Taiwan: MOF explains about filing R&D expenditures as tax credit
On 11 November 2021, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance (MOF) of Taiwan has issued a press release where it was stated that corporations filing Research & Development (R&D) expenditures as tax credits
See MoreVietnam publishes draft Decree on supporting industries
Recently, the Ministry of Industry and Trade has proposed to finalize the draft decree amending Decree No. 111/2015 / ND-CP of 3 November 2015, which aims to clarify previous guidelines on incentives to support certain industrial sectors. The
See MoreUK: Small Business Attitudes to Tax Compliance and Administration
On 11 November 2021 HMRC published on its website a research report entitled Qualitative research with small businesses to explore their perceptions of tax administration burden. The paper is based on research conducted by telephone conversations
See MoreColombia reduces interest and penalties in response to COVID-19
On 29 October 2021, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued Resolution No. 000126, through which DIAN has temporarily reduced penalties to 20% and a default interest rate of 20% of the
See MoreAustria: Ministry of Finance proposes the tax reform for 2022
On 8 November 2021, the Austrian Ministry of Finance has proposed a draft bill on the ecosocial tax reform 2022 and submitted it for consideration by the parliament and the Federal Council. Subsequently, the corporate tax rate will reduce from 25%
See MoreVietnam issues decree on additional tax support measures for 2021
On 27 October 2021, the Department of Taxation (GDT) published Decree No. 92/2021 / ND-CP of 27 October 2021, which contains implementing provisions for the application of Decision No. 406 / NQ-UBTVQH15 to provide additional tax assistance contains
See MoreWorld Tax Brief: November 2021
Belgium Interest on late payments: On 27 October 2021, the Federal Public Service has published the late payment interest for companies. According to the notice, the interest rate is set at 4% for the 2022 calendar year.See the story in
See MoreNetherlands introduces conditional withholding tax
On 2 November 2021, the parliament of the Netherlands approved the conditional withholding tax (WHT) rate of 25% on dividends paid to low tax jurisdictions. The conditional withholding tax will apply from 1 January 2024 on dividend payments to
See MorePeru: Government submits Tax Reform Bill to Congress
On 27 October 2021, the Government led by President Pedro Castillo has submitted a bill to Congress through which it requests extraordinary powers to legislate on tax matters. The main measures of the Bill are as follows: Increase of capital
See MoreUK: Further Penalties for Promoters of Tax Avoidance
The UK budget announcements on 27 October 2021 included measures targeting persistent promoters and enablers of tax avoidance schemes. The proposals aim to facilitate the process for taxpayers to identify and exit avoidance schemes. This follows
See MoreUK: Notification of Uncertain Tax Treatment for Large Businesses
The UK budget announcements on 27 October 2021 included a new requirement for large businesses to notify HMRC when they take a tax position in their returns that is uncertain. Legislation would be included in the Finance Bill defining a large
See MoreUK: Consultation on Corporate Redomiciliation
The UK budget announcements on 27 October 2021 included a proposed consultation on introducing a UK corporate re-domiciliation regime, to allow companies to re-domicile and therefore facilitate relocation to the UK. The consultation document was
See MoreMorocco publishes Finance Law for FY 2022
On 26 October 2021, the Ministry of Finance (MoF) has published the draft Finance Law for 2022. The measures of the Finance Law will generally apply from 1 January 2022. The key measures of the law includes the reduction of the top rate of
See MoreNigeria issues new procedural rules for tax appellate tribunal
Recently, the Minister of Finance, Budget and National Planning issued new Tax Appeal Tribunal (Procedure) Rules 2021. The Rules replace the 2010 Rules and are intended to guide the practice and procedure of Tax Appeal Tribunal (“TAT“)
See MoreDominican Republic: DGII describes a guide on foreign tax credit
The Tax Authority has recently made a clarification through a guide, GLN 25641, regarding foreign tax credit (FTC) as well as unilateral relief methods. The following instructions are effective immediately and have included in the Tax Code: The
See MoreUK Budget announcements for 2022/23
The latest UK budget announcements were made on 27 October 2021 including the following measures: Consultation on corporate re-domiciliation This consultation seeks views on the introduction of a UK re-domiciliation regime, which would make
See MoreBelgium publishes late payment interest rate for 2022
On 27 October 2021, the Federal Public Service (SPF) published a notice with updated interest rate for late payment. According to the notice, the interest rate is set at 4% for the 2022 calendar year, which is as same as the 2021 calendar
See MoreItaly: New patent box regime uses a cost-based approach
On 15 October 2021 a law decree introduced new rules for the patent box regime. The new rules grant an extra deduction of certain research and development (R&D) costs incurred by Italian taxpayers, including expenses relating to
See More