OECD: Building an Investment Tax Incentives Database
On 24 February 2022 the OECD published a working paper entitled Building an Investment Tax Incentives Database. Countries use tax incentives to attract investment, but if tax incentives are poorly designed, they may be of limited effectiveness.
See MoreHong Kong: Tax measures proposed in 2022-23 Budget
On 23 February 2022, Hong Kong Financial Secretary Paul Chan delivered the 2022-23 Budget providing following corporate tax measures. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2021/22 by 100
See MoreEcuador introduces a new regime for investors
On 22 February 2022, the Ecuadorian government presented a bill in the National Assembly that introduced a new regulation for a Special Economic Zone (SED) and a Free Trade Zone for investors. The draft law provides for the following
See MoreUS: IRS releases interest rates on overpaid and underpaid tax for 2Q of 2022
On 23 February 2022, Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be: 4% for overpayments (3% in the case of a corporation);1.5% for the portion of a
See MoreSouth Africa: Finance Minister delivers Budget 2022-2023 in National Assembly
On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to
See MoreG20: Communiqué Issued by the Meeting of Finance Ministers
On 18 February 2022 the G20 Finance Ministers and Central Bank Governors issued a communiqué following their meeting which took place on 17 and 18 February 2022. Economic Recovery The communiqué notes that the speed of the global economic
See MoreMalaysia: MOF releases rules on incentive for manufacturers of pharmaceutical sectors
On 17 February 2022, the Finance Ministry of Malaysia has published the Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 effective from the year of assessment 2021. The Rules apply to a pharmaceutical
See MoreOECD Tax Talk looks at international tax developments
The OECD Tax Talk held on 21 February 2022 provided an updated on important elements of tax work at the OECD. Two-Pillar International Tax Package Public consultations have begun and will cover the various building blocks of Pillar One on a
See MorePoland: MOF publishes interest rates for late payment of tax arrears
On 14 February 2022, Polish Ministry of Finance has published the interest rates for tax arrears / late payment. Accordingly, the rate of late payment interest is 8.5% per annum (previously it was 8.0%), the reduced rate of interest for late
See MoreOECD: Combating Tax Evasion and Financial Crimes in Latin America
An OECD blog post on 9 February 2022 looked at the fight against tax evasion and financial crimes in the Latin America region and at lessons learned from initiatives of the OECD’s Task Force on Tax Crimes and Other Crimes (TFTC) and the Criminal
See MoreEU: European Parliament Adopts Resolution on Impact of National Tax Schemes
On 15 February 2022 the European Parliament adopted a resolution relating to the impact of national reforms on the economy of the European Union. Resolutions of the European Parliament are not binding on other EU institutions, but they call for
See MoreIMF Report Assesses Colombia’s Economy
On 15 February 2022 the IMF issued a report on the economy of Colombia following discussions under Article IV of the IMF’s articles of agreement. Colombia’s economy is projected to grow by 4.5% in 2022, led by household consumption.
See MoreUK: HMRC Seizes Non-Fungible Tokens in Fraud Investigation
The UK tax authority HMRC has for the first time seized non-fungible tokens (NFTs) in a case involving suspected fraud. NFTs serve effectively as digital ownership certificates for virtual assets (e.g. digital artwork) or physical assets (e.g.
See MoreCanada: Public comments of draft tax Proposals for Certain Budget 2021
On 7 February 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced and other tax measures. Specifically, the proposals would implement Budget 2021 measures to: Allow
See MoreRussia increases the interest rate from February 2022
On 14 February 2022, the Russian Central Bank has announced the decision to increase the key rate from 8.50% to 9.50% with effect from 14 February 2022. The CBR’s key interest rate is used for the purposes of calculating interest deduction and
See MoreJamaica: TAJ reminds tax filing deadline for the tax year 2021
On 8 February 2022, Tax Administration Jamaica (TAJ) has announced that the income tax filing deadline is 15 March 2022. TAJ reminds both individual and corporate taxpayers to file the income tax return for the year 2021 and to declare their
See MoreIMF Report Examines the Economy of South Africa
On 11 February 2022 the IMF issued a report and a selected issues paper following discussions with South Africa under Article IV of the IMF’s articles of agreement. Economic growth was estimated at 4.6% in 2021 but is projected to reach only
See MoreRomania extends deadlines for tax return 2021
On 28 January 2022, the National Agency for Fiscal Administration (ANAF) of Romania has published a Notification No. 137 declaring the annual corporate income tax return and payment deadline is extended to 25 June 2022 for the tax year 2021.
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