Argentina: AFIP extends payment facility for SMEs
In response to COVID-19 outbreak, on 26 August 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 5057/2021 to extend a payment facility for small and medium enterprises (SMEs) until 30 November 2021. The facility
See MoreOECD: Podcast on the Global Digital Tax Agreement
On 9 September 2021 the OECD made available a podcast on the global digital tax agreement. The international tax system has become outdated during the past 30 to 40 years owing to the effects of globalisation. Multinational enterprises are more
See MoreNorway releases proposed amendment to the petroleum taxation system
On 31 August 2021, the government of Norway has issued a release proposing amendment to the petroleum taxation system. Under the amendment, the Government is proposing to revise the special petroleum tax system as of 2022, replacing the rules on
See MoreWorld Tax Brief: September 2021
Botswana Withholding tax rates: On 30 June 2021, the Minister of Finance and Economic Development enacted the budget for 2021/22. Accordingly, the general withholding tax rate increased from 7.5% to 10% on dividends paid to both resident and
See MoreUNCTAD report on illicit financial flows
The UNCTAD publication Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa was published in July 2021. The UNCTAD report argues that tackling illicit financial flows is an important
See MoreSouth Africa: SARS publishes 2021 tax guide
On 30 August 2021, the South African Revenue Service (SARS) published 2021 Tax Guide or Budget 2021 Tax Guide, which provides a synopsis of the most important tax, duty and levy related information for 2021/22. The guide includes the Tax
See MoreUkraine issues taxation of income of non-residents
On 27 Aug 2021, the Ukrainian Ministry of Finance has issued Order No. 480 regarding the taxation of income of non-residents, which are equated to dividends. The Order provides clarification on the application of the new rules of taxation of income
See MoreKazakhstan: National Bank increases its base rate from July 2021
On 26 July 2021, The Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to increase the base rate from 9% to 9.25% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used
See MoreTurkey extends the first installment deadline on the tax amnesty and tax base
On 27 August 2021, Turkey has published Presidential Decision No. 4420 published in the Official Gazette numbered 31581, which extends the application deadline and the first installment deadline under Law No. 7326 regarding the restructuring of the
See MoreAustralia: ATO publishes loss carry back video guidance
The Australian Taxation Office (ATO) has published video guidance on the loss carry back tax offset. Loss carry back provides a refundable tax offset that eligible corporate tax entities (companies, corporate limited partnerships and public trading
See MoreUS: IRS publishes interest rates for Q4 maintaining the same as 3rd quarter
On 25 August 2021, the U.S. Internal Revenue Service announced interest rates for the fourth quarter which remains the same as third quarter. The fourth quarter will be started from 1 October 2021 with the following rates: 3% for overpayments
See MoreQatar: GTA extends deadline for filing tax returns
On 30 August 2021, the General Tax Authority (GTA) of Qatar has announced the extension of deadline for submitting tax returns for fiscal year 2020 for companies and establishments owned by Qatari citizens and GCC citizens, which are exempt from
See MoreMalaysia: IRBM announces additional one-month extension to file tax returns
On 19 August 2021, the Inland Revenue Board of Malaysia has announced an additional one-month extension of time to file income tax returns for 2021. Companies/taxpayersCalendar year / accounting period endingGrace PeriodFor individuals,
See MoreRussia: MOF clarifies the deductibility of R&D expenses for CIT purposes
The Russian Ministry of Finance (MoF) recently issued a Guidance Letter No. 03-03-06/1/49733, published on July 26, 2021. The MoF noted that R&D expenditure was completed in the reporting period (tax period) in which this R&D was completed
See MoreGerman: Federal Constitutional Court voids 6% interest rate on back taxes
On 18 August 2021, the Federal Constitutional Court has published a press release stating that interest of 6% pa on tax back payments and tax refunds from 2014 is unconstitutional. Earlier, the First Senate of the Federal Constitutional Court
See MoreThailand extends CIT return filing deadline
The Thai Ministry of Finance (MOF) has extended the deadlines for electronic filing of corporate income tax (CIT) return in response to the Covid-19 pandemic. The corporate income tax return (PND 50, 52 and 55), financial statements and the
See MoreUK: Statistics on Creative Industries Tax Relief
On 24 August 2021 HMRC published updated statistics for creative industries tax relief for 2020/21, showing that GBP 1.31 billion was paid out in tax relief for creative industries in 2020/21. Almost half the relief given in the period related to
See MoreSouth Africa: National Treasury invites comments on draft Tax Bills by 28 August
On 12 August 2021, the National Treasury and the South African Revenue Service (SARS) published a media statement the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill (TALAB) for
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