Portugal introduces corporate tax credit due to COVID 19
On 11 October 2021, the Portuguese government submitted the draft budget for 2022 to the parliament. The main corporate tax measures include: The 2022 draft budget changed the patent box regulation, which provides for an increase in the
See MoreRussia increases the interest rate from October 2021
On 22 October 2021, the Russian Central Bank has announced the decision to increase the key rate from 6.75% to 7.5% with effect from 25 October 2021. For tax purposes, the key rate is an important factor in calculating the interest deduction and
See MoreRussia: MOF publishes Tax Policy guidelines for 2022-2024
On 27 September 2021, the Ministry of Finance has reportedly issued the tax policy guidelines for 2022-2024, which includes the following tax measures: The introduction of new corporate and individual tax rules for taxing digital asset
See MoreUN: Committee of Tax Experts Discuss Model Treaty Provisions
The virtual meetings of the UN Committee of Experts on Tax Matters taking place from 19 to 28 October 2021 are considering issues arising from the UN Model Tax Convention that should be the subject of future discussion within the UN
See MoreCyprus: MoF announces strategy for attracting companies providing tax incentives
On 15 October 2021, the Cyprus Ministry of Finance has presented the strategy for attracting companies for activating and expanding their activities in Cyprus. The strategy includes following tax incentives: Extension of tax exemption for
See MoreTurkey increases the rate of remote working in TDZs and R&D and design centers
On 17 October 2021, Turkey has published Presidential Decision No. 4454 in the Official Gazette in order to allow the activities carried out in the technology development zones (TDZs) and R&D and Design Centers to be carried out outside the
See MoreIndia: CBDT exempts certain non-residents from furnishing ITR
On 11 October 2021, the Central Board of Direct Taxes (CBDT) published Notification No. 119/2021, providing an exemption to certain nonresidents from filing income tax returns in India as from assessment year (AY) 2021-22, subject to the
See MoreIndonesia: Parliament passes the harmonized taxation bill
On 7 October the House of Representatives passed the harmonized taxation bill with aiming to support tax reforms and provide a fair, prudence, effective, and accountable tax system. The bill contains the following key income tax changes: The
See MoreNorway: Government presents the National Budget for 2022
On 12 October 2021, the Government of Norway has presented the National Budget for 2022 in the Parliament includes the following tax proposals. Introduction of tax incentives for investments in small start-up companies.Reduced Bracket Tax and a
See MoreNetherlands: Amendments to revise CIT rate proposes for 2022 tax plan
On 5 October 2021, the amendments to the “2020 Tax Plan” were presented to the lower house of Parliament of the Netherlands. Further amendments to the “2022 Tax Plan” were presented on 15 October 2021 to the lower house of Parliament. The
See MoreUkraine: SFS clarifies PE rule for non-residents for tax purposes
On 12 October 2021, the Ukrainian State Fiscal Service (SFS) has clarified that a non-resident company considers as a permanent establishment (PE) if the company enters into agreements and carries out economic activities in Ukraine on its own
See MoreOECD: Tax and Fiscal Policy after the Pandemic
The OECD prepared a separate report entitled Tax and Fiscal Policy After the COVID-19 Crisis for the meeting of G20 Finance Ministers on 13 October 2021. This report was included as an attachment to the main report to the Finance Ministers. The
See MoreOECD: Report to G20 Finance Ministers Meeting
The OECD has published its report prepared for the meeting of G20 Finance Ministers on 13 October 2021. Two Pillar Solution on Tax Challenges of the Digital Economy The report notes that the two-pillar approach to digital economy taxation
See MoreIreland: Finance Ministry delivers the Budget 2022
On 12 October 2021, the Finance Ministry presented Budget 2022, which covers the following tax measures: The new minimum effective corporation tax rate will be 15%. However, Ireland will continue to offer the 12.5% rate for businesses with
See MoreNigeria: FIRS announces penalty for late filing of tax returns
The Federal Inland Revenue Service (FIRS) has recently warned that late returns on Company Income Tax (CIT) returns beyond 30 November 2021 for the 2021 tax year would attract penalty and interest. The chairman, Muhammad Nami, said the grace period
See MoreVietnam publishes special investment incentive policy
On 6 October 2021, Vietnam’s government issued Decision No. 29/2021/QD-TTG (Decision 29) on Special Investment Incentives to facilitate more high-tech investments into the country. The decision includes three different incentive scheme levels as
See MoreBrazil: STF decides that interest on late tax refunds is non-taxable
On 24 September 2021, the Federal Supreme Court (Supremo Tribunal Federal, STF), ruled Extraordinary Appeal No. 1.063.187) that certain interest that a taxpayer receives on a late tax refund from the treasury should not be included in the
See MoreEl Salvador: Legislative Assembly approves tax amnesty until 10 December
On 5 October 2021, at the request of the Ministry of Finance, the Legislative Assembly approved Legislative Decree 173 known as Tax Amnesty. The decree aims to give taxpayers 60 days to settle their situation before the Treasury, with exemption
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