Hong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 4 March 2022, the Inland Revenue Department (IRD) of Hong Kong has issued a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. In this letter, the term “tax representative” refers to a
See MoreOECD: Request for Public Input on the Implementation Framework for the Global Minimum Tax
On 14 March 2022 the OECD issued a request for public input on the implementation framework for the global minimum tax under Pillar Two of the OECD/G20 two-pillar international tax proposals. This follows the release of the Commentary on the global
See MoreMalta changes the interest rate on unpaid tax and additional tax rate
On 4 March 2022, Malta issued Legal Notice 99 of 2022 in the Official Gazette, through which Malta changes the interest rate on unpaid tax and additional tax rate. The Legal Notice provides the following changes: the additional tax shall be
See MoreBrazil: Government allows incentives on most manufactured products
On 25 February 2022, the Federal Government Officially published Decree 10.979/2022, which reduces tax rates by 25% on manufactured products (IPI) such as, freezers, fridges, ovens and washing machines. The decree establishes 18.5% of IPI to be
See MoreKazakhstan: Government announces tax benefits for manufacturing industry
On 28 February 2022, the State Revenue Committee announced new corporate income tax and value added tax (VAT) benefits for the small businesses in the manufacturing industry. This was reported by the State Revenue Committee of the Ministry of
See MoreWorld Tax Brief: March 2022
EcuadorIncentive for industry/manufacturing: On 22 February 2022, the Ecuadorian government presented a bill in the National Assembly that introduced a new tax regime for special economic zones (SEZs) to attract investments. The proposed regime
See MoreNetherlands: Covid-19 support measures will end in the second quarter of 2022
The Dutch government has published a notice declaring the key support measures implemented and subsequently extended in response to the Covid-19 pandemic will end with effect from 1 April 2022. The measures contain the fixed costs grant scheme
See MoreGreece: AADE issues a Circular to provide guidance on CFC rules
On 23 February 2022, the Greek Public Revenue Authority (AADE) published Circular E. 2018 of 23 February 2022, providing guidance on the application of Controlled Foreign Companies (CFC rules). This is introduced as from 1 January 2019 in line with
See MoreRussia introduces tax exemption for IT sector
On 2 March 2022, the President of Russia signed Decree No. 83 (“the Edict”). The decree provides several tax incentives to support Russia's IT sector. Accordingly, qualified IT companies are granted an exemption from corporate income tax
See MoreIMF Report Looks at the Economy of Hong Kong SAR
On 8 March 2022, the IMF published a report following discussions with the Hong Kong Special Administrative Region (SAR) of China, under Article IV of the IMF’s articles of agreement. The economy of Hong Kong SAR has undergone a strong
See MoreUK: Finance Act 2022 receives Royal Assent
On 25 February 2022 the UK Finance Act 2022 received the Royal Assent. The Act includes a number of further measures to combat promoters of tax avoidance schemes. HMRC powers HMRC is being given the power to present a winding-up petition to
See MoreChina extends tax payment deferral for SME sector
On 28 February 2022, the Ministry of Finance and State Administration of Taxation of China have jointly issued Announcement No. 2 of 2022 extending the tax payment deferral policy for SMEs especially in the manufacturing
See MoreTaiwan: MOF clarifies WHT rules on dividends for non-residents
On 2 March 2022, Taiwan’s Ministry of Finance (MOF) issued a press release clarifying withholding tax on dividends paid to non-residents companies. MOF clarifies the following issues through the press release: Dividends paid to non-resident
See MoreUruguay revises list of low or no tax jurisdictions
On 21 February 2022, Uruguay has published DGI Resolution No. 223/022, which updates the list of low or no tax jurisdictions and regimes, with effect from same date. According to the Resolution No. 223/022 the updated list includes 36
See MoreIMF: New Database on Special Purpose Entities
On 2 March 2022 the IMF announced the release of a new database on special purpose entities (SPEs) showing cross-border flows and positions of SPEs and based on an internationally agreed definition of SPEs. The release of the database follows
See MoreSingapore to Consult on a Top-up Corporate Tax
In the Singapore budget for 2022, delivered on 18 February 2022, the Finance Minister announced that Singapore will consider introducing a “top-up” tax as part of the adjustments to its corporate tax in response to the OECD/G20 two-pillar
See MoreChile joins International Compliance Assurance Program
On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax compliance
See MoreRussia increases the interest rates to 20%
On 28 February 2022, the Russian Central Bank has announced the decision to increase the key rate from 9.50% to 20%. The measure was taken in response to the Russian invasion of Ukraine, followed by harsh sanctions and the collapse of the
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