UK updates late payment interest rates
On 5 August 2022, the HMRC declared the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 1.75%. The Bank of England Monetary Policy Committee voted on 4 August 2022 to increase the
See MoreHong Kong: IRD issues a circular extending lodgement for certain taxpayers
On 1 August 2022, the Hong Kong Inland Revenue Department (IRD) has published a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. Recognising the impact of the recent situation of the
See MoreUkraine: STS explains international taxation during martial law
On 3 August 2022, the State Tax Service (STS) of Ukraine explained the rights and obligations of taxpayers and supervisory authorities in matters of international taxation during martial law, taking into account the Ukraine- Russia war. Statute
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World Tax Brief: August 2022
Argentina Advance payments due: On 28 June 2022, Argentine Official Gazette published General Resolution 5211/2022 amending the provisions on income tax advance payment. The resolution increases the thresholds for making advance payments
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Taiwan extends tax deductions for smart machinery and 5G investment
On 26 July 2022, the Ministry of Finance of Taiwan announced that the smart machinery and 5G investment deductions will be extended to the end of 31 December 2024. Furthermore, investments in new information security products or services will be
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Cyprus increases the deduction for research and development related cost
On 20 July 2022, the Cypriot Official Gazette published the amended income tax law increasing the deduction for research and development (R&D) expenses for the years 2022, 2023 and 2024. The changes are provided under the amendment of Article 9
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Egypt reintroduces the tax dispute resolution
On 28 July 2022, the Egyptian government published Law No. 153 of 2022 in the Official Gazette. The Law has amended the previous Law 79 of 2016 and extended the provision of tax dispute settlement until 31 December 2022. The tax dispute
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IMF Report makes Policy Recommendations to Italy
On 27 July 2022, the IMF issued a report following the conclusion of discussions with Italy under Article IV of the IMF’s articles of agreement. Italy’s economy has recovered from the drop in output during the pandemic and employment and
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Belarus reduces tax rates for the High-Tech Park
Recently, Belarus reduced the tax rates on gross income for the companies’ residents of the High-Tech Park. The rate is reduced to 1% from 2%. On 7 April 2022, by the Resolution of the Council of Ministers No. 178, the rate was increased to 2%
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New Zealand: Inland Revenue seeks comments on loss carry-forward rules
On 21 July 2022, the New Zealand Inland Revenue published Interpretation Statement on tax loss carry-forward rules for Consultation. The consultation period is from 21 July 2022 to 1 September 2022. This interpretation statement provides guidance
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Russia: CBR cuts the Key Interest Rate to 8.0%
On 22 July 2022, the Central Bank of Russia (CBR) adopted a decision to cut the key interest rate from 9.5% to 8.0%. The key rate also impacts interest penalties, which are adjusted along with the adjusted key rate. For corporate taxpayers, the
See MoreHong Kong: IRD publishes gazette on tax concessions for certain shipping-related activities
On 22 July 2022, the Inland Revenue Department of Hong Kong published in the Gazette “Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022” to provide half-rate profits tax concessions (i.e. at a
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Turkey increases the late tax payment interest rate
On 21 July 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5801, through which the late tax payment interest rate has been increased from 1.6% to 2.5% per month. The previous rate was applicable from 30 December 2019,
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South Korea: MOEF announce tax reform plan for 2022
On 21 July 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform plans for 2022. The aim of this plan is to enhance corporate competitiveness, reinforcement of tax support for jobs and investment, support smooth
See MoreUkraine issues law on tax preferences for industrial parks
On 22 July 2022, the Ukrainian State Tax Service (STS) issued a press release on tax preferences for industrial parks. The STS states that the Ukrainian Parliament adopted Law No. 2330-IX on amendments to the ‘Tax Code of Ukraine on creating
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Turkey increases annual deferred interest rate
On 21 July 2022, the Turkish Revenue Administration has announced that the annual deferred interest rate has been increased from 15% to 24% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 6. The General Communiqué
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Belgium plans for tax cut
On 18 July 2022, Mr. Vincent Van Peteghem, the Finance Minister of Belgium declared plans for broad tax reforms. Some of the key reform measures include: Increasing the tax-exempt amount for individual income tax from EUR 9,270 to EUR 13,390,
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UK: Mid-Size Business Customer Survey 2021
On 18 July 2022 HMRC published the mid-sized Business Customer Survey for 2021. HMRC has commissioned a mid-sized Business Customer Survey each year since 2015 to measure general perceptions of HMRC and tax administration among mid-sized
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