Nigeria: FIRS extends deadline for waiver of interest and penalties on tax liabilities
On 30 November 2021, the Federal Inland Revenue Service (FIRS) made an announcement regarding waiver of interest and penalties on company tax liabilities. The deadline for submitting all outstanding returns and pay the resulting tax liabilities,
See MoreSingapore enacts Income Tax (Amendment) Act 2021
On 16 November 2021, the Income Tax (Amendment) Act 2021 came into force. The Act gives effect to 2021 Budget and non-Budget tax measures, including an extension of the enhanced loss carry-back relief scheme, enhanced deduction for donations and
See MoreAzerbaijan modifies the Tax Code for TP, CbC Reporting, and CFC rules
On 16 November 2021, Azerbaijan has modified its Tax Code including three main changes regarding Transfer Pricing (TP), country by country (CbC) reports, and controlled foreign company (CFC) rules. The changes will be implemented from 1 January
See MoreRussia proposes a simplified tax system for small businesses
On 18 November 2021, the Russian government has submitted a draft bill to the parliament proposing the introduction of an experimental automated simplified tax system for small businesses. The new regime will be available to companies that meet
See MoreOECD: Taxpayer Education and Tax Culture
On 24 November 2021 the OECD issued the second edition of Building a Tax Culture, Compliance and Citizenship: A Global Source Book on Taxpayer Education. The report on taxpayer education is one element of the OECD work relating to tax morale.
See MoreUS: IRS releases interest rates on overpaid and underpaid tax for Q1 of 2022
On 23 November 2021, the Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning January 1, 2022. The rates will be: 3% for overpayments (two (2) percent in the case of a corporation),0.5%
See MoreOECD: Building Effective Beneficial Ownership Frameworks
In November 2021 the Global Forum on Transparency and Exchange of Information for Tax Purposes, in collaboration with the Inter-American Development Bank (IDB), published a toolkit on Building Effective Beneficial Ownership
See MoreMalaysia: Parliament passes the budget for 2022
On 18 November 2021, the Parliament of Malaysia passed the 2022 budget at the policy stage. The budget includes the following tax proposals related to corporate taxations. To support the Government’s initiative in assisting the affected
See MoreEU: European Parliament passes provisions for public CbC reporting
On 11 November the European Union's Parliament voted to pass amendments to the EU Accounting Directive (2013/34/EU) on financial reporting of certain types of undertakings. The amendments would introduce public country-by-country reporting
See MoreSouth Africa: Parliament tables 2021 Tax Bills
On 11 November 2021, Tax Bills 2021 (Taxation Laws Amendment Bill (TLAB), Tax Administration Laws Amendment Bill (TALAB), Rates and Monetary Amounts and Amendment of Revenue Laws Bill (Rates Bill)) were tabled in the Parliament. The National
See MorePortugal: Tax Agency extends certain payment deadlines
On 10 November 2021, the Portuguese Tax and Customs Authority issued Order No. 351/2021-XXII, announcing payment deadline changes for 2021 and 2022, due to the coronavirus pandemic. The order includes: The filing of form-10 for personal income
See MorePoland: President signs new tax bill into Law
On 15 November 2021, the President signed into the Law a bill referred to as "Polski Ład" introducing, amongst others, amendments to the definition of a controlled foreign corporation (zagraniczna jednostka kontrolowana, CFC) to include more
See MoreSpain: Budget-2022 sets new minimum corporate tax rate
On 4 November 2021, the Spanish lower chamber passed the budget for 2022 which provides for a minimum corporate tax rate of 15% of the tax base for certain taxpayers from 2022. It applies to companies with a net turnover of at least 20 million
See MoreZambia proposes the Budget for 2022
On 29 October 2021, the Minister of Finance and National Planning, the Honorable Dr. Situmbeko Musokotwane, presented the Budget for 2022 to the National Assembly of Zambia. The budget includes the following changes: Proposed to reduce the
See MoreIMF Report on India’s Economy
An IMF country focus on 12 November 2021 indicates that India’s economy is preparing to rebound following the setbacks inflicted by the second wave of Covid-19 infections. India’s substantial policy responses to the pandemic, with economic
See MoreSri Lanka: Budget proposals for FY 2022
On 12 November 2021, the Minister of Finance presented the budget proposals for 2022 that include following key tax measures: A one-time surcharge tax at a rate of 25% on companies or individuals with a taxable income exceeding Rs. 2 billion for
See MoreIreland: Finance Department releases amendments to Finance Bill 2021
On 12 November 2021, the Finance Minister, Paschal Donohoe T.D., appreciated the approval by Government to a number of Government amendments to be put down at Committee Stage of the Finance Bill 2021. The Minster has decided not to proceed with
See MoreFinland announces to amend interest deduction limitation rules
On 4 November 2021, the government of Finland has published a proposal to the interest deduction limitation rules. The proposed amendments are particularly relevant for companies that rely on the “balance sheet test” which provides for an
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