Singapore: IRAS simplifies CIT filing 2021
The Inland Revenue Authority of Singapore (IRAS) partnered with the tax community and government agencies to simplify Corporate Income Tax (CIT) Filing 2021 for companies. With the new initiatives, companies and tax agents can further reduce the
See MoreOECD: Inclusive Framework Signs Agreement on Two Pillar Solution
On 8 October 2021 a total of 136 member countries of the OECD/G20 Inclusive Framework on BEPS joined the Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. The Statement finalised
See MoreWorld Tax Brief: October 2021
ArgentinaWithholding tax on dividends: On 26 August 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 5060/2021 to update previous General Resolution 4478/2019. Accordingly, this update eliminates the alternative
See MoreTurkey: Parliament members submit a new Tax Bill to the Parliament
On 1 October 2021, Turkish Parliament members have submitted a new Tax Bill to the Parliament which includes tax filing periods, tax exemptions, and incentives. The key corporate tax measures of the Bill are: In the reduced corporate tax
See MoreUS: CRS releases report on tax provisions in the “Build Back Better Act”
On 28 September 2021, the U.S. Congressional Research Services (CRS) has published a report on the tax provisions in the legislative recommendations for the budget reconciliation legislation, also known as the “Build Back Better Act. The
See MorePoland: Lower chamber of parliament passes the tax reform bill
On 1 October 2021, the lower chamber of parliament (the Sejm) of Poland has passed the 3rd reading the bill for the so-called “Polish Deal” tax reform bill. The bill proposes to several tax reform measures including new minimum corporate tax,
See MorePoland: Government plans to extend the scope of CFC rules
On 8 September 2021, the Polish government submitted a bill to the Parliament including the proposal extending the application of the CFC rules. The proposal includes the following changes: Extension of the definition of a foreign legal entity
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2021 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. The statistics on tax relief schemes allow the government to monitor the level of use of the incentive schemes and make an
See MoreUK: Patent Box Relief Statistics Updated
Under the patent box legislation in the UK companies can enjoy a lower rate of UK corporation tax on their profits earned from qualifying patented inventions and some other equivalent types of intellectual property. The patent box relief was
See MoreUkraine: STS clarifies about taxation of dividends received
On 3 September 2021, the Ukrainian State Tax Service (STS) has clarified that in case of dividends received by a legal entity from another legal entity under a simplified tax regime, the dividends that have not been taxed under the Tax Code of
See MoreSri Lanka declares final tax payment deadline for AY 2020-21
On 29 September 2021, the Inland Revenue Department (IRD) of Sri Lanka published a notice regarding the final income tax payment deadline for the assessment year (AY) 2020-21, which is due on 30 September 2021. The payments can be made through
See MoreCyprus: MoF further extends the deadline for e-filing return
On 24 September 2021, Cyprus’s Ministry of Finance has issued a decree providing further extension of electronic submission of tax returns for business (TD4) and personal (TD1A) for the fiscal year 2019. The new deadline is 30 November 2021.
See MorePuerto Rico extends the due date for filing annual corporate reports for 2020
On 20 September 2021, the Puerto Rico Department of State has issued Administrative Order 2021-05, extending the due date to 22 November 2021 for filing annual corporate reports for 2020 due to the ongoing Covid-19 pandemic. Previously, taxpayers
See MoreKenya issues public notice regarding withdraws ruling on treatment of tax Loss
On 22 September 2021, Kenya Revenue Authority (KRA) issued a public notice announcing the withdrawal of a ruling on the treatment of tax loss in computing profits. Section 15(7) of the Income Tax Act Cap. 470 requires that a person who derives
See MoreIndia: SC finds Mitsubishi is not liable for interest on late advance tax
On 17 September 2021, in the DIT vs Mitsubishi Corporation case, the Supreme Court ruled that a taxpayer should not liable for interest on late tax advances prior to fiscal 2012/2013 if the income payer failed to deduct the tax at source. The
See MoreBrazil: Senate announces to analyze tax reform Bill
On 21 September 2021, the Senate made an announcement that the Senate will analyze tax reform Bill, PL 2.337/2021 , a bill that changes the income tax rules. The Bill represents the second phase of the tax reform, which was approved by the Chamber
See MoreOECD: Model Manual on Exchange of Information
On 16 September 2021 the Global Forum on Transparency and Exchange of Information for Tax Purposes, the World Bank Group and the African Development Bank issued a new version of the Manual on Exchange of Information. The previous version of the
See MoreNetherlands presents Budget for 2022
On 21 September 2021, the Dutch Budget for 2022 was presented. This year, the 2022 tax plan package mainly contains minor changes aimed at improving the tax system. In particular, improvements will be made to existing taxes in the areas of housing,
See More