Pakistan presents the Budget for 2022/23
On 10 June 2022, the Finance Minister presented the Budget for 2022/23 to the National Parliament. The budget includes the following proposals: The corporate tax rate for banks will be increased from 35% to 45% for tax year 2023 onwards; the
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South Korea: Government proposes to lower CIT rate to 22%
On 16 June 2022, South Korea's Government proposed to lower the corporate income tax (CIT) rate from 25% to 22% to stimulate corporate investment through the new economic policy direction. The carry forward loss system is also revised. In order to
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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 MoreCanada: Bill-19 receives its first reading to implement some measures of Budget 2022
On 28 April 2022, Bill C-19, introduced by the Deputy Prime Minister and Minister of Finance, was received its first reading for implementing some measures of Budget 2022. Some highlighting points are given below: Government banned foreign
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UAE: Consultation on introduction of new corporate income tax regime
On 28 April 2022, the UAE Ministry of Finance has released a consultation paper providing details of, and seeking input, on the new federal corporate income tax (CIT) system to be implemented in the UAE, effective for financial years commencing on
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Venezuela: Tax Administration increases the tax unit value
On 20 April 2022, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2022/000023 in the Official Gazette, which increases the value of tax units from VES 0.02 to VES 0.40.
See MoreUS: Treasury Department releases tax proposals from Budget 2023
On 28 March 2022, the Treasury Department of United States published details of tax proposals in the administration’s budget recommendations for FY 2023 in the “GreenBook.” The Greenbook describes following tax measures related to corporate
See MoreHong Kong: Tax measures proposed in 2022-23 Budget
On 23 February 2022, Hong Kong Financial Secretary Paul Chan delivered the 2022-23 Budget providing following corporate tax measures. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2021/22 by 100
See MoreSouth Africa: Finance Minister delivers Budget 2022-2023 in National Assembly
On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to
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UAE introduces 9% corporate tax rate
On 31 January 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) announced the introduction of a Corporate tax (CT) in the UAE that will be effective for financial years starting on or after 1 June 2023. The new regime, which is
See MoreSpain adopts the budget bill for 2022
On 29 December 2021, Spanish budget bill for fiscal year 2022 was published in the Spanish Official Gazette following its approval by the Spanish Congress and Senate. The bill introduces a minimum corporate tax rate of 15% of the tax base for
See MoreCosta Rica: Tax authority publishes new tax brackets for the year 2022
On 22 December 2021, the Costa Rican government and the Ministry of Finance posted a Decree No. 43375-H updating the corporate income tax thresholds for tax year 2022. The following corporate income tax rates will apply to the income of
See MoreFrance: Government Officially publishes Finance Act 2022
On 31 December 2021, Government Officially published Finance Law for the year 2022. On 22 September 2021, the Minister of Economy, Finance and Recovery, Bruno Le Maire and the Minister Delegate in charge of Public Accounts, Olivier Dussopt,
See MoreGreece: Finance Ministry highlights tax measures on 2022 Budget
On 17 December 2021, the Finance Ministry announced an overview of tax measures on the 2022 Budget. Some of the approved tax measures are given below: The corporate income tax rate is reduced from 24% to 22% for legal entities and legal entities
See MoreSpain: Budget-2022 sets new minimum corporate tax rate
On 4 November 2021, the Spanish lower chamber passed the budget for 2022 which provides for a minimum corporate tax rate of 15% of the tax base for certain taxpayers from 2022. It applies to companies with a net turnover of at least 20 million
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 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 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
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