Germany enacts the bill on the interest rate for late payment
On 21 July 2022, The Ministry of Finance published the bill providing for a reduced rate for late interest payments on excess payments and refunds of tax in the Official Gazette. The bill had been previously approved by the lower house of the
See MoreKazakhstan issues Law on amendments to the tax code
On 11 July 2022, Kazakhstan issued Law No. 135-VII on amendments to the tax code which will be effective from 1 January 2023. The Tax Code of the Republic of Kazakhstan provides for a number of following changes: Limitation of deductions
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OECD: Summary of progress on Amount A of Pillar One
On 11 July 2022 the OECD published for consultation a Progress Report on Amount A of Pillar One. Further input is invited from commentators by 19 August 2022 in relation to the technical design of Amount A. Following the Statement on the
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Australia revises guidance on diverted profits tax
On 13 July 2022, the Australian Taxation Office (ATO) issued updated guidance on the application of Diverted profits tax. The diverted profits tax (DPT) achieves the following outcomes: Aims to ensure that the tax paid by significant global
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Australia issues guidance on changing in loss carry back choice
The Australian Taxation Office (ATO) has published guidance on how to change a loss carry back choice and whether a change will affect assessments for subsequent income years. Changing loss carry back choice When taxpayers made original loss
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Sri Lanka declares penalty relief measure
On 1 July 2022, Sri Lankan Inland Revenue Department (IRD) has published a notice on penalty relief for the payment of taxes due up to financial year 31 December 2021. The summary of notice is following: The penalty relief measure is
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Nigeria: FIRS extends tax return filing due date for companies
On 4 July 2022, the Federal Inland Revenue Service (FIRS) of Nigeria has announced to extend the submission of company income tax return for the 2022 year of assessment. Accordingly, the filing of Companies Income Tax Returns for the 2022 Year of
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OECD: Report to G20 Finance Ministers
On 11 July 2022 the OECD published the Secretary General’s report to the G20 Finance Ministers and Central Bank Governors for their July 2022 meeting. Two-pillar international tax deal The report notes that the technical work on the 15%
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OECD: Population Ageing and the Fiscal Sustainability of Health Care
On 30 June 2022, as part of the series of Fiscal Federalism Working Papers, the OECD published a paper entitled Ageing and the long-run fiscal sustainability of health care across levels of government. In the next 20 years government tax revenue
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OECD: Improving the Resilience of Subnational Government Finances after the Pandemic
On 30 June 2022 the OECD published a Fiscal Federalism Working Paper entitled Improving subnational governments’ resilience in the wake of the COVID-19 pandemic. The paper looks at the resilience of the finances of subnational governments
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Poland: MoF proposes important amendments to corporate income tax law
On 28 June 2022, the Polish government announced a draft law to proposing significant changes to the Polish Corporate Income Tax Act. The proposed changes impact the following areas; The effective date of the new “minimum tax” will be
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Canada enacts Budget for 2022
Canada has published the Budget Implementation Act, 2022, No. 1, which received royal assent on 23 June 2022 and provides for the implementation of certain measures proposed as part of the Budget 2022. Key measures in Budget Bill C-19 include:
See MoreArgentina issues resolution increasing thresholds for advance payments
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 from ARS 500 to ARS 2500. Companies are
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Malaysia issues ruling on time limit for carrying forward unabsorbed business losses
On 30 June 2022, the Inland Revenue Board of Malaysia (IRBM) has published Public Ruling No. 1/2022 on the time limit for carrying forward unabsorbed adjusted business losses. The objective of this Public Ruling (PR) is to provide an explanation on
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World Tax Brief: July 2022
Bangladesh Corporate income tax rate: On 9 June 2022, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget reduces the tax rate for non-listed companies from 30% to
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OECD: Analytics Maturity Model
On 22 June 2022 the OECD’s Forum on Tax Administration (FTA) published a report on the Analytics Maturity Model. This report is part of a series introducing maturity models that can help the tax administration to self-assess, through a process of
See MoreCosta Rica: Ministry of Finance reduces interest rate for late payments
On 24 June 2022, the Costa Rican Ministry of Finance has published the resolution RES-DGH-026-2022/RES-DGA-187-2022 providing to decrease the interest rate applicable on late payments of taxes, surcharges and penalties, and on tax refunds.
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Canada enacts federal budget bill 2022
On 23 June 2022, Canada's Budget Implementation Act 2022, No. 1, Bill C-19 which includes several tax measures received Royal Assent. Bill C-19 implements tax measures announced in the 2022 and 2021 federal budgets, as well as various other
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