World Tax Brief: June 2022
Argentina Filing return: On 28 April 2022, the Federal Public Revenue Administration published General Resolution 5189/2022 of 28 April 2022, which extends the submission deadline of the corporate tax returns to between 23 and 26 May
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Russia: CBR cuts the key rate to 9.50%
On 10 June 2022, the Central Bank of Russia announced its decision to lower the policy rate after the Bank of Russia Board of Directors decided to cut the policy rate by 150 basis points to 9.50% per year. For tax purposes, the base rate is used
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Singapore: IRA’s issues e-tax guide on R&D tax measures
On 8 June 202, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (Seventh Edition). The guide sets out the relevant research and development (R&D) tax measures as
See MoreUruguay extends incentives for building construction projects
On 17 May 2022, the Ministry of Economy and Finance of Uruguay issued Decree No. 155/022, which extends the deadline to submit an application from 31 December 2022 to 31 December 2023 for submitting construction and large-economic projects to the
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Bangladesh: Budget proposal for FY 2022-23
On 9 June 2022, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget set the target for total revenue earnings for the fiscal year 2022-2023 has
See MoreSaudi Arabia relaunches tax relief measures from 1 June to 30 November 2022
On 1 June 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the relaunch of tax relief measures due to the Covid-19 pandemic. Under the measures, the taxpayers can be exempted from fines and financial penalties for six
See MoreMalta: CFR notifies corporate income tax return for the assessment year 2022
On 31 May 2022, Malta’s Commissioner for Revenue (CFR) notified that the year of assessment 2022 electronic corporate income tax return is available on online services. Although such returns may be downloaded and filled in, the facility to upload
See MoreUkraine: National Bank increases the interest rate from June 2022
On 2 June 2022, the National Bank of Ukraine decided to increase its key policy rate from 10% to 25% per annum with effect from 3 June 2022. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to 120% of
See MoreEl Salvador: Ministry of Finance declares the interest rate for late tax payment
On 3 May 2022, the Ministry of Finance has published a notice announcing the interest rate for tax payments during the period 1 February to 31 July 2022. Accordingly. the average interest rate is 6.43% per year which will be increased to 10.43%
See MoreUK: HMRC exercises new powers to combat electronic sales fraud
On 31 May 2022 HMRC announced that a number of businesses had been visited and some arrests made following the introduction of new powers to combat the use of electronic sales suppression (ESS) systems. Around 30 businesses, including including
See MoreMalaysia: MoF announces principal hub incentive scheme 2022
On 24 May 2022, the Finance Ministry of Malaysia has issued the Income Tax (The Principal Hub Incentive Scheme) Rules 2022. The rules may be cited as the Income Tax (The Principal Hub Incentive Scheme) Rules
See MoreGreece enacts a law providing a 30% tax exemption for SMEs
On 26 May 2022, the Greek Official Gazette published Law No. 4935/2022 which introduced a 30% income tax exemption for certain new business reorganizations. The tax exemption applies provided that the following cumulative conditions are
See MoreUS: IRS publishes interest rates on overpaid and underpaid tax for Q3 of 2022
On 20 May 2022, the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation).2.5% for the portion of a
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OECD: Supporting SMEs with Tax Compliance
On 20 May 2022 the OECD’s Forum on Tax Administration published a report entitled Towards Seamless Taxation – Supporting SMEs to Get Tax Right. The report looks at efforts by tax administrations to integrate taxation processes into the
See MoreSouth Africa: SARS updates interest rate tables
On 18 May 2022, the South African Revenue Service (SARS) published updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 19 May 2022, effective 1 June 2022. For ease of reference, the tables of interest
See MoreNetherlands plans to reduce corporate tax rate threshold
On 20 May 2022, the Dutch Ministry of Finance has published the Spring Memorandum 2022, informing parliament of the state of the nation's finances and plans for 2023 and beyond. For companies, the regular corporate income tax rate for 2022 is
See MorePoland increases late payment interest rates in fourth time
On 11 May 2022, the Polish Ministry of Finance fourth time published the increased interest rates on tax arrears as well as on the late payment. Accordingly, the standard rate is increased from 12% to 13.5% per annum; the reduced rate (applies
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Turkey clarifies about reduced CIT rate for manufacturing and export activities
On 14 May 2022, Turkey has published General Communiqué No. 20 in the Official Gazette, which clarifies about 1% corporate income tax (CIT) reduction for manufacturing and export activities. Turkey reduced the rate by Law No. 7351 on 22 January
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