline under Law No. 7326 regarding the restructuring of the
See MoreAustralia: ATO publishes loss carry back video guidance
The Australian Taxation Office (ATO) has published video guidance on the loss carry back tax offset. Loss carry back provides a refundable tax offset that eligible corporate tax entities (companies, corporate limited partnerships and public trading
See MoreUS: IRS publishes interest rates for Q4 maintaining the same as 3rd quarter
On 25 August 2021, the U.S. Internal Revenue Service announced interest rates for the fourth quarter which remains the same as third quarter. The fourth quarter will be started from 1 October 2021 with the following rates: 3% for overpayments
See MoreQatar: GTA extends deadline for filing tax returns
On 30 August 2021, the General Tax Authority (GTA) of Qatar has announced the extension of deadline for submitting tax returns for fiscal year 2020 for companies and establishments owned by Qatari citizens and GCC citizens, which are exempt from
See MoreMalaysia: IRBM announces additional one-month extension to file tax returns
On 19 August 2021, the Inland Revenue Board of Malaysia has announced an additional one-month extension of time to file income tax returns for 2021. Companies/taxpayersCalendar year / accounting period endingGrace PeriodFor individuals,
See MoreRussia: MOF clarifies the deductibility of R&D expenses for CIT purposes
The Russian Ministry of Finance (MoF) recently issued a Guidance Letter No. 03-03-06/1/49733, published on July 26, 2021. The MoF noted that R&D expenditure was completed in the reporting period (tax period) in which this R&D was completed
See MoreGerman: Federal Constitutional Court voids 6% interest rate on back taxes
On 18 August 2021, the Federal Constitutional Court has published a press release stating that interest of 6% pa on tax back payments and tax refunds from 2014 is unconstitutional. Earlier, the First Senate of the Federal Constitutional Court
See MoreThailand extends CIT return filing deadline
The Thai Ministry of Finance (MOF) has extended the deadlines for electronic filing of corporate income tax (CIT) return in response to the Covid-19 pandemic. The corporate income tax return (PND 50, 52 and 55), financial statements and the
See MoreUK: Statistics on Creative Industries Tax Relief
On 24 August 2021 HMRC published updated statistics for creative industries tax relief for 2020/21, showing that GBP 1.31 billion was paid out in tax relief for creative industries in 2020/21. Almost half the relief given in the period related to
See MoreSouth Africa: National Treasury invites comments on draft Tax Bills by 28 August
On 12 August 2021, the National Treasury and the South African Revenue Service (SARS) published a media statement the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill (TALAB) for
See MorePeru creates a tax-free zone in Northern Peru
On 14 August 2021, Peru has issued Law No. 31343 in the official gazette creating a tax-free zone in Northern Peru. The Law establishes the creation of the Organization and Administration Committee of Zofracajamarca, both located in the province of
See MoreKazakhstan: State Revenue Committee announces some amendments in tax code
On 28 July 2021, the State Revenue Committee announced amendments that have been made to Tax Code. The changes were introduced by Law No. 52-VII of 24 June 2021 and, unless otherwise specified, generally apply from 1 January 2022. The Tax Code of
See MoreUK: Survey Indicates Support for Change of Tax Year End
A recent survey conducted by BDO in the UK revealed that more than 90% of the businesses surveyed were in favour of a change to the tax year end to 31 December. The survey included 500 UK companies whose annual revenue is between GBP 10 million and
See MoreHong Kong: IRD issues guidance on tax matters arising from the COVID-19 Pandemic
On 29 July 2021, the Inland Revenue Department (IRD) of Hong Kong issued guidance examining certain tax issues arising from the coronavirus (COVID-19) pandemic. IRD noted that their approach in relation to the tax issues is generally in
See MoreVietnam: MoF proposes tax incentives for 2021
On 5 August 2021, the Ministry of Finance (MoF) has published a draft resolution according to Notice No. 209/TB-VPCP, for further tax reductions for 2021 due to the COVID-19 pandemic. The draft resolution was submitted to the Vietnamese National
See MoreLuxembourg: Tax Authorities issues circular on updated loss carry-forward rules
On 10 August 2021, the Luxembourg Tax Authorities has published Circular No. 31, which clarifies the application of the loss carry-forward under the municipal business tax. Losses incurred with effect from 1 January 2017 are available for
See MoreTaiwan announces the amendments to the tax treaty rules and PE rules
On 12 August 2021, Taiwan’s Ministry of Finance has announced the amendments to the “Regulations Governing Application of Agreements for the Avoidance of Double Taxation with Respect to Taxes on Income”. The amended regulations have come into
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